Warner Music Group (NASDAQ:WMG) Raised to Strong-Buy at Stonex Financia

Warner Music Group (NASDAQ:WMG) was upgraded by investment analysts at Stonex Financia to a “strong-buy” rating in a report issued on Wednesday, Zacks reports.

Several other analysts have also recently weighed in on WMG. Guggenheim reaffirmed a “buy” rating and set a $36.00 price objective on shares of Warner Music Group in a research note on Tuesday, September 29th. Zacks Research lowered shares of Warner Music Group from a “hold” rating to a “strong sell” rating in a report on Thursday, October 1st. UBS Group lifted their target price on shares of Warner Music Group from $42.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, October 1st. Morgan Stanley reissued an “overweight” rating and issued a $36.00 target price on shares of Warner Music Group in a report on Thursday, August 6th. Finally, Wall Street Zen downgraded Warner Music Group from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.27.

Warner Music Group Stock Up 6.2%

Shares of NASDAQ WMG opened at $30.69 on Wednesday. Warner Music Group has a 52-week low of $23.34 and a 52-week high of $35.42. The company has a debt-to-equity ratio of 4.94, a quick ratio of 0.72 and a current ratio of 0.73. The business has a fifty day moving average of $27.71 and a two-hundred day moving average of $28.59. The stock has a market cap of $16.05 billion, a PE ratio of 24.36, a PEG ratio of 0.40 and a beta of 1.40.

Warner Music Group (NASDAQ:WMG) last announced its earnings results on Wednesday, August 5th. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.17. Warner Music Group had a net margin of 9.20% and a return on equity of 85.50%. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.81 billion. During the same quarter last year, the company posted ($0.03) EPS. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. As a group, equities research analysts expect that Warner Music Group will post 1.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in WMG. Bank of America Corp DE lifted its position in Warner Music Group by 42.2% during the 1st quarter. Bank of America Corp DE now owns 574,242 shares of the company’s stock worth $14,666,000 after buying an additional 170,316 shares in the last quarter. Tidal Investments LLC increased its position in Warner Music Group by 1,072.2% in 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 in the last quarter. Corient Private Wealth LP acquired a new stake in Warner Music Group in the 2nd quarter valued at about $6,199,000. Assenagon Asset Management S.A. acquired a new stake in Warner Music Group in the 2nd quarter valued at about $7,217,000. Finally, Engineers Gate Manager LP raised its stake in shares of Warner Music Group by 97.8% in the second quarter. Engineers Gate Manager LP now owns 103,176 shares of the company’s stock worth $2,793,000 after acquiring an additional 51,017 shares during the last quarter. 96.88% of the stock is owned by institutional investors.

Warner Music Group Company Profile

Warner Music Group Corp. is a global music entertainment company that operates through two primary businesses: recorded music and music publishing. Its recorded-music operations discover, develop, market and distribute music from artists and songwriters through labels including Warner Records, Atlantic Records and Parlophone, as well as a range of regional and specialty labels.

The company’s music publishing division, Warner Chappell Music, manages copyrights and licenses compositions for use in recordings, films, television, advertising, video games and other media.