Assetmark Inc. Has $39,000 Holdings in Warner Music Group Corp. (NASDAQ:WMG)

Assetmark Inc. boosted its stake in Warner Music Group Corp. (NASDAQ:WMG) by 9,400.0% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,235 shares of the company’s stock after buying an additional 1,222 shares during the period. Assetmark Inc.’s holdings in Warner Music Group were worth $39,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of WMG. Independent Franchise Partners LLP bought a new position in shares of Warner Music Group in the second quarter valued at approximately $160,156,000. Capital World Investors increased its holdings in Warner Music Group by 41.7% during the 1st quarter. Capital World Investors now owns 13,201,194 shares of the company’s stock valued at $435,903,000 after purchasing an additional 3,881,684 shares in the last quarter. D1 Capital Partners L.P. bought a new position in Warner Music Group in the 2nd quarter valued at $84,281,000. Darlington Partners Capital Management LP boosted its stake in Warner Music Group by 47.4% in the second quarter. Darlington Partners Capital Management LP now owns 8,072,372 shares of the company’s stock worth $247,418,000 after purchasing an additional 2,594,994 shares in the last quarter. Finally, Cooke & Bieler LP grew its holdings in shares of Warner Music Group by 19.6% during the second quarter. Cooke & Bieler LP now owns 5,061,093 shares of the company’s stock worth $155,122,000 after purchasing an additional 831,114 shares during the last quarter. 96.88% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

WMG has been the subject of a number of research analyst reports. Macquarie cut their price target on Warner Music Group from $32.00 to $30.00 and set a “neutral” rating for the company in a report on Friday, October 11th. Bank of America reaffirmed an “underperform” rating and issued a $30.00 target price (down from $33.00) on shares of Warner Music Group in a research note on Friday, October 4th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Warner Music Group from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Wells Fargo & Company dropped their price objective on shares of Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Finally, Tigress Financial decreased their price objective on Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, September 12th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $36.17.

Warner Music Group Stock Up 1.3 %

NASDAQ:WMG opened at $33.34 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 0.69 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. The stock’s fifty day simple moving average is $31.47 and its 200-day simple moving average is $30.69. The firm has a market capitalization of $17.27 billion, a P/E ratio of 32.06, a P/E/G ratio of 1.06 and a beta of 1.37.

Warner Music Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be given a dividend of $0.18 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.72 annualized dividend and a dividend yield of 2.16%. Warner Music Group’s payout ratio is currently 69.23%.

Insider Activity

In other Warner Music Group news, CEO Max Lousada sold 135,324 shares of Warner Music Group stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $28.17, for a total transaction of $3,812,077.08. Following the transaction, the chief executive officer now directly owns 2,725,964 shares in the company, valued at approximately $76,790,405.88. The trade was a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 628,205 shares of company stock valued at $17,628,757 in the last ninety days. 73.35% of the stock is owned by insiders.

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.