Warner Music Group Corp. (NASDAQ:WMG) Shares Sold by Canada Pension Plan Investment Board

Posted by Defense World Staff on Mar 1st, 2023

Canada Pension Plan Investment Board lowered its position in Warner Music Group Corp. (NASDAQ:WMG – Get Rating) by 2.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,700 shares of the company’s stock after selling 1,001 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Warner Music Group were worth $1,037,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Barclays PLC grew its stake in shares of Warner Music Group by 29.6% in the 3rd quarter. Barclays PLC now owns 5,779 shares of the company’s stock worth $134,000 after purchasing an additional 1,320 shares during the last quarter. Stephens Inc. AR boosted its position in shares of Warner Music Group by 6.3% during the 2nd quarter. Stephens Inc. AR now owns 7,330 shares of the company’s stock valued at $179,000 after acquiring an additional 437 shares in the last quarter. Prelude Capital Management LLC acquired a new stake in shares of Warner Music Group in the 2nd quarter valued at $204,000. Kestra Private Wealth Services LLC acquired a new position in Warner Music Group in the second quarter worth $205,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Warner Music Group in the second quarter valued at approximately $209,000. Institutional investors own 23.10% of the company’s stock.

Warner Music Group Stock Down 1.1 %

Shares of NASDAQ:WMG opened at $31.56 on Wednesday. The company has a market cap of $16.25 billion, a price-to-earnings ratio of 33.94, a PEG ratio of 3.77 and a beta of 1.55. Warner Music Group Corp. has a fifty-two week low of $21.57 and a fifty-two week high of $39.31. The firm’s 50-day simple moving average is $35.10 and its 200-day simple moving average is $30.43. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 13.99.

Warner Music Group (NASDAQ:WMG – Get Rating) last posted its quarterly earnings results on Thursday, February 9th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.27 by ($0.04). Warner Music Group had a net margin of 8.39% and a return on equity of 244.53%. The business had revenue of $1.49 billion during the quarter, compared to analysts’ expectations of $1.52 billion. During the same quarter in the previous year, the business posted $0.43 EPS. The company’s quarterly revenue was down 7.8% on a year-over-year basis. As a group, equities research analysts predict that Warner Music Group Corp. will post 0.93 earnings per share for the current year.

Warner Music Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 1st. Stockholders of record on Tuesday, February 21st will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, February 17th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.03%. Warner Music Group’s dividend payout ratio is 68.82%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on WMG. Morgan Stanley upped their price objective on Warner Music Group from $38.00 to $41.00 and gave the stock an “overweight” rating in a research report on Monday, December 19th. Credit Suisse Group reissued an “outperform” rating and set a $36.00 price objective on shares of Warner Music Group in a report on Monday, February 13th. JPMorgan Chase & Co. lifted their price objective on Warner Music Group from $34.00 to $39.00 in a research note on Wednesday, November 23rd. Barclays downgraded shares of Warner Music Group from an “overweight” rating to an “equal weight” rating and set a $35.00 target price on the stock. in a research report on Monday, January 23rd. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Warner Music Group from $37.00 to $43.00 in a research note on Monday, January 30th. One analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $37.64.

Insider Buying and Selling at Warner Music Group

In related news, Director Lincoln E. Benet sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $32.00, for a total transaction of $640,000.00. Following the completion of the transaction, the director now owns 379,341 shares in the company, valued at approximately $12,138,912. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Warner Music Group news, Director Lincoln E. Benet sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 21st. The stock was sold at an average price of $32.00, for a total transaction of $640,000.00. Following the transaction, the director now owns 379,341 shares of the company’s stock, valued at approximately $12,138,912. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lincoln E. Benet sold 30,000 shares of the stock in a transaction that occurred on Friday, February 24th. The stock was sold at an average price of $32.14, for a total value of $964,200.00. Following the transaction, the director now owns 349,341 shares in the company, valued at approximately $11,227,819.74. The disclosure for this sale can be found here. Corporate insiders own 75.21% of the company’s stock.

Warner Music Group Profile

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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.