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

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

Other equities analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Warner Music Group from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Weiss Ratings reiterated a “hold (c)” rating on shares of Warner Music Group in a research report on Monday, September 21st. Zacks Research lowered Warner Music Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Morgan Stanley restated an “overweight” rating and issued a $36.00 price objective on shares of Warner Music Group in a research report on Thursday, August 6th. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $38.25.

Warner Music Group Stock Up 1.8%

Shares of WMG stock traded up $0.48 on Tuesday, hitting $27.62. The stock had a trading volume of 2,407,383 shares, compared to its average volume of 2,293,312. The company has a quick ratio of 0.72, a current ratio of 0.73 and a debt-to-equity ratio of 4.94. The business has a 50 day moving average price of $27.38 and a 200 day moving average price of $28.31. The company has a market cap of $14.45 billion, a PE ratio of 21.92, a P/E/G ratio of 0.46 and a beta of 1.31. Warner Music Group has a one year low of $23.34 and a one year high of $35.42.

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

Institutional Trading of Warner Music Group

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

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.