Warner Music Group (NASDAQ:WMG – Get Free Report) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday, Zacks reports.
A number of other brokerages have also weighed in on WMG. Morgan Stanley reaffirmed an “overweight” rating and set a $36.00 target price on shares of Warner Music Group in a research note on Thursday, August 6th. Wall Street Zen lowered shares of Warner Music Group from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Warner Music Group in a research report on Monday, September 21st. Guggenheim reiterated a “buy” rating and set a $36.00 target price on shares of Warner Music Group in a report on Tuesday. Finally, UBS Group upped their target price on Warner Music Group from $42.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday. Twelve research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $38.33.
Get Our Latest Stock Report on WMG
Warner Music Group Price Performance
Warner Music Group (NASDAQ:WMG – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.51 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.17. The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.81 billion. Warner Music Group had a return on equity of 85.50% and a net margin of 9.20%.The firm’s revenue was up 10.4% on a year-over-year basis. During the same quarter last year, the firm posted ($0.03) earnings per share. On average, equities research analysts predict that Warner Music Group will post 1.45 EPS for the current year.
Hedge Funds Weigh In On Warner Music Group
Several large investors have recently made changes to their positions in WMG. Continuum Advisory LLC bought a new position in shares of Warner Music Group during the second quarter valued at $25,000. EverSource Wealth Advisors LLC raised its position in Warner Music Group by 148.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 2,377 shares of the company’s stock worth $61,000 after buying an additional 1,419 shares during the last quarter. Nykredit A S purchased a new position in Warner Music Group in the 2nd quarter worth about $73,000. Central Pacific Bank Trust Division bought a new position in Warner Music Group during the 2nd quarter valued at about $107,000. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Warner Music Group by 284.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 4,643 shares of the company’s stock valued at $142,000 after acquiring an additional 3,436 shares during the period. 96.88% of the stock is currently owned by hedge funds and other 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.
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