Warner Music Group (NASDAQ:WMG) Price Target Cut to $44.00

Warner Music Group (NASDAQ:WMG) had its price target cut by stock analysts at 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 price target suggests a potential upside of 54.01% from the stock’s current price.

Several other research firms also recently commented on WMG. Wells Fargo & Company decreased their price target on shares of Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Macquarie reiterated a “neutral” rating and issued a $32.00 target price on shares of Warner Music Group in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Warner Music Group from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Evercore ISI cut their price target on shares of Warner Music Group from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Finally, Jefferies Financial Group assumed 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 on the stock. One investment analyst has rated the stock with a sell rating, five have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.69.

Warner Music Group Price Performance

WMG stock traded up $0.33 during midday trading on Thursday, reaching $28.57. The company had a trading volume of 1,018,261 shares, compared to its average volume of 1,897,564. The firm has a 50-day moving average price of $29.35 and a 200-day moving average price of $31.37. The company has a market capitalization of $14.80 billion, a P/E ratio of 28.57, a P/E/G ratio of 1.69 and a beta of 1.37. Warner Music Group has a 1 year low of $27.06 and a 1 year high of $38.05. 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 (NASDAQ:WMG) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.02. Warner Music Group had a return on equity of 101.32% and a net margin of 8.56%. The business had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.58 billion. On average, research analysts anticipate that Warner Music Group will post 1.04 earnings per share for the current fiscal year.

Insider Transactions at Warner Music Group

In other news, CEO Max Lousada sold 428,834 shares of the business’s stock in a transaction on 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 owns 2,289,771 shares in the company, valued at $64,113,588. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last three months, insiders have sold 628,205 shares of company stock valued at $17,628,757. Insiders own 73.35% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Benjamin Edwards Inc. lifted its holdings 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 valued at $29,000 after acquiring an additional 407 shares during the last quarter. ORG Partners LLC raised its holdings in Warner Music Group by 5,790.5% in the second quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock worth $37,000 after purchasing an additional 1,216 shares in the last quarter. Mather Group LLC. acquired a new stake in Warner Music Group in the first quarter valued at approximately $45,000. Headlands Technologies LLC acquired a new position in Warner Music Group during the 1st quarter valued at about $82,000. Finally, Itau Unibanco Holding S.A. purchased a new position in shares of Warner Music Group in the 2nd quarter valued at approximately $86,000. 96.88% of the stock is currently owned by institutional investors.

Warner Music Group Company 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.