Bridges Investment Management Inc. Purchases 9,790 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Bridges Investment Management Inc. raised its holdings in shares of Warner Music Group Corp. (NASDAQ:WMG) by 30.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,390 shares of the company’s stock after purchasing an additional 9,790 shares during the quarter. Bridges Investment Management Inc.’s holdings in Warner Music Group were worth $1,327,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bayesian Capital Management LP purchased a new position in shares of Warner Music Group in the first quarter valued at $759,000. Acadian Asset Management LLC lifted its holdings in shares of Warner Music Group by 289.8% in the first quarter. Acadian Asset Management LLC now owns 92,930 shares of the company’s stock worth $3,066,000 after buying an additional 69,089 shares in the last quarter. Aristeia Capital L.L.C. bought a new position in shares of Warner Music Group in the second quarter valued at approximately $606,000. Perpetual Ltd purchased a new position in Warner Music Group during the third quarter valued at approximately $15,766,000. Finally, Amalgamated Bank bought a new stake in Warner Music Group during the 2nd quarter worth approximately $1,956,000. Institutional investors own 96.88% of the company’s stock.

Warner Music Group Trading Up 0.3 %

Shares of WMG opened at $33.00 on Friday. The company has a debt-to-equity ratio of 6.26, a quick ratio of 0.67 and a current ratio of 0.69. Warner Music Group Corp. has a fifty-two week low of $27.06 and a fifty-two week high of $38.05. The firm has a 50 day moving average price of $30.86 and a 200-day moving average price of $30.70. The firm has a market cap of $17.09 billion, a price-to-earnings ratio of 31.73, a PEG ratio of 1.07 and a beta of 1.37.

Warner Music Group (NASDAQ:WMG) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.02. The business had revenue of $1.55 billion during the quarter, compared to analyst estimates of $1.58 billion. Warner Music Group had a net margin of 8.56% and a return on equity of 101.32%. As a group, equities research analysts forecast that Warner Music Group Corp. will post 1.05 earnings per share for the current year.

Warner Music Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.18%. The ex-dividend date is Tuesday, November 19th. Warner Music Group’s dividend payout ratio is presently 69.23%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Bank of America restated an “underperform” rating and set a $30.00 price target (down from $33.00) on shares of Warner Music Group in a research report on Friday, October 4th. Evercore ISI lowered their price target on Warner Music Group from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Tigress Financial cut their price objective on Warner Music Group from $52.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, September 12th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Warner Music Group from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Finally, Wells Fargo & Company dropped their target price on shares of Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $36.17.

Insider Buying and Selling

In other Warner Music Group news, CEO Max Lousada sold 428,834 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $28.00, for a total value of $12,007,352.00. Following the completion of the sale, the chief executive officer now owns 2,289,771 shares in the company, valued at approximately $64,113,588. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold a total of 628,205 shares of company stock worth $17,628,757 in the last ninety days. 73.35% of the stock is owned by insiders.

Warner Music Group Company Profile

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, Germany, and internationally. It 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 related marketing, promotion, distribution, sale, and licensing of music created by such recording artists; markets its music catalog through compilations and reissuances of previously released music and video titles, as well as previously unreleased materials; and conducts its operation 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.