6,971 Shares in Warner Music Group Corp. (NASDAQ:WMG) Acquired by Truist Financial Corp

Truist Financial Corp acquired a new stake in Warner Music Group Corp. (NASDAQ:WMG) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 6,971 shares of the company’s stock, valued at approximately $214,000.

A number of other institutional investors have also recently modified their holdings of WMG. Benjamin Edwards Inc. boosted its position in shares of Warner Music Group by 74.5% during the 2nd quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock worth $29,000 after acquiring an additional 407 shares in the last quarter. ORG Partners LLC boosted its holdings in shares of Warner Music Group by 5,790.5% in the 2nd quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock valued at $37,000 after purchasing an additional 1,216 shares in the last quarter. Mather Group LLC. bought a new position in shares of Warner Music Group in the 1st quarter valued at $45,000. Headlands Technologies LLC acquired a new position in shares of Warner Music Group during the 1st quarter worth $82,000. Finally, Itau Unibanco Holding S.A. bought a new stake in shares of Warner Music Group during the 2nd quarter worth $86,000. 96.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on WMG shares. Redburn Atlantic reiterated a “sell” rating and issued a $23.00 target price (up previously from $21.00) on shares of Warner Music Group in a research report on Wednesday, July 10th. Jefferies Financial Group began coverage on shares of Warner Music Group in a research report on Thursday, July 11th. They set a “buy” rating and a $38.00 price objective for the company. Wells Fargo & Company cut their target price on shares of Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 8th. Bank of America reiterated an “underperform” rating and set a $30.00 price target (down from $33.00) on shares of Warner Music Group in a report on Friday, October 4th. Finally, Macquarie cut their price objective on Warner Music Group from $32.00 to $30.00 and set a “neutral” rating on the stock in a report on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $36.17.

Insider Buying and Selling

In other news, CEO Max Lousada sold 428,834 shares of Warner Music Group stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $28.00, for a total value of $12,007,352.00. Following the completion of the transaction, the chief executive officer now directly owns 2,289,771 shares of the company’s stock, valued at approximately $64,113,588. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold 628,205 shares of company stock valued at $17,628,757 over the last quarter. Insiders own 73.35% of the company’s stock.

Warner Music Group Stock Up 0.4 %

Shares of WMG opened at $32.41 on Friday. The company has a market capitalization of $16.79 billion, a PE ratio of 32.41, a PEG ratio of 1.00 and a beta of 1.38. The stock’s 50-day moving average price is $29.80 and its two-hundred day moving average price is $30.85. The company has a current ratio of 0.69, a quick ratio of 0.67 and a debt-to-equity ratio of 6.26. Warner Music Group Corp. has a 12 month low of $27.06 and a 12 month high of $38.05.

Warner Music Group (NASDAQ:WMG) last announced its earnings results on Wednesday, August 7th. The company reported $0.27 EPS for the quarter, beating the consensus estimate of $0.25 by $0.02. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Warner Music Group had a return on equity of 101.32% and a net margin of 8.56%. On average, analysts anticipate that Warner Music Group Corp. will post 1.05 EPS for the current year.

Warner Music Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Tuesday, August 27th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This is a boost from Warner Music Group’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 2.22%. Warner Music Group’s dividend payout ratio is 72.00%.

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.