Warner Music Group (NASDAQ:WMG) Stock Keeps “Buy” Rating at Guggenheim

Warner Music Group (NASDAQ:WMG)‘s stock had its “buy” rating restated by equities researchers at Guggenheim in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $36.00 price objective on the stock. Guggenheim’s price objective would suggest a potential upside of 30.34% from the stock’s previous close.

Several other research firms have also recently weighed in on WMG. Morgan Stanley restated an “overweight” rating and set a $36.00 target price on shares of Warner Music Group in a research note on Thursday, August 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Warner Music Group in a report on Monday, September 21st. Zacks Research downgraded Warner Music Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Wall Street Zen lowered Warner Music Group from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $38.25.

Warner Music Group Stock Performance

WMG stock traded up $0.48 during mid-day trading on Tuesday, reaching $27.62. 2,407,403 shares of the stock traded hands, compared to its average volume of 2,297,795. The firm has a market capitalization of $14.45 billion, a PE ratio of 21.92, a P/E/G ratio of 0.46 and a beta of 1.31. The business has a 50-day moving average of $27.38 and a two-hundred day moving average of $28.31. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 4.94. Warner Music Group has a 52 week low of $23.34 and a 52 week high of $35.42.

Warner Music Group (NASDAQ:WMG) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.34 by $0.17. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.81 billion. Warner Music Group had a return on equity of 85.50% and a net margin of 9.20%.The company’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.03) EPS. As a group, equities analysts predict that Warner Music Group will post 1.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Warner Music Group

A number of large investors have recently bought and sold shares of WMG. Tidal Investments LLC lifted its position in shares of Warner Music Group by 1,072.2% during the 2nd quarter. Tidal Investments LLC now owns 580,609 shares of the company’s stock worth $15,717,000 after buying an additional 531,077 shares during the period. Darsana Capital Partners LP raised its stake in shares of Warner Music Group by 0.8% in the second quarter. Darsana Capital Partners LP now owns 11,943,199 shares of the company’s stock valued at $323,302,000 after acquiring an additional 93,199 shares during the last quarter. Engineers Gate Manager LP raised its stake in shares of Warner Music Group by 97.8% in the second quarter. Engineers Gate Manager LP now owns 103,176 shares of the company’s stock valued at $2,793,000 after acquiring an additional 51,017 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in shares of Warner Music Group by 6.0% in the 2nd quarter. Squarepoint Ops LLC now owns 54,270 shares of the company’s stock worth $1,469,000 after acquiring an additional 3,089 shares in the last quarter. Finally, Nykredit A S bought a new stake in Warner Music Group during the 2nd quarter worth approximately $73,000. 96.88% of the stock is currently owned by institutional investors.

About Warner Music Group

Warner Music Group Corp. is a global music entertainment company that operates through two principal businesses: recorded music and music publishing. Its recorded-music operations discover, develop, market and distribute music from a broad roster of artists through labels including Warner Records, Atlantic Records, Elektra Music Group and Parlophone.

The company’s music publishing business, Warner Chappell Music, manages and administers copyrights for songwriters and composers. Warner Music Group also provides artist and label services, digital distribution, licensing, marketing, physical and digital sales, and other services that support the commercial use of recorded music and musical compositions.

Warner Music Group serves artists, songwriters, labels, streaming platforms, broadcasters, brands and other music-industry partners in markets around the world.