Warner Music Group Corp. (NASDAQ:WMG) Stock Has Average Target Price of $38.30

Shares of Warner Music Group Corp. (NASDAQ:WMG) have been assigned an average recommendation of “Moderate Buy” from the sixteen brokerages that are presently covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $38.30.

Several brokerages have recently commented on WMG. Wall Street Zen downgraded Warner Music Group from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Guggenheim reiterated a “buy” rating and set a $36.00 price target on shares of Warner Music Group in a report on Tuesday, September 29th. Stonex Financial raised Warner Music Group to a “strong-buy” rating in a research report on Wednesday, October 14th. Zacks Research raised shares of Warner Music Group from a “strong sell” rating to a “hold” rating in a report on Friday, October 30th. Finally, Weiss Ratings raised shares of Warner Music Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, October 16th.

Warner Music Group Trading Down 0.6%

Shares of WMG stock opened at $31.67 on Tuesday. The company has a current ratio of 0.73, a quick ratio of 0.72 and a debt-to-equity ratio of 4.94. Warner Music Group has a 1-year low of $23.34 and a 1-year high of $35.42. The stock has a 50-day moving average of $29.37 and a 200-day moving average of $28.65. The stock has a market cap of $16.57 billion, a price-to-earnings ratio of 23.42, a PEG ratio of 0.45 and a beta of 1.34.

Warner Music Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 20th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, November 20th. Warner Music Group’s dividend payout ratio (DPR) is presently 63.49%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp bought a new stake in shares of Warner Music Group during the 2nd quarter worth $34,111,000. Renaissance Technologies LLC boosted its stake in Warner Music Group by 88.3% in the first quarter. Renaissance Technologies LLC now owns 1,521,800 shares of the company’s stock valued at $38,867,000 after acquiring an additional 713,578 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Warner Music Group by 207.5% in the first quarter. Principal Financial Group Inc. now owns 952,316 shares of the company’s stock valued at $24,323,000 after acquiring an additional 642,590 shares during the last quarter. Tidal Investments LLC grew its position in shares of Warner Music Group by 1,072.2% during the 2nd quarter. Tidal Investments LLC now owns 580,609 shares of the company’s stock valued at $15,717,000 after acquiring an additional 531,077 shares during the period. Finally, Candriam S.C.A. increased its stake in shares of Warner Music Group by 201.2% during the 1st quarter. Candriam S.C.A. now owns 544,520 shares of the company’s stock worth $13,907,000 after purchasing an additional 363,727 shares during the last quarter. Hedge funds and other institutional investors own 96.88% of the company’s stock.

About Warner Music Group

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.