Warner Music Group (NASDAQ:WMG) Stock Bumped Up to “Buy” by Wall Street Zen

Warner Music Group (NASDAQ:WMG) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

Several other analysts also recently weighed in on WMG. Stonex Financial raised shares of Warner Music Group to a “strong-buy” rating in a report on Wednesday, October 14th. Zacks Research upgraded shares of Warner Music Group from a “strong sell” rating to a “hold” rating in a research report on Friday, October 30th. Weiss Ratings upgraded shares of Warner Music Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 16th. Guggenheim reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Warner Music Group in a report on Tuesday, September 29th. Finally, Morgan Stanley boosted their target price on Warner Music Group from $36.00 to $39.00 and gave the stock an “overweight” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Warner Music Group currently has an average rating of “Moderate Buy” and an average price target of $38.60.

Warner Music Group Stock Performance

Shares of WMG opened at $32.30 on Friday. The stock has a market capitalization of $16.90 billion, a P/E ratio of 23.29, a P/E/G ratio of 0.44 and a beta of 1.34. The company has a debt-to-equity ratio of 4.94, a quick ratio of 0.72 and a current ratio of 0.73. Warner Music Group has a 1 year low of $23.34 and a 1 year high of $35.42. The company’s fifty day moving average is $29.42 and its two-hundred day moving average is $28.66.

Hedge Funds Weigh In On Warner Music Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Darsana Capital Partners LP lifted its stake in shares of Warner Music Group by 0.8% in the second quarter. Darsana Capital Partners LP now owns 11,943,199 shares of the company’s stock valued at $323,302,000 after purchasing an additional 93,199 shares during the period. Renaissance Technologies LLC boosted its holdings in Warner Music Group by 88.3% during the first quarter. Renaissance Technologies LLC now owns 1,521,800 shares of the company’s stock worth $38,867,000 after buying an additional 713,578 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Warner Music Group by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 1,275,640 shares of the company’s stock worth $32,580,000 after buying an additional 16,295 shares in the last quarter. Principal Financial Group Inc. grew its position in Warner Music Group by 207.5% during the first quarter. Principal Financial Group Inc. now owns 952,316 shares of the company’s stock worth $24,323,000 after buying an additional 642,590 shares during the period. Finally, Ardmore Road Asset Management LP grew its position in Warner Music Group by 61.9% during the first quarter. Ardmore Road Asset Management LP now owns 843,836 shares of the company’s stock worth $21,552,000 after buying an additional 322,640 shares during the period. 96.88% of the stock is owned by institutional investors and hedge funds.

Warner Music Group Company Profile

Warner Music Group is a global music entertainment company with two main businesses: recorded music and music publishing. Its recorded music operations discover and develop artists, release and market recordings, and distribute music through digital services and physical formats. The company works with artists across a range of genres and career stages. Through its recorded music labels, including Atlantic Records, Warner Records and Elektra Records, Warner Music Group supports artists with services such as artist development, marketing and distribution.