Amalgamated Bank Sells 3,763 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Amalgamated Bank reduced its stake in Warner Music Group Corp. (NASDAQ:WMG) by 5.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 60,055 shares of the company’s stock after selling 3,763 shares during the period. Amalgamated Bank’s holdings in Warner Music Group were worth $1,880,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Independent Franchise Partners LLP bought a new position in Warner Music Group during the 2nd quarter valued at about $160,156,000. Capital World Investors lifted its holdings in Warner Music Group by 41.7% during the 1st quarter. Capital World Investors now owns 13,201,194 shares of the company’s stock valued at $435,903,000 after purchasing an additional 3,881,684 shares during the last quarter. D1 Capital Partners L.P. bought a new position in Warner Music Group during the 2nd quarter valued at about $84,281,000. Darlington Partners Capital Management LP lifted its holdings in Warner Music Group by 47.4% during the 2nd quarter. Darlington Partners Capital Management LP now owns 8,072,372 shares of the company’s stock valued at $247,418,000 after purchasing an additional 2,594,994 shares during the last quarter. Finally, Cooke & Bieler LP lifted its holdings in Warner Music Group by 19.6% during the 2nd quarter. Cooke & Bieler LP now owns 5,061,093 shares of the company’s stock valued at $155,122,000 after purchasing an additional 831,114 shares during the last quarter. 96.88% of the stock is currently owned by institutional investors.

Warner Music Group Stock Down 0.4 %

Shares of NASDAQ WMG opened at $32.85 on Wednesday. The stock has a market cap of $17.01 billion, a P/E ratio of 31.71, a P/E/G ratio of 1.07 and a beta of 1.37. The firm has a 50 day moving average price of $30.95 and a 200 day moving average price of $30.69. The company has a debt-to-equity ratio of 6.26, a quick ratio of 0.67 and a current ratio of 0.69. Warner Music Group Corp. has a 52-week low of $27.06 and a 52-week high of $38.05.

Warner Music Group Dividend Announcement

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 issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date is Tuesday, November 19th. Warner Music Group’s dividend payout ratio is currently 69.23%.

Insider Activity at Warner Music Group

In other Warner Music Group news, CEO Max Lousada sold 135,324 shares of Warner Music Group stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $28.17, for a total value of $3,812,077.08. Following the transaction, the chief executive officer now owns 2,725,964 shares of the company’s stock, valued at approximately $76,790,405.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 628,205 shares of company stock worth $17,628,757. 73.35% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

Warner Music Group 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.