Warner Music Group (NASDAQ:WMG – Get Free Report)‘s stock had its “neutral” rating reiterated by stock analysts at Citigroup in a note issued to investors on Friday, Benzinga reports. They presently have a $34.00 price objective on the stock. Citigroup’s price target suggests a potential upside of 10.79% from the stock’s current price.
Several other analysts have also recently commented on WMG. The Goldman Sachs Group raised their target price on Warner Music Group from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Wednesday, August 9th. Jefferies Financial Group decreased their target price on Warner Music Group from $37.00 to $35.00 and set a “buy” rating for the company in a research report on Friday. Deutsche Bank Aktiengesellschaft increased their price objective on Warner Music Group from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Wednesday, August 9th. TD Cowen began coverage on Warner Music Group in a report on Tuesday, July 25th. They set an “outperform” rating and a $38.00 price objective for the company. Finally, Truist Financial reiterated a “buy” rating and set a $37.00 price objective on shares of Warner Music Group in a report on Thursday. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Warner Music Group has an average rating of “Moderate Buy” and a consensus target price of $35.53.
View Our Latest Stock Report on Warner Music Group
Warner Music Group Stock Performance
Warner Music Group (NASDAQ:WMG – Get Free Report) last issued its earnings results on Tuesday, August 8th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.21 by $0.07. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.48 billion. Warner Music Group had a return on equity of 177.34% and a net margin of 7.16%. On average, sell-side analysts anticipate that Warner Music Group will post 0.89 EPS for the current fiscal year.
Institutional Investors Weigh In On Warner Music Group
A number of institutional investors have recently added to or reduced their stakes in the company. Cooke & Bieler LP boosted its holdings in Warner Music Group by 149.6% during the second quarter. Cooke & Bieler LP now owns 4,818,606 shares of the company’s stock valued at $125,717,000 after purchasing an additional 2,888,023 shares in the last quarter. Darlington Partners Capital Management LP raised its stake in shares of Warner Music Group by 47.9% in the second quarter. Darlington Partners Capital Management LP now owns 6,060,863 shares of the company’s stock valued at $158,128,000 after acquiring an additional 1,963,856 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Warner Music Group by 18.4% in the first quarter. Vanguard Group Inc. now owns 10,103,689 shares of the company’s stock valued at $382,425,000 after acquiring an additional 1,567,866 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Warner Music Group by 398.2% in the fourth quarter. Point72 Asset Management L.P. now owns 1,143,449 shares of the company’s stock valued at $40,044,000 after acquiring an additional 913,950 shares during the last quarter. Finally, Junto Capital Management LP bought a new position in shares of Warner Music Group in the second quarter valued at approximately $21,222,000. 23.23% of the stock is owned by institutional investors and hedge funds.
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.
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