Loop Capital Cuts Warner Music Group (NASDAQ:WMG) Price Target to $35.00

Warner Music Group (NASDAQ:WMG) had its target price cut by Loop Capital from $38.00 to $35.00 in a research note released on Monday morning,Benzinga reports. They currently have a hold rating on the stock.

A number of other research analysts also recently weighed in on WMG. Deutsche Bank Aktiengesellschaft dropped their price target on Warner Music Group from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Barclays lowered their target price on shares of Warner Music Group from $32.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Macquarie reaffirmed a “neutral” rating and issued a $30.00 price target on shares of Warner Music Group in a research report on Friday, November 22nd. Evercore ISI decreased their price objective on Warner Music Group from $40.00 to $36.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Finally, Bank of America restated an “underperform” rating and issued a $30.00 target price (down previously from $33.00) on shares of Warner Music Group in a report on Friday, October 4th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $35.79.

Warner Music Group Price Performance

Shares of NASDAQ WMG opened at $32.10 on Monday. The company has a market capitalization of $16.63 billion, a PE ratio of 38.67, a P/E/G ratio of 0.69 and a beta of 1.37. 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 firm has a fifty day simple moving average of $31.90 and a 200 day simple moving average of $30.63. Warner Music Group has a twelve month low of $27.06 and a twelve month high of $38.05.

Warner Music Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend is Tuesday, November 19th. Warner Music Group’s dividend payout ratio is presently 86.75%.

Insider Buying and Selling

In other Warner Music Group news, CEO Max Lousada sold 64,047 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $28.25, for a total transaction of $1,809,327.75. Following the sale, the chief executive officer now directly owns 2,909,422 shares of the company’s stock, valued at $82,191,171.50. This represents a 2.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders have sold 628,205 shares of company stock valued at $17,628,757. 73.35% of the stock is owned by insiders.

Institutional Trading of Warner Music Group

Several hedge funds and other institutional investors have recently modified their holdings of the business. Teachers Retirement System of The State of Kentucky grew its stake in Warner Music Group by 239.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 45,800 shares of the company’s stock valued at $1,434,000 after buying an additional 32,300 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Warner Music Group by 1.9% in the third quarter. Geode Capital Management LLC now owns 2,628,263 shares of the company’s stock worth $82,284,000 after acquiring an additional 49,166 shares during the period. MML Investors Services LLC bought a new position in shares of Warner Music Group in the third quarter worth $2,352,000. XTX Topco Ltd purchased a new position in shares of Warner Music Group in the third quarter valued at $1,373,000. Finally, EP Wealth Advisors LLC bought a new stake in shares of Warner Music Group during the 3rd quarter valued at $304,000. Institutional investors own 96.88% of the company’s stock.

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.