Assetmark Inc. Has $39,000 Stake in Warner Music Group Corp. (NASDAQ:WMG)

Assetmark Inc. increased its stake in shares of Warner Music Group Corp. (NASDAQ:WMG) by 9,400.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,235 shares of the company’s stock after purchasing an additional 1,222 shares during the quarter. Assetmark Inc.’s holdings in Warner Music Group were worth $39,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in WMG. Vanguard Group Inc. boosted its position in Warner Music Group by 1.6% during the first quarter. Vanguard Group Inc. now owns 11,861,877 shares of the company’s stock valued at $391,679,000 after purchasing an additional 192,215 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Warner Music Group by 289.8% in the 1st quarter. Acadian Asset Management LLC now owns 92,930 shares of the company’s stock valued at $3,066,000 after buying an additional 69,089 shares in the last quarter. O Shaughnessy Asset Management LLC increased its holdings in Warner Music Group by 6.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 13,141 shares of the company’s stock worth $434,000 after buying an additional 773 shares during the last quarter. Advisors Asset Management Inc. bought a new position in Warner Music Group during the first quarter valued at approximately $523,000. Finally, Capital Group Investment Management PTE. LTD. lifted its stake in Warner Music Group by 8.1% in the first quarter. Capital Group Investment Management PTE. LTD. now owns 23,681 shares of the company’s stock valued at $782,000 after acquiring an additional 1,772 shares during the last quarter. 96.88% of the stock is currently owned by institutional investors and hedge funds.

Warner Music Group Stock Performance

WMG opened at $33.34 on Tuesday. Warner Music Group Corp. has a 12-month low of $27.06 and a 12-month high of $38.05. The firm has a market capitalization of $17.27 billion, a P/E ratio of 32.06, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37. The stock’s 50 day moving average price is $31.47 and its two-hundred day moving average price is $30.69. The company has a quick ratio of 0.67, a current ratio of 0.69 and a debt-to-equity ratio of 6.26.

Warner Music Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Tuesday, November 19th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Tuesday, November 19th. Warner Music Group’s dividend payout ratio (DPR) is currently 69.23%.

Insider Activity at Warner Music Group

In other Warner Music Group news, CEO Max Lousada sold 64,047 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $28.25, for a total value of $1,809,327.75. Following the completion of the sale, the chief executive officer now owns 2,909,422 shares in the company, valued at approximately $82,191,171.50. This trade represents a 2.15 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 628,205 shares of company stock worth $17,628,757 in the last ninety days. 73.35% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on WMG. Evercore ISI dropped their price target 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. Macquarie lowered their target price on shares of Warner Music Group from $32.00 to $30.00 and set a “neutral” rating on the stock in a research report on Friday, October 11th. Bank of America reaffirmed an “underperform” rating and issued a $30.00 price target (down previously from $33.00) on shares of Warner Music Group in a research report on Friday, October 4th. Tigress Financial decreased their price target on Warner Music Group from $52.00 to $44.00 and set a “buy” rating for the company in a research note on Thursday, September 12th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective 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. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $36.17.

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.