Loop Capital Lowers Warner Music Group (NASDAQ:WMG) Price Target to $35.00

Warner Music Group (NASDAQ:WMG) had its target price dropped by equities researchers at Loop Capital from $38.00 to $35.00 in a report issued on Monday,Benzinga reports. The firm presently has a “hold” rating on the stock. Loop Capital’s price objective indicates a potential upside of 8.02% from the company’s current price.

A number of other research firms have also weighed in on WMG. Bank of America restated an “underperform” rating and set a $30.00 target price (down from $33.00) on shares of Warner Music Group in a research note on Friday, October 4th. Deutsche Bank Aktiengesellschaft cut their target price 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. Guggenheim restated a “buy” rating and set a $44.00 target price on shares of Warner Music Group in a research note on Friday, November 22nd. Wells Fargo & Company cut their target price on shares of 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. Finally, Barclays cut their target price on shares of Warner Music Group from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday, November 22nd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $35.79.

Warner Music Group Stock Up 1.1 %

Shares of NASDAQ:WMG opened at $32.40 on Monday. The company has a debt-to-equity ratio of 5.95, a current ratio of 0.68 and a quick ratio of 0.65. The firm has a market capitalization of $16.78 billion, a PE ratio of 39.04, a price-to-earnings-growth ratio of 1.00 and a beta of 1.37. The firm’s 50-day moving average is $31.86 and its two-hundred day moving average is $30.62. Warner Music Group has a 1 year low of $27.06 and a 1 year high of $38.05.

Insiders Place Their Bets

In other news, CEO Max Lousada sold 135,324 shares of the firm’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $28.17, for a total value of $3,812,077.08. Following the completion of the transaction, the chief executive officer now owns 2,725,964 shares in the company, valued at $76,790,405.88. This trade represents a 4.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders sold 628,205 shares of company stock worth $17,628,757. 73.35% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Benjamin Edwards Inc. boosted its stake in shares of Warner Music Group by 74.5% during the second quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock valued at $29,000 after acquiring an additional 407 shares during the last quarter. Concord Wealth Partners acquired a new stake in shares of Warner Music Group during the third quarter valued at $30,000. ORG Partners LLC boosted its stake in shares of Warner Music Group by 5,790.5% during the second quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock valued at $37,000 after acquiring an additional 1,216 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Warner Music Group by 9,400.0% during the third quarter. Assetmark Inc. now owns 1,235 shares of the company’s stock valued at $39,000 after acquiring 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 third quarter valued at $73,000. Hedge funds and other institutional investors own 96.88% of the company’s stock.

About Warner Music Group

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.