Warner Music Group (NASDAQ:WMG) Stock Price Expected to Rise, Citigroup Analyst Says

Warner Music Group (NASDAQ:WMG) had its target price raised by research analysts at Citigroup from $31.00 to $34.00 in a report issued on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target points to a potential upside of 4.55% from the company’s previous close.

Several other equities research analysts have also recently issued reports on the company. Tigress Financial reduced their target price on Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Wells Fargo & Company reduced their price objective on Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. Macquarie reaffirmed a “neutral” rating and set a $30.00 target price on shares of Warner Music Group in a research note on Friday, November 22nd. Deutsche Bank Aktiengesellschaft cut their target price on 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, Evercore ISI lowered their price target on Warner Music Group from $40.00 to $36.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Warner Music Group has a consensus rating of “Hold” and an average target price of $35.67.

Warner Music Group Trading Up 1.3 %

NASDAQ WMG opened at $32.52 on Friday. The stock has a market cap of $16.85 billion, a P/E ratio of 39.18, a price-to-earnings-growth ratio of 0.70 and a beta of 1.37. The company has a debt-to-equity ratio of 5.95, a quick ratio of 0.65 and a current ratio of 0.68. The stock has a 50 day simple moving average of $31.97 and a two-hundred day simple moving average of $30.63. Warner Music Group has a fifty-two week low of $27.06 and a fifty-two week high of $38.05.

Insiders Place Their Bets

In other Warner Music Group news, CEO Max Lousada sold 135,324 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $28.17, for a total transaction of $3,812,077.08. Following the sale, the chief executive officer now directly owns 2,725,964 shares of the company’s stock, valued at approximately $76,790,405.88. This trade represents a 4.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders have sold 628,205 shares of company stock valued at $17,628,757. Company insiders own 73.35% of the company’s stock.

Institutional Investors Weigh In On Warner Music Group

Hedge funds have recently modified their holdings of the company. Benjamin Edwards Inc. lifted its stake in Warner Music Group by 74.5% in the 2nd quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock valued at $29,000 after buying an additional 407 shares in the last quarter. Concord Wealth Partners acquired a new stake in shares of Warner Music Group during the 3rd quarter worth approximately $30,000. ORG Partners LLC increased its holdings in shares of Warner Music Group by 5,790.5% during the 2nd quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock worth $37,000 after buying an additional 1,216 shares during the last quarter. Assetmark Inc. increased its holdings in shares of Warner Music Group by 9,400.0% during the 3rd quarter. Assetmark Inc. now owns 1,235 shares of the company’s stock worth $39,000 after buying an additional 1,222 shares during the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of Warner Music Group during the 3rd quarter worth approximately $73,000. 96.88% of the stock is owned by hedge funds and other institutional investors.

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.