Warner Music Group (NASDAQ:WMG) PT Raised to $51.00

Warner Music Group (NASDAQ:WMG) had its price objective increased by equities researchers at Truist Securities from $42.00 to $51.00 in a report released on Tuesday, Stock Target Advisor reports. The firm currently has a “buy” rating on the stock. Truist Securities’ target price would suggest a potential upside of 9.61% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Truist increased their price target on shares of Warner Music Group from $42.00 to $51.00 and gave the company a “buy” rating in a research note on Tuesday. Barclays upgraded shares of Warner Music Group from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $38.00 to $48.00 in a research note on Thursday, September 23rd. Zacks Investment Research cut shares of Warner Music Group from a “buy” rating to a “hold” rating in a research note on Thursday, August 5th. Credit Suisse Group upgraded shares of Warner Music Group from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $37.00 to $48.00 in a research note on Tuesday, September 21st. Finally, TheStreet raised shares of Warner Music Group from a “d+” rating to a “c-” rating in a research report on Wednesday, September 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $48.75.

Shares of WMG stock opened at $46.53 on Tuesday. The stock has a market cap of $23.93 billion, a P/E ratio of 89.48 and a beta of 1.27. The company has a debt-to-equity ratio of 35.44, a current ratio of 0.60 and a quick ratio of 0.57. The company has a fifty day moving average price of $39.91 and a two-hundred day moving average price of $37.36. Warner Music Group has a one year low of $25.61 and a one year high of $47.30.

Warner Music Group (NASDAQ:WMG) last announced its quarterly earnings results on Monday, August 2nd. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of $0.14 by $0.02. The firm had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Warner Music Group had a net margin of 5.44% and a return on equity of 1,558.97%. The company’s revenue for the quarter was up 32.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.94) earnings per share. As a group, equities research analysts anticipate that Warner Music Group will post 0.74 EPS for the current fiscal year.

In related news, CEO Max Lousada sold 510,165 shares of Warner Music Group stock in a transaction that occurred on Wednesday, September 29th. The shares were sold at an average price of $41.05, for a total transaction of $20,942,273.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, major shareholder Ai Entertainment Holdings Llc sold 2,330,259 shares of Warner Music Group stock in a transaction that occurred on Friday, September 24th. The stock was sold at an average price of $43.73, for a total transaction of $101,902,226.07. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,974,331 shares of company stock worth $241,149,489. Insiders own 80.51% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC lifted its position in shares of Warner Music Group by 162.2% during the 2nd quarter. FMR LLC now owns 6,355,360 shares of the company’s stock valued at $229,047,000 after acquiring an additional 3,931,904 shares during the period. Fairview Capital Investment Management LLC lifted its holdings in Warner Music Group by 76.3% during the first quarter. Fairview Capital Investment Management LLC now owns 3,314,385 shares of the company’s stock valued at $113,782,000 after purchasing an additional 1,434,535 shares during the last quarter. Lansdowne Partners UK LLP purchased a new stake in Warner Music Group during the second quarter valued at about $43,920,000. Caas Capital Management LP lifted its holdings in Warner Music Group by 839.8% during the first quarter. Caas Capital Management LP now owns 1,265,990 shares of the company’s stock valued at $43,461,000 after purchasing an additional 1,131,285 shares during the last quarter. Finally, Mawer Investment Management Ltd. purchased a new stake in shares of Warner Music Group in the first quarter worth about $30,804,000. Hedge funds and other institutional investors own 16.84% 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, and internationally. The company 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 the related marketing, promotion, distribution, sale, and licensing of music created by such artists.

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