Warner Music Group Corp. (NASDAQ:WMG) Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Warner Music Group Corp. (NASDAQ:WMG) by 4.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 86,896 shares of the company’s stock after purchasing an additional 3,919 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Warner Music Group were worth $2,720,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WMG. Benjamin Edwards Inc. raised its holdings in Warner Music Group by 74.5% during the second quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock worth $29,000 after purchasing an additional 407 shares in the last quarter. Concord Wealth Partners acquired a new stake in Warner Music Group during the third quarter worth approximately $30,000. ORG Partners LLC raised its holdings in Warner Music Group by 5,790.5% during the second quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock worth $37,000 after purchasing an additional 1,216 shares in the last quarter. Assetmark Inc. raised its holdings in Warner Music Group by 9,400.0% during the third quarter. Assetmark Inc. now owns 1,235 shares of the company’s stock worth $39,000 after purchasing an additional 1,222 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in Warner Music Group during the third quarter worth approximately $73,000. Institutional investors and hedge funds own 96.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on WMG shares. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Warner Music Group from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Macquarie cut their target price on shares of Warner Music Group from $32.00 to $30.00 and set a “neutral” rating on the stock in a report on Friday, October 11th. Evercore ISI cut their target price on shares of Warner Music Group from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Bank of America reaffirmed an “underperform” rating and issued a $30.00 target price (down from $33.00) on shares of Warner Music Group in a report on Friday, October 4th. Finally, Tigress Financial cut their target price on shares of Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Warner Music Group has a consensus rating of “Hold” and an average price target of $36.17.

Insider Activity at Warner Music Group

In other Warner Music Group news, CEO Max Lousada sold 135,324 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $28.17, for a total transaction of $3,812,077.08. Following the sale, the chief executive officer now directly owns 2,725,964 shares in the company, valued at approximately $76,790,405.88. The trade was a 4.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 628,205 shares of company stock worth $17,628,757 in the last three months. Insiders own 73.35% of the company’s stock.

Warner Music Group Stock Performance

NASDAQ:WMG opened at $33.34 on Tuesday. The firm’s fifty day moving average price is $31.47 and its 200 day moving average price is $30.69. Warner Music Group Corp. has a 1-year low of $27.06 and a 1-year high of $38.05. The company has a debt-to-equity ratio of 6.26, a current ratio of 0.69 and a quick ratio of 0.67. The firm has a market cap of $17.27 billion, a price-to-earnings ratio of 32.06, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37.

Warner Music Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be given a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.72 dividend on an annualized basis and a yield of 2.16%. Warner Music Group’s dividend payout ratio (DPR) is 69.23%.

Warner Music Group Company Profile

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.