Veracity Capital LLC Increases Stock Holdings in Warner Music Group Corp. (NASDAQ:WMG)

Veracity Capital LLC lifted its stake in shares of Warner Music Group Corp. (NASDAQ:WMG) by 107.9% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 22,820 shares of the company’s stock after acquiring an additional 11,843 shares during the period. Veracity Capital LLC’s holdings in Warner Music Group were worth $714,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Benjamin Edwards Inc. increased its holdings in 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 purchasing an additional 407 shares during the last quarter. ORG Partners LLC increased its holdings in Warner Music Group by 5,790.5% during the 2nd quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock worth $37,000 after purchasing an additional 1,216 shares during the last quarter. Mather Group LLC. purchased a new stake in Warner Music Group during the 1st quarter worth approximately $45,000. ORG Wealth Partners LLC purchased a new stake in Warner Music Group during the 3rd quarter worth approximately $73,000. Finally, Headlands Technologies LLC purchased a new stake in Warner Music Group during the 1st quarter worth approximately $82,000. 96.88% of the stock is currently owned by hedge funds and other institutional investors.

Warner Music Group Trading Up 0.4 %

NASDAQ:WMG opened at $32.41 on Friday. Warner Music Group Corp. has a 12-month low of $27.06 and a 12-month high of $38.05. The firm has a market capitalization of $16.79 billion, a P/E ratio of 31.16, a P/E/G ratio of 1.04 and a beta of 1.38. 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 business has a 50 day simple moving average of $29.80 and a 200 day simple moving average of $30.85.

Warner Music Group (NASDAQ:WMG) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.27 earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $1.58 billion. Equities research analysts predict that Warner Music Group Corp. will post 1.05 EPS for the current year.

Warner Music Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Tuesday, August 27th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date was Tuesday, August 27th. This is a positive change from Warner Music Group’s previous quarterly dividend of $0.17. Warner Music Group’s payout ratio is 69.23%.

Insiders Place Their Bets

In other Warner Music Group news, CEO Max Lousada sold 64,047 shares of the business’s stock in a transaction on 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 trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders sold 628,205 shares of company stock worth $17,628,757. 73.35% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Tigress Financial dropped their price objective on Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Wells Fargo & Company dropped 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. Evercore ISI decreased their target price on Warner Music Group from $40.00 to $36.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Wolfe Research assumed coverage on Warner Music Group in a research report on Friday, July 12th. They issued an “outperform” rating and a $37.00 target price for the company. Finally, Jefferies Financial Group assumed coverage on Warner Music Group in a research report on Thursday, July 11th. They issued a “buy” rating and a $38.00 target price for the company. Two equities research 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. Based on data from MarketBeat.com, Warner Music Group presently has an average rating of “Hold” and an average price target of $36.17.

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.