Warner Music Group Corp. (NASDAQ:WMG) announced a quarterly dividend on Friday, November 13th, Zacks reports. Stockholders of record on Tuesday, November 24th will be given a dividend of 0.12 per share on Tuesday, December 1st. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date of this dividend is Monday, November 23rd.

Warner Music Group has a payout ratio of -52.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Warner Music Group to earn $0.61 per share next year, which means the company should continue to be able to cover its $0.48 annual dividend with an expected future payout ratio of 78.7%.

WMG stock opened at $29.08 on Friday. Warner Music Group has a 52-week low of $25.61 and a 52-week high of $34.76.

A number of research firms have recently issued reports on WMG. Morgan Stanley boosted their price target on shares of Warner Music Group from $33.00 to $34.00 and gave the company an “equal weight” rating in a report on Friday, November 13th. BidaskClub lowered shares of Warner Music Group from a “hold” rating to a “sell” rating in a research note on Thursday, November 5th.

Warner Music Group Company Profile

Warner Music Group Corp. operates as a music-based content company in the United States, the United Kingdom, and internationally. The company 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 the related marketing, promotion, distribution, sale, and licensing of recorded music created by such artists.

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