Evercore ISI Lowers Warner Music Group (NASDAQ:WMG) Price Target to $35.00

Warner Music Group (NASDAQ:WMG) had its price objective cut by equities research analysts at Evercore ISI from $36.00 to $35.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Evercore ISI’s price objective indicates a potential upside of 19.29% from the company’s previous close.

Several other research firms also recently commented on WMG. Loop Capital reduced their price objective on Warner Music Group from $38.00 to $35.00 and set a “hold” rating for the company in a report on Monday, November 25th. Barclays reduced their price target on shares of Warner Music Group from $32.00 to $31.00 and set an “equal weight” rating for the company in a research note on Friday, November 22nd. Tigress Financial lowered 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 report on Thursday, September 12th. JPMorgan Chase & Co. cut their target price on shares of Warner Music Group from $41.00 to $40.00 and set an “overweight” rating for the company in a research report on Friday, November 22nd. Finally, Macquarie reiterated a “neutral” rating and set a $30.00 target price on shares of Warner Music Group in a research note on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Warner Music Group presently has an average rating of “Hold” and an average price target of $35.69.

Warner Music Group Trading Up 0.1 %

Shares of NASDAQ WMG opened at $29.34 on Thursday. The company has a market cap of $15.20 billion, a PE ratio of 35.35, a P/E/G ratio of 0.70 and a beta of 1.35. 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 firm’s 50 day moving average price is $31.87 and its 200-day moving average price is $30.77. Warner Music Group has a 52-week low of $27.06 and a 52-week high of $38.05.

Warner Music Group (NASDAQ:WMG) last released its quarterly earnings data on Thursday, November 21st. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.20). The business had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.59 billion. Warner Music Group had a net margin of 6.77% and a return on equity of 69.29%. The business’s revenue was up 2.8% compared to the same quarter last year. During the same period last year, the company posted $0.34 earnings per share. On average, equities research analysts expect that Warner Music Group will post 1.34 EPS for the current fiscal year.

Insider Transactions at Warner Music Group

In other Warner Music Group news, Director Lincoln E. Benet sold 35,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $30.96, for a total transaction of $1,083,600.00. Following the sale, the director now directly owns 242,360 shares of the company’s stock, valued at $7,503,465.60. This trade represents a 12.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 73.35% of the company’s stock.

Institutional Trading of Warner Music Group

Several institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. increased its holdings in Warner Music Group by 37.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,754,504 shares of the company’s stock valued at $274,016,000 after acquiring an additional 2,370,973 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Warner Music Group by 1.9% during the third quarter. Geode Capital Management LLC now owns 2,628,263 shares of the company’s stock valued at $82,284,000 after purchasing an additional 49,166 shares in the last quarter. Aristeia Capital L.L.C. bought a new stake in shares of Warner Music Group in the second quarter worth about $606,000. Mawer Investment Management Ltd. lifted its position in shares of Warner Music Group by 2,699.4% in the third quarter. Mawer Investment Management Ltd. now owns 8,217,467 shares of the company’s stock worth $257,207,000 after buying an additional 7,923,926 shares in the last quarter. Finally, Perpetual Ltd bought a new position in Warner Music Group during the third quarter valued at approximately $15,766,000. Hedge funds and other institutional investors own 96.88% of the company’s stock.

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.