Warner Music Group (NASDAQ:WMG) Price Target Raised to $34.00 at Citigroup

Warner Music Group (NASDAQ:WMG) had its price objective increased by Citigroup from $31.00 to $34.00 in a research note published on Friday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company decreased their price objective on shares of Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. JPMorgan Chase & Co. decreased their price target on Warner Music Group from $41.00 to $40.00 and set an “overweight” rating for the company in a report on Friday, November 22nd. Guggenheim reiterated a “buy” rating and issued a $44.00 price objective on shares of Warner Music Group in a report on Friday, November 22nd. Evercore ISI decreased their target price on Warner Music Group from $40.00 to $36.00 and set an “outperform” rating for the company in a research note on Thursday, August 8th. Finally, Bank of America reiterated an “underperform” rating and issued a $30.00 price target (down from $33.00) on shares of Warner Music Group in a research note on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Warner Music Group has a consensus rating of “Hold” and an average price target of $35.67.

Warner Music Group Stock Up 1.3 %

Shares of NASDAQ:WMG opened at $32.52 on Friday. Warner Music Group has a fifty-two week low of $27.06 and a fifty-two week high of $38.05. The firm’s 50 day moving average price is $31.97 and its 200 day moving average price is $30.62. The company has a quick ratio of 0.65, a current ratio of 0.68 and a debt-to-equity ratio of 5.95. The stock has a market cap of $16.85 billion, a price-to-earnings ratio of 39.18, a price-to-earnings-growth ratio of 0.70 and a beta of 1.37.

Warner Music Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Tuesday, November 19th. Warner Music Group’s dividend payout ratio is currently 86.75%.

Insider Buying and Selling at Warner Music Group

In related news, CEO Max Lousada sold 428,834 shares of Warner Music Group stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $28.00, for a total value of $12,007,352.00. Following the transaction, the chief executive officer now directly owns 2,289,771 shares in the company, valued at $64,113,588. This trade represents a 15.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 628,205 shares of company stock valued at $17,628,757 in the last ninety days. Insiders own 73.35% of the company’s stock.

Institutional Trading of Warner Music Group

Several hedge funds have recently made changes to their positions in the company. Benjamin Edwards Inc. raised its stake in shares of Warner Music Group by 74.5% during the 2nd quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock worth $29,000 after buying an additional 407 shares in the last quarter. Concord Wealth Partners acquired a new position in Warner Music Group during the third quarter worth $30,000. ORG Partners LLC raised its position in Warner Music Group by 5,790.5% in the second quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock worth $37,000 after acquiring an additional 1,216 shares in the last quarter. Assetmark Inc. lifted its holdings in Warner Music Group by 9,400.0% in the third quarter. Assetmark Inc. now owns 1,235 shares of the company’s stock valued at $39,000 after acquiring an additional 1,222 shares during the period. Finally, ORG Wealth Partners LLC acquired a new stake in Warner Music Group in the third quarter valued at $73,000. Institutional investors and hedge funds own 96.88% of the company’s stock.

About Warner Music Group

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally. It operates through Recorded Music and Music Publishing segments. The Recorded Music segment is involved in the discovery and development of recording artists, as well as related marketing, promotion, distribution, sale, and licensing of music created by such recording artists; markets its music catalog through compilations and reissuances of previously released music and video titles, as well as previously unreleased materials; and conducts its operation primarily through a collection of record labels, such as Warner Records and Atlantic Records, as well as Asylum, Big Beat, Canvasback, East West, Erato, FFRR, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Roadrunner, Sire, Spinnin’ Records, Warner Classics, and Warner Music Nashville.