Warner Music Group Corp. (NASDAQ: WMG – Get a rating) – Equity researchers at Jefferies Financial Group reduced their fourth-quarter 2022 earnings per share (EPS) estimates for Warner Music Group shares in a research note released Tuesday, April 12. Jefferies Financial Group analyst A. Uerkwitz now expects the company to post earnings per share of $0.17 for the quarter, down from its previous estimate of $0.18. Jefferies Financial Group has a “Buy” rating and a price target of $50.00 on the stock. Jefferies Financial Group also released earnings estimates for Warner Music Group for fiscal year 2023 at $1.16 EPS.
Other research analysts have also recently published reports on the company. Deutsche Bank Aktiengesellschaft began covering Warner Music Group in a research report on Friday March 11. They set a “buy” rating and a price target of $42.00 on the stock. Tigress Financial raised its price target on Warner Music Group from $48.00 to $52.00 and gave the company a “buy” rating in a research report on Wednesday, December 22. Credit Suisse Group lowered its price target on Warner Music Group from $50.00 to $45.00 and set an “outperform” rating on the stock in a Wednesday, Feb. 9 research report. To finish, Zacks Investment Research upgraded Warner Music Group from a “hold” rating to a “sell” rating in a Thursday, Feb. 10, research report. Two analysts rated the stock with a sell rating, three gave the stock a hold rating and eight gave the stock a buy rating. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $48.42.
Action Warner Music Group opened at $37.31 on Wednesday. Warner Music Group has a 52-week low of $29.34 and a 52-week high of $50.23. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt ratio of 22.36. The company has a market capitalization of $19.21 billion, a P/E ratio of 49.75, a P/E/G ratio of 1.16 and a beta of 1.07. The company has a 50-day simple moving average of $36.50 and a two-hundred-day simple moving average of $41.17.
Warner Music Group (NASDAQ: WMG – Get a rating) last released its quarterly earnings data on Tuesday, February 8. The company reported EPS of $0.43 for the quarter, beating the consensus estimate of $0.29 by $0.14. The company posted revenue of $1.61 billion in the quarter, versus a consensus estimate of $1.49 billion. Warner Music Group achieved a return on equity of 481.86% and a net margin of 7.04%. Warner Music Group’s revenue for the quarter increased 20.9% year on year. During the same period last year, the company achieved EPS of $0.20.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 1. Shareholders of record on Friday, February 18 received a dividend of $0.15 per share. This represents an annualized dividend of $0.60 and a yield of 1.61%. The ex-dividend date was Thursday, February 17. Warner Music Group’s payout rate is 80.00%.
In other Warner Music Group news, Director Lincoln E. Benet sold 10,000 shares of Warner Music Group in a trade dated Wednesday, March 2. The shares were sold at an average price of $35.80, for a total transaction of $358,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this link. Additionally, executive Lincoln E. Benet sold 20,000 shares of Warner Music Group in a transaction dated Monday, February 28. The shares were sold at an average price of $35.64, for a total transaction of $712,800.00. Disclosure of this sale can be found here. In the past ninety days, insiders have sold 60,000 shares of the company worth $2,165,000. Insiders hold 76.57% of the shares of the company.
Several large investors have recently changed their stake in the company. Eagle Bay Advisors LLC increased its stake in the shares of Warner Music Group by 100.0% during the 3rd quarter. Eagle Bay Advisors LLC now owns 600 shares of the company worth $26,000 after purchasing an additional 300 shares during the period. Westpac Banking Corp acquired a new position in Warner Music Group stock during Q4, valued at approximately $27,000. PNC Financial Services Group Inc. increased its stake in Warner Music Group shares by 201.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 958 shares of the company valued at $41,000 after acquiring an additional 640 shares in the last quarter. Capital Square LLC acquired a new stake in Warner Music Group during Q3 for a value of approximately $229,000. Finally, JustInvest LLC acquired a new stake in Warner Music Group during the 4th quarter for a value of approximately $226,000. Institutional investors and hedge funds own 19.12% of the company’s shares.
About Warner Music Group (Get a rating)
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 material; 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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