Entropy Technologies LP Sells 9,353 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Entropy Technologies LP reduced its holdings in shares of Warner Music Group Corp. (NASDAQ:WMG) by 33.3% during the third quarter, HoldingsChannel reports. The firm owned 18,695 shares of the company’s stock after selling 9,353 shares during the period. Entropy Technologies LP’s holdings in Warner Music Group were worth $585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Benjamin Edwards Inc. lifted its holdings in Warner Music Group by 74.5% in the second 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 period. Concord Wealth Partners bought a new position in Warner Music Group in the third quarter valued at about $30,000. ORG Partners LLC lifted 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 valued at $37,000 after acquiring an additional 1,216 shares during the period. Assetmark Inc. lifted its holdings in 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 during the period. Finally, ORG Wealth Partners LLC bought a new position in Warner Music Group in the third quarter valued at about $73,000. 96.88% of the stock is owned by institutional investors.

Insider Transactions at Warner Music Group

In other news, CEO Max Lousada sold 428,834 shares of Warner Music Group stock in a transaction that occurred 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 approximately $64,113,588. The trade was a 15.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 628,205 shares of company stock worth $17,628,757. 73.35% of the stock is currently owned by company insiders.

Warner Music Group Stock Performance

NASDAQ WMG opened at $33.33 on Friday. The stock has a market capitalization of $17.26 billion, a PE ratio of 32.05, a P/E/G ratio of 1.06 and a beta of 1.37. The business has a 50 day simple moving average of $31.15 and a two-hundred day simple moving average of $30.71. 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 Corp. has a 1-year low of $27.06 and a 1-year high of $38.05.

Warner Music Group Announces Dividend

The company also recently declared 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 annualized dividend and a yield of 2.16%. The ex-dividend date is Tuesday, November 19th. Warner Music Group’s dividend payout ratio is presently 69.23%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Evercore ISI lowered 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. 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 note on Thursday, September 12th. Bank of America reaffirmed an “underperform” rating and issued a $30.00 price objective (down previously from $33.00) on shares of Warner Music Group in a research note on Friday, October 4th. Deutsche Bank Aktiengesellschaft decreased their price objective on 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. Finally, Wells Fargo & Company decreased their price objective on 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. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $36.17.

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.