Warner Music Group (NASDAQ:WMG) Price Target Lowered to $34.00 at Wells Fargo & Company

Warner Music Group (NASDAQ:WMG) had its price objective trimmed by Wells Fargo & Company from $37.00 to $34.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Redburn Atlantic restated a sell rating and set a $23.00 price objective (up previously from $21.00) on shares of Warner Music Group in a report on Wednesday, July 10th. Macquarie dropped their price objective on Warner Music Group from $36.00 to $32.00 and set a neutral rating on the stock in a research note on Thursday, August 1st. Morgan Stanley started coverage on Warner Music Group in a research note on Monday, May 6th. They issued an overweight rating and a $43.00 target price for the company. Jefferies Financial Group assumed coverage on Warner Music Group in a report on Thursday, July 11th. They set a buy rating and a $38.00 price objective on the stock. Finally, Wolfe Research initiated coverage on shares of Warner Music Group in a report on Friday, July 12th. They set an outperform rating and a $37.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $37.59.

Warner Music Group Trading Down 0.2 %

NASDAQ:WMG traded down $0.06 on Thursday, hitting $28.34. 1,116,907 shares of the stock were exchanged, compared to its average volume of 1,982,879. The company has a debt-to-equity ratio of 6.81, a quick ratio of 0.67 and a current ratio of 0.69. Warner Music Group has a 52 week low of $27.06 and a 52 week high of $38.05. The stock has a market capitalization of $14.68 billion, a price-to-earnings ratio of 28.49, a P/E/G ratio of 1.77 and a beta of 1.38. The company’s 50-day moving average price is $30.35 and its 200 day moving average price is $32.67.

Warner Music Group (NASDAQ:WMG) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.02. Warner Music Group had a return on equity of 120.42% and a net margin of 8.28%. The business had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.58 billion. On average, equities research analysts forecast that Warner Music Group will post 1.01 earnings per share for the current year.

Warner Music Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Investors of record on Thursday, May 23rd were issued a dividend of $0.17 per share. The ex-dividend date was Wednesday, May 22nd. This represents a $0.68 dividend on an annualized basis and a yield of 2.40%. Warner Music Group’s payout ratio is 68.00%.

Hedge Funds Weigh In On Warner Music Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. ORG Partners LLC lifted its position in Warner Music Group by 5,790.5% during the second quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock worth $37,000 after acquiring an additional 1,216 shares during the last quarter. Fifth Third Bancorp acquired a new position in Warner Music Group in the 4th quarter valued at $38,000. Mather Group LLC. bought a new position in Warner Music Group during the 1st quarter worth $45,000. SRS Capital Advisors Inc. acquired a new stake in shares of Warner Music Group during the fourth quarter worth $46,000. Finally, Headlands Technologies LLC bought a new stake in shares of Warner Music Group in the first quarter valued at about $82,000. Institutional investors own 96.88% of the company’s stock.

About Warner Music Group

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally. It operates through Recorded Music and Music Publishing segments. The Recorded Music segment is involved in the discovery and development of recording artists, as well as related marketing, promotion, distribution, sale, and licensing of music created by such recording artists; markets its music catalog through compilations and reissuances of previously released music and video titles, as well as previously unreleased materials; and conducts its operation primarily through a collection of record labels, such as Warner Records and Atlantic Records, as well as Asylum, Big Beat, Canvasback, East West, Erato, FFRR, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Roadrunner, Sire, Spinnin' Records, Warner Classics, and Warner Music Nashville.