Mutual of America Capital Management LLC Buys Shares of 81,071 Warner Music Group Corp. (NASDAQ:WMG)

Mutual of America Capital Management LLC bought a new stake in Warner Music Group Corp. (NASDAQ:WMG) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 81,071 shares of the company’s stock, valued at approximately $2,485,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. NEOS Investment Management LLC lifted its stake in Warner Music Group by 5.0% in the fourth quarter. NEOS Investment Management LLC now owns 7,917 shares of the company’s stock valued at $283,000 after buying an additional 377 shares during the last quarter. Blair William & Co. IL raised its stake in shares of Warner Music Group by 0.3% during the first quarter. Blair William & Co. IL now owns 154,747 shares of the company’s stock valued at $5,110,000 after purchasing an additional 405 shares in the last quarter. OmniStar Financial Group Inc. raised its stake in shares of Warner Music Group by 2.2% during the second quarter. OmniStar Financial Group Inc. now owns 19,812 shares of the company’s stock valued at $607,000 after purchasing an additional 420 shares in the last quarter. Sage Rhino Capital LLC raised its stake in shares of Warner Music Group by 2.8% during the second quarter. Sage Rhino Capital LLC now owns 17,548 shares of the company’s stock valued at $538,000 after purchasing an additional 473 shares in the last quarter. Finally, Capital City Trust Co. FL raised its stake in shares of Warner Music Group by 5.5% during the first quarter. Capital City Trust Co. FL now owns 9,597 shares of the company’s stock valued at $317,000 after purchasing an additional 501 shares in the last quarter. 96.88% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on WMG. Tigress Financial cut their price objective on shares of Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. Evercore ISI cut their price objective on shares of Warner Music Group from $40.00 to $36.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut their price objective 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. Wolfe Research began coverage on shares of Warner Music Group in a research report on Friday, July 12th. They issued an “outperform” rating and a $37.00 price target on the stock. Finally, Redburn Atlantic reiterated a “sell” rating and issued a $23.00 price target (up from $21.00) on shares of Warner Music Group in a research report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.92.

Insiders Place Their Bets

In other news, CEO Max Lousada sold 428,834 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 2,289,771 shares in the company, valued at approximately $64,113,588. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 628,205 shares of company stock worth $17,628,757. Company insiders own 73.35% of the company’s stock.

Warner Music Group Price Performance

NASDAQ WMG opened at $31.08 on Wednesday. The stock’s 50-day moving average price is $29.28 and its two-hundred day moving average price is $31.07. The company has a current ratio of 0.69, a quick ratio of 0.67 and a debt-to-equity ratio of 6.26. The company has a market cap of $16.10 billion, a PE ratio of 31.08, a PEG ratio of 1.84 and a beta of 1.37. Warner Music Group Corp. has a 1 year low of $27.06 and a 1 year high of $38.05.

Warner Music Group (NASDAQ:WMG) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.02. The firm had revenue of $1.55 billion for the quarter, compared to the consensus estimate of $1.58 billion. Warner Music Group had a return on equity of 101.32% and a net margin of 8.56%. On average, analysts predict that Warner Music Group Corp. will post 1.04 EPS for the current year.

Warner Music Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Tuesday, August 27th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.32%. The ex-dividend date was Tuesday, August 27th. This is an increase from Warner Music Group’s previous quarterly dividend of $0.17. Warner Music Group’s payout ratio is presently 72.00%.

Warner Music Group 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.