PNC Financial Services Group Inc. Boosts Stock Position in Warner Music Group Corp. (NASDAQ:WMG)

PNC Financial Services Group Inc. increased its holdings in shares of Warner Music Group Corp. (NASDAQ:WMG) by 627.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,485 shares of the company’s stock after buying an additional 3,006 shares during the period. PNC Financial Services Group Inc.’s holdings in Warner Music Group were worth $125,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Warner Music Group by 6.2% during the fourth quarter. Vanguard Group Inc. now owns 11,669,662 shares of the company’s stock valued at $417,657,000 after purchasing an additional 684,864 shares in the last quarter. Capital World Investors lifted its stake in Warner Music Group by 21.5% in the 4th quarter. Capital World Investors now owns 9,319,510 shares of the company’s stock valued at $333,545,000 after buying an additional 1,651,571 shares in the last quarter. FIL Ltd boosted its holdings in Warner Music Group by 85.6% in the 4th quarter. FIL Ltd now owns 5,198,892 shares of the company’s stock worth $186,068,000 after buying an additional 2,397,232 shares during the last quarter. Point72 Asset Management L.P. increased its stake in Warner Music Group by 87.1% during the 4th quarter. Point72 Asset Management L.P. now owns 2,713,747 shares of the company’s stock worth $97,125,000 after buying an additional 1,263,690 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Warner Music Group by 0.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,349,379 shares of the company’s stock valued at $48,294,000 after acquiring an additional 8,202 shares during the last quarter. Institutional investors and hedge funds own 96.88% of the company’s stock.

Analysts Set New Price Targets

WMG has been the topic of a number of research analyst reports. Morgan Stanley initiated coverage on Warner Music Group in a research note on Monday, May 6th. They issued an “overweight” rating and a $43.00 price target on the stock. Guggenheim dropped their target price on shares of Warner Music Group from $46.00 to $45.00 and set a “buy” rating for the company in a report on Friday, April 5th. Finally, Loop Capital raised their price target on shares of Warner Music Group from $36.00 to $38.00 and gave the stock a “hold” rating in a research note on Thursday, April 18th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $37.88.

Warner Music Group Stock Performance

Shares of Warner Music Group stock opened at $30.63 on Friday. The firm has a market cap of $15.86 billion, a PE ratio of 30.63, a price-to-earnings-growth ratio of 1.94 and a beta of 1.38. The company has a quick ratio of 0.67, a current ratio of 0.69 and a debt-to-equity ratio of 6.81. Warner Music Group Corp. has a 52 week low of $25.28 and a 52 week high of $38.05. The business’s fifty day simple moving average is $31.38 and its 200-day simple moving average is $33.55.

Warner Music Group (NASDAQ:WMG) last announced its earnings results on Thursday, May 9th. The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.07. The company had revenue of $1.49 billion during the quarter, compared to analyst estimates of $1.48 billion. Warner Music Group had a net margin of 8.28% and a return on equity of 120.42%. Warner Music Group’s revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.06 earnings per share. Equities analysts forecast that Warner Music Group Corp. will post 1 earnings per share for the current year.

Warner Music Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 3rd. Shareholders of record on Thursday, May 23rd were given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend was Wednesday, May 22nd. Warner Music Group’s payout ratio is 68.00%.

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.