Warner Music Group Corp. (NASDAQ:WMG – Get Free Report) shares saw strong trading volume on Monday after TheStreet upgraded the stock from a c rating to a b- rating. 501,337 shares changed hands during trading, a decline of 70% from the previous session’s volume of 1,673,536 shares.The stock last traded at $33.03 and had previously closed at $32.90.
A number of other research analysts also recently weighed in on the company. JPMorgan Chase & Co. cut their price target on Warner Music Group from $42.00 to $40.00 in a research note on Tuesday, April 25th. Evercore ISI increased their price target on Warner Music Group from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday. TD Cowen assumed coverage on shares of Warner Music Group in a research report on Tuesday, July 25th. They issued an “outperform” rating and a $38.00 price objective for the company. Atlantic Securities cut Warner Music Group from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $39.00 to $26.00 in a report on Friday, June 2nd. Finally, Barclays raised their price objective on Warner Music Group from $30.00 to $33.00 and gave the company an “equal weight” rating in a report on Wednesday, August 9th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $35.64.
View Our Latest Stock Analysis on Warner Music Group
Institutional Investors Weigh In On Warner Music Group
Several hedge funds have recently bought and sold shares of the stock. CI Investments Inc. increased its holdings in shares of Warner Music Group by 30.0% during the fourth quarter. CI Investments Inc. now owns 1,470 shares of the company’s stock worth $51,000 after purchasing an additional 339 shares during the period. Oppenheimer Asset Management Inc. increased its holdings in shares of Warner Music Group by 5.4% during the first quarter. Oppenheimer Asset Management Inc. now owns 8,151 shares of the company’s stock worth $272,000 after purchasing an additional 414 shares during the period. Ossiam increased its holdings in shares of Warner Music Group by 31.1% during the first quarter. Ossiam now owns 1,787 shares of the company’s stock worth $60,000 after purchasing an additional 424 shares during the period. Westpac Banking Corp increased its holdings in shares of Warner Music Group by 69.2% during the fourth quarter. Westpac Banking Corp now owns 1,054 shares of the company’s stock worth $37,000 after purchasing an additional 431 shares during the period. Finally, Gabelli Funds LLC increased its holdings in shares of Warner Music Group by 1.9% during the fourth quarter. Gabelli Funds LLC now owns 27,500 shares of the company’s stock worth $963,000 after purchasing an additional 500 shares during the period. 21.89% of the stock is currently owned by institutional investors and hedge funds.
Warner Music Group Price Performance
The company’s fifty day moving average price is $28.54 and its 200 day moving average price is $29.91. The company has a market capitalization of $17.26 billion, a P/E ratio of 41.81, a PEG ratio of 3.78 and a beta of 1.62. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 13.34.
Warner Music Group Company Profile
(Get Free Report)
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.
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