Warner Music Group Corp. (NASDAQ: WMG) Short interest rate down 21.5% in November
Warner Music Group Corp. (NASDAQ: WMG) saw a significant drop in short-term interest in November. As of November 30, there was short interest totaling 3,240,000 shares, a decrease of 21.5% from the November 15 total of 4,130,000 shares. Based on an average trading volume of 1,010,000 shares, the day-to-coverage ratio is currently 3.2 days. Currently, 3.2% of the company’s shares are sold short.
In other news, CEO Max Lousada sold 510,165 shares of the company in a transaction that took place on Wednesday, September 29. The shares were sold at an average price of $ 41.05, for a total transaction of $ 20,942,273.25. The transaction was disclosed in a file with the Securities & Exchange Commission, available at this hyperlink. In addition, main shareholder Ai Entertainment Holdings Llc sold 2,330,259 shares of the company in a transaction that took place on Friday, September 24. The stock was sold for an average price of $ 43.73, for a total trade of $ 101,902,226.07. Disclosure of this sale can be found here. Insiders have sold 7,001,169 shares of the company valued at $ 294,475,231 in the past ninety days. 80.51% of the shares are held by insiders.
Several large investors have recently bought and sold stocks. Eagle Bay Advisors LLC increased its stake in Warner Music Group shares by 100.0% in the third quarter. Eagle Bay Advisors LLC now owns 600 shares of the company valued at $ 26,000 after purchasing an additional 300 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Warner Music Group by 201.3% in the third quarter. PNC Financial Services Group Inc. now owns 958 shares of the company valued at $ 41,000 after acquiring 640 additional shares during the last quarter. FORA Capital LLC acquired a new position in shares of Warner Music Group during the 2nd quarter valued at approximately $ 70,000. Tradition Wealth Management LLC purchased a new equity stake in Warner Music Group in the second quarter valued at approximately $ 135,000. Finally, Stephens Inc. AR increased its stake in Warner Music Group by 40.3% in the second quarter. Stephens Inc. AR now owns 4,759 shares of the company valued at $ 172,000 after purchasing an additional 1,368 shares in the last quarter. Institutional investors and hedge funds hold 16.91% of the company’s shares.
Actions of WMG opened for $ 40.33 on Friday. Warner Music Group has a one-year low at $ 31.50 and a one-year high at $ 50.23. The company’s 50-day average mobile price is $ 45.28, and its 200-day average mobile price is $ 40.39. The stock has a market cap of $ 20.75 billion, a P / E ratio of 70.76, a P / E / G ratio of 1.10 and a beta of 1.01. The company has a current ratio of 0.60, a quick ratio of 0.57, and a debt ratio of 72.74.
Warner Music Group (NASDAQ: WMG) last reported its quarterly results on Monday, November 15. The company reported earnings per share (EPS) of $ 0.05 for the quarter, missing the consensus estimate of $ 0.15 of ($ 0.10). Warner Music Group reported a return on equity of 830.77% and a net margin of 5.73%. The company posted revenue of $ 1.38 billion in the quarter, compared to a consensus estimate of $ 1.36 billion. In the same quarter of last year, the company made earnings per share of $ 0.02. The company’s revenue increased 22.2% compared to the same quarter last year. On average, research analysts predict that Warner Music Group will post earnings per share of 1.04 for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 1. Investors of record on Tuesday, November 23 received a dividend of $ 0.15 per share. The ex-dividend date of this dividend was Monday, November 22. This represents a dividend of $ 0.60 on an annualized basis and a dividend yield of 1.49%. Warner Music Group’s payout ratio is currently 105.27%.
WMG has been the subject of several research analyst reports. Bank of America slashed Warner Music Group from a “buy” rating to an “underperformance” rating and lowered its share price target from $ 53.00 to $ 42.00 in a note Tuesday, November 16 research. Credit Suisse Group raised its price target on Warner Music Group from $ 48.00 to $ 50.00 and gave the company an “outperformance” rating in a research note on Friday, November 26. TheStreet downgraded Warner Music Group from a “d +” note to a “c-” note in a Wednesday September 8th research note. Barclays downgraded Warner Music Group from an ‘equal weight’ rating to an ‘overweight’ rating and raised its target price for the company from $ 38.00 to $ 48.00 in a research note on Thursday 23 September. Finally, Loop Capital raised its price target on Warner Music Group from $ 37.00 to $ 45 and assigned the company a “conservation” rating in a research note on Tuesday, November 16. Two stock research analysts rated the stock with a sell rating, four issued a conservation rating, and seven gave the company’s stock a buy rating. According to MarketBeat data, Warner Music Group has a consensus rating of “Hold” and an average price target of $ 48.33.
Warner Music Group Company Profile
Warner Music Group Corp. operates as a music entertainment company in the US, UK and overseas. 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 these artists.
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