Warner Music Group (NASDAQ:WMG) Given New $35.00 Price Target at Loop Capital

Warner Music Group (NASDAQ:WMG) had its price objective cut by equities research analysts at Loop Capital from $38.00 to $35.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “hold” rating on the stock. Loop Capital’s price target suggests a potential upside of 8.02% from the company’s previous close.

A number of other brokerages have also issued reports on WMG. Barclays decreased their price target on Warner Music Group from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday, November 22nd. Tigress Financial reduced their price objective on Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. JPMorgan Chase & Co. reduced their price objective on Warner Music Group from $41.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Wells Fargo & Company reduced their price objective on Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Finally, Evercore ISI reduced their price objective on Warner Music Group from $40.00 to $36.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $35.79.

Warner Music Group Stock Up 1.1 %

Shares of NASDAQ:WMG opened at $32.40 on Monday. The stock’s 50-day moving average price is $31.86 and its two-hundred day moving average price is $30.62. The company has a current ratio of 0.68, a quick ratio of 0.65 and a debt-to-equity ratio of 5.95. Warner Music Group has a 12-month low of $27.06 and a 12-month high of $38.05. The firm has a market cap of $16.78 billion, a price-to-earnings ratio of 39.04, a PEG ratio of 1.00 and a beta of 1.37.

Insider Activity at Warner Music Group

In other Warner Music Group news, CEO Max Lousada sold 64,047 shares of Warner Music Group stock in a transaction that occurred on Tuesday, September 3rd. The stock was 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 in the company, valued at $82,191,171.50. The trade was a 2.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have sold 628,205 shares of company stock worth $17,628,757. 73.35% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Warner Music Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Teachers Retirement System of The State of Kentucky grew its position in shares of 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 worth $1,434,000 after acquiring an additional 32,300 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Warner Music Group by 1.9% in the 3rd 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 in the last quarter. MML Investors Services LLC acquired a new position in shares of Warner Music Group in the 3rd quarter worth approximately $2,352,000. XTX Topco Ltd acquired a new position in shares of Warner Music Group in the 3rd quarter worth approximately $1,373,000. Finally, EP Wealth Advisors LLC acquired a new position in shares of Warner Music Group in the 3rd quarter worth approximately $304,000. 96.88% of the stock is currently owned by hedge funds and other institutional investors.

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.