Warner Music Group (NASDAQ:WMG – Get Free Report)‘s stock had its “buy” rating reissued by Guggenheim in a report issued on Tuesday, Benzinga reports. They currently have a $36.00 price objective on the stock. Guggenheim’s price target suggests a potential upside of 33.09% from the stock’s previous close.
Other research analysts also recently issued reports about the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Warner Music Group in a research report on Monday, September 21st. Morgan Stanley reaffirmed an “overweight” rating and issued a $36.00 target price on shares of Warner Music Group in a research report on Thursday, August 6th. Zacks Research downgraded shares of Warner Music Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Wall Street Zen downgraded shares of Warner Music Group from a “buy” rating to a “hold” rating in a research report on Saturday, July 18th. Twelve analysts have rated the stock with a Buy rating and four have given 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 a consensus price target of $38.33.
Check Out Our Latest Stock Analysis on Warner Music Group
Warner Music Group Stock Down 2.0%
Warner Music Group (NASDAQ:WMG – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.17. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.81 billion. Warner Music Group had a net margin of 9.20% and a return on equity of 85.50%. The company’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.03) EPS. Research analysts anticipate that Warner Music Group will post 1.45 EPS for the current year.
Hedge Funds Weigh In On Warner Music Group
Several institutional investors have recently made changes to their positions in WMG. Tidal Investments LLC lifted its stake in shares of Warner Music Group by 1,072.2% in the 2nd quarter. Tidal Investments LLC now owns 580,609 shares of the company’s stock worth $15,717,000 after purchasing an additional 531,077 shares during the period. Darsana Capital Partners LP lifted its stake in shares of Warner Music Group by 0.8% in the 2nd quarter. Darsana Capital Partners LP now owns 11,943,199 shares of the company’s stock worth $323,302,000 after purchasing an additional 93,199 shares during the period. Engineers Gate Manager LP lifted its stake in shares of Warner Music Group by 97.8% in the 2nd quarter. Engineers Gate Manager LP now owns 103,176 shares of the company’s stock worth $2,793,000 after purchasing an additional 51,017 shares during the period. Squarepoint Ops LLC lifted its stake in shares of Warner Music Group by 6.0% in the 2nd quarter. Squarepoint Ops LLC now owns 54,270 shares of the company’s stock worth $1,469,000 after purchasing an additional 3,089 shares during the period. Finally, Nykredit A S bought a new position in shares of Warner Music Group in the 2nd quarter worth approximately $73,000. Institutional investors own 96.88% of the company’s stock.
About Warner Music Group
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.
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