New York State Teachers Retirement System Has $594,000 Holdings in Warner Music Group Corp. $WMG

New York State Teachers Retirement System decreased its holdings in Warner Music Group Corp. (NASDAQ:WMG) by 2.0% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,800 shares of the company’s stock after selling 443 shares during the quarter. New York State Teachers Retirement System’s holdings in Warner Music Group were worth $594,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in WMG. Independent Franchise Partners LLP raised its stake in shares of Warner Music Group by 127.0% in the 1st quarter. Independent Franchise Partners LLP now owns 13,378,864 shares of the company’s stock valued at $419,427,000 after buying an additional 7,483,839 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Warner Music Group by 36.6% in the 1st quarter. JPMorgan Chase & Co. now owns 15,296,700 shares of the company’s stock valued at $479,552,000 after buying an additional 4,097,688 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Warner Music Group by 10.1% in the 1st quarter. Vanguard Group Inc. now owns 14,379,667 shares of the company’s stock valued at $450,803,000 after buying an additional 1,316,979 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Warner Music Group by 2,198.4% in the 1st quarter. BNP Paribas Financial Markets now owns 999,613 shares of the company’s stock valued at $31,338,000 after buying an additional 956,121 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Warner Music Group by 2,000.6% in the 1st quarter. Millennium Management LLC now owns 810,315 shares of the company’s stock worth $25,403,000 after purchasing an additional 771,740 shares during the last quarter. Institutional investors and hedge funds own 96.88% of the company’s stock.

Warner Music Group Trading Down 0.7%

NASDAQ WMG opened at $33.21 on Thursday. Warner Music Group Corp. has a 52 week low of $25.56 and a 52 week high of $36.64. The company has a debt-to-equity ratio of 5.37, a quick ratio of 0.64 and a current ratio of 0.66. The stock’s 50 day moving average price is $33.21 and its two-hundred day moving average price is $30.19. The stock has a market capitalization of $17.31 billion, a price-to-earnings ratio of 58.26, a PEG ratio of 1.02 and a beta of 1.32.

Warner Music Group (NASDAQ:WMG) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.30). The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.59 billion. Warner Music Group had a net margin of 4.59% and a return on equity of 39.95%. Warner Music Group’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter last year, the business earned $0.27 earnings per share. As a group, analysts anticipate that Warner Music Group Corp. will post 1.39 earnings per share for the current fiscal year.

Warner Music Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 3rd. Stockholders of record on Wednesday, August 20th were paid a dividend of $0.19 per share. The ex-dividend date was Wednesday, August 20th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.3%. This is a positive change from Warner Music Group’s previous quarterly dividend of $0.18. Warner Music Group’s dividend payout ratio (DPR) is currently 133.33%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on WMG shares. Barclays upped their target price on shares of Warner Music Group from $28.00 to $30.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 9th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Warner Music Group in a report on Wednesday, October 8th. Citigroup upped their target price on shares of Warner Music Group from $33.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, September 9th. The Goldman Sachs Group increased their price objective on shares of Warner Music Group from $28.00 to $31.00 and gave the stock a “neutral” rating in a report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Warner Music Group from $36.00 to $40.00 and gave the stock an “overweight” rating in a report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Warner Music Group has an average rating of “Hold” and an average price target of $35.53.

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.