Empowered Funds LLC Makes New $1.13 Million Investment in Warner Music Group Corp. (NASDAQ:WMG)

Empowered Funds LLC bought a new stake in Warner Music Group Corp. (NASDAQ:WMG) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 36,193 shares of the company’s stock, valued at approximately $1,133,000.

Other hedge funds have also made changes to their positions in the company. Concord Wealth Partners purchased a new position in Warner Music Group in the 3rd quarter valued at $30,000. Benjamin Edwards Inc. lifted its stake in shares of Warner Music Group by 74.5% in the 2nd quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock worth $29,000 after acquiring an additional 407 shares during the period. Assetmark Inc. boosted its holdings in shares of Warner Music Group by 9,400.0% in the third quarter. Assetmark Inc. now owns 1,235 shares of the company’s stock valued at $39,000 after acquiring an additional 1,222 shares in the last quarter. ORG Partners LLC increased its stake in shares of 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 period. Finally, ORG Wealth Partners LLC purchased a new position in Warner Music Group during the third quarter worth about $73,000. Institutional investors and hedge funds own 96.88% of the company’s stock.

Warner Music Group Stock Up 2.1 %

Shares of NASDAQ WMG opened at $31.85 on Friday. The company has a debt-to-equity ratio of 6.26, a current ratio of 0.69 and a quick ratio of 0.67. The firm’s 50-day moving average is $31.78 and its two-hundred day moving average is $30.68. Warner Music Group Corp. has a 12-month low of $27.06 and a 12-month high of $38.05. The company has a market capitalization of $16.50 billion, a PE ratio of 30.63, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37.

Warner Music Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend is Tuesday, November 19th. Warner Music Group’s dividend payout ratio (DPR) is presently 69.23%.

Analysts Set New Price Targets

Several equities analysts have issued reports on WMG shares. Tigress Financial dropped their target price 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. Macquarie reaffirmed a “neutral” rating and set a $30.00 price objective on shares of Warner Music Group in a report on Friday. Wells Fargo & Company reduced their target price on Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Bank of America reaffirmed an “underperform” rating and set a $30.00 price target (down from $33.00) on shares of Warner Music Group in a research note on Friday, October 4th. Finally, Guggenheim reiterated a “buy” rating and issued a $44.00 price target on shares of Warner Music Group in a report on Friday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, Warner Music Group has an average rating of “Hold” and an average target price of $36.00.

Insiders Place Their Bets

In other Warner Music Group news, CEO Max Lousada sold 428,834 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $28.00, for a total value of $12,007,352.00. Following the transaction, the chief executive officer now directly owns 2,289,771 shares in the company, valued at approximately $64,113,588. This represents a 15.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last 90 days, insiders sold 628,205 shares of company stock valued at $17,628,757. Corporate insiders own 73.35% of the company’s stock.

Warner Music Group Profile

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.