Goldman Sachs Group Launches Warner Music Group Coverage (NASDAQ:WMG)
Goldman Sachs Group research analysts assumed a hedge on the shares of Warner Music Group (NASDAQ:WMG – Get Note) in a research report published on Monday, reports The Fly. The brokerage has set a “buy” rating on the stock.
WMG has been the subject of a number of other reports. Citigroup lowered its price target on Warner Music Group shares from $31.00 to $27.00 and set a “neutral” rating on the stock in a Thursday, July 7 research note. Truist Financial cut its price target on Warner Music Group shares from $40.00 to $35.00 and placed a “buy” rating on the stock in a Tuesday, July 19 research note. Barclays cut its price target on Warner Music Group shares from $37.00 to $33.00 and set an “overweight” rating on the stock in a Tuesday, July 5 research report. Morgan Stanley cut its price target on shares of Warner Music Group from $37.00 to $34.00 and set an “overweight” rating on the stock in a Monday, July 25 research report. Finally, TheStreet downgraded the shares of Warner Music Group from a “c-” rating to a “d+” rating in a Thursday, July 14 research report. Two analysts rated the stock with a sell rating, two issued a hold rating and eleven issued a buy rating for the company’s stock. According to MarketBeat.com, Warner Music Group currently has a “Moderate Buy” average rating and consensus price target of $40.38.
Warner Music Group shares fall 1.9%
WMG was down $0.43 during Monday trading hours, hitting $22.35. 804,101 shares of shares trade in hands, compared to its average volume of 1,349,991. The company’s fifty-day simple moving average is $27.48 and its two-hundred-day simple moving average is 28 $.90. The company has a market capitalization of $11.51 billion, a price/earnings ratio of 26.93, a PEG ratio of 1.00 and a beta of 1.53. Warner Music Group has a fifty-two week low of $22.08 and a fifty-two week high of $50.23. The company has a debt ratio of 22.01, a current ratio of 0.61 and a quick ratio of 0.58.
Warner Music Group (NASDAQ:WMG – Get Rating) last released quarterly earnings data on Tuesday, August 9. The company reported EPS of $0.24 for the quarter, beating consensus analyst estimates of $0.18 by $0.06. Warner Music Group achieved a net margin of 7.43% and a return on equity of 351.69%. The company posted revenue of $1.43 billion for the quarter, versus a consensus estimate of $1.41 billion. During the same period a year earlier, the company posted EPS of $0.14. The company’s revenue increased by 6.9% compared to the same quarter last year. As a group, analysts expect Warner Music Group to post earnings per share of 0.89 for the current fiscal year.
Hedge funds weigh on Warner Music Group
Hedge funds have recently changed their positions in the business. SG Americas Securities LLC increased its stake in Warner Music Group shares by 14.3% in Q1. SG Americas Securities LLC now owns 80,563 shares of the company worth $3,049,000 after purchasing an additional 10,086 shares in the last quarter. Assenagon Asset Management SA increased its stake in Warner Music Group shares by 597.8% in the 1st quarter. Assenagon Asset Management SA now owns 1,244,870 shares of the company worth $47,118,000 after purchasing an additional 1,066,475 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Warner Music Group by 1,640.6% in Q1. Bank of Montreal Can now owns 292,755 shares of the company worth $11,101,000 after purchasing an additional 275,936 shares in the last quarter. Capital Square LLC increased its stake in Warner Music Group shares by 38.9% in Q1. Capital Square LLC now owns 7,135 shares of the company worth $270,000 after purchasing an additional 2,000 shares in the last quarter. Finally, DNB Asset Management AS increased its stake in Warner Music Group shares by 0.6% in the 1st quarter. DNB Asset Management AS now owns 116,411 shares of the company worth $4,406,000 after purchasing an additional 640 shares in the last quarter. Institutional investors and hedge funds hold 22.44% of the company’s shares.
About Warner Music Group
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Warner Music Group Corp. operates as a music entertainment company in the United States, United Kingdom, Germany and internationally. The Company operates through the 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 music created by such recording artists; markets its music catalog through compilations and reissues of previously released music and video titles, as well as unreleased content; and operates 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.
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