Warner Music Group Corp. (NASDAQ:WMG) Shares Bought by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky raised its holdings in shares of Warner Music Group Corp. (NASDAQ:WMG) by 239.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 45,800 shares of the company’s stock after buying an additional 32,300 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Warner Music Group were worth $1,434,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in WMG. Benjamin Edwards Inc. lifted its position 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 last quarter. Concord Wealth Partners acquired a new stake in shares of Warner Music Group during the third quarter worth about $30,000. Assetmark Inc. boosted its position in shares of Warner Music Group by 9,400.0% in the 3rd quarter. Assetmark Inc. now owns 1,235 shares of the company’s stock valued at $39,000 after purchasing an additional 1,222 shares during the period. ORG Wealth Partners LLC purchased a new position in Warner Music Group during the 3rd quarter worth approximately $73,000. Finally, Itau Unibanco Holding S.A. acquired a new position in Warner Music Group during the second quarter worth approximately $86,000. Hedge funds and other institutional investors own 96.88% of the company’s stock.

Warner Music Group Stock Performance

WMG opened at $31.94 on Wednesday. The stock’s 50 day simple moving average is $32.23 and its 200 day simple moving average is $30.74. The stock has a market cap of $16.54 billion, a P/E ratio of 38.48, a P/E/G ratio of 0.70 and a beta of 1.35. Warner Music Group Corp. 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 5.95, a current ratio of 0.68 and a quick ratio of 0.65.

Warner Music Group (NASDAQ:WMG) last announced its quarterly earnings results on Thursday, November 21st. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.20). Warner Music Group had a net margin of 6.77% and a return on equity of 69.29%. The firm had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same quarter in the prior year, the business earned $0.34 EPS. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. As a group, equities analysts anticipate that Warner Music Group Corp. will post 1.34 EPS for the current fiscal year.

Warner Music Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.25%. The ex-dividend date was Tuesday, November 19th. Warner Music Group’s dividend payout ratio (DPR) is presently 86.75%.

Analyst Upgrades and Downgrades

WMG has been the subject of several research analyst reports. Guggenheim reissued a “buy” rating and issued a $44.00 price objective on shares of Warner Music Group in a report on Wednesday, December 4th. Tigress Financial decreased their price target on shares of Warner Music Group from $52.00 to $44.00 and set a “buy” rating for the company in a research note on Thursday, September 12th. Citigroup lifted their price objective on shares of Warner Music Group from $31.00 to $34.00 and gave the company a “neutral” rating in a research note on Friday, November 29th. Barclays decreased their target price on shares of Warner Music Group from $32.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Finally, JPMorgan Chase & Co. lowered their target price on Warner Music Group from $41.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Warner Music Group has an average rating of “Hold” and an average price target of $35.67.

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.