Warner Music Group (NASDAQ:WMG) PT Lowered to $44.00

Warner Music Group (NASDAQ:WMG) had its price target reduced by Tigress Financial from $52.00 to $44.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Tigress Financial’s target price would indicate a potential upside of 51.62% from the company’s current price.

WMG has been the topic of several other reports. Evercore ISI reduced their target price on Warner Music Group from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Redburn Atlantic reissued a “sell” rating and issued a $23.00 target price (up from $21.00) on shares of Warner Music Group in a report on Wednesday, July 10th. Deutsche Bank Aktiengesellschaft reduced their price objective on Warner Music Group from $42.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Macquarie reaffirmed a “neutral” rating and set a $32.00 price objective on shares of Warner Music Group in a report on Thursday, August 8th. Finally, Wells Fargo & Company reduced their price objective on Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating on the stock in a report on Thursday, August 8th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.69.

Warner Music Group Stock Up 1.6 %

Shares of WMG opened at $29.02 on Thursday. The company has a market capitalization of $15.03 billion, a P/E ratio of 29.02, a PEG ratio of 1.72 and a beta of 1.37. The company has a debt-to-equity ratio of 6.26, a current ratio of 0.69 and a quick ratio of 0.67. Warner Music Group has a one year low of $27.06 and a one year high of $38.05. The business’s 50 day simple moving average is $29.29 and its 200-day simple moving average is $31.31.

Warner Music Group (NASDAQ:WMG) last announced its earnings results on Wednesday, August 7th. The company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.25 by $0.02. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.58 billion. Warner Music Group had a return on equity of 101.32% and a net margin of 8.56%. As a group, sell-side analysts predict that Warner Music Group will post 1.04 EPS for the current fiscal year.

Insiders Place Their Bets

In other Warner Music Group news, CEO Max Lousada sold 64,047 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $28.25, for a total transaction of $1,809,327.75. Following the completion of the transaction, the chief executive officer now owns 2,909,422 shares in the company, valued at approximately $82,191,171.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 628,205 shares of company stock worth $17,628,757. Corporate insiders own 73.35% of the company’s stock.

Hedge Funds Weigh In On Warner Music Group

Large investors have recently modified their holdings of the business. Benjamin Edwards Inc. boosted its stake 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 buying an additional 407 shares during the last quarter. ORG Partners LLC lifted its stake in 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 during the last quarter. Mather Group LLC. acquired a new stake in Warner Music Group in the 1st quarter valued at about $45,000. Headlands Technologies LLC acquired a new stake in Warner Music Group in the 1st quarter valued at about $82,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in Warner Music Group in the 2nd quarter valued at about $86,000. 96.88% of the stock is currently owned by institutional investors and hedge funds.

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.