K.J. Harrison & Partners Inc Sells 28,000 Shares of Warner Music Group Corp. (NASDAQ:WMG)

K.J. Harrison & Partners Inc lessened its holdings in shares of Warner Music Group Corp. (NASDAQ:WMG) by 23.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 91,100 shares of the company’s stock after selling 28,000 shares during the period. K.J. Harrison & Partners Inc’s holdings in Warner Music Group were worth $3,260,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Mackenzie Financial Corp acquired a new stake in Warner Music Group in the 4th quarter worth $1,664,000. Hahn Capital Management LLC bought a new stake in shares of Warner Music Group during the fourth quarter valued at approximately $4,863,000. Schonfeld Strategic Advisors LLC raised its stake in shares of Warner Music Group by 1,711.7% in the third quarter. Schonfeld Strategic Advisors LLC now owns 903,241 shares of the company’s stock valued at $28,362,000 after purchasing an additional 853,384 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Warner Music Group by 31.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 801,840 shares of the company’s stock worth $25,178,000 after purchasing an additional 193,221 shares during the period. Finally, DigitalBridge Group Inc. lifted its position in Warner Music Group by 46.3% in the third quarter. DigitalBridge Group Inc. now owns 479,878 shares of the company’s stock worth $15,068,000 after purchasing an additional 151,778 shares during the period. Institutional investors own 96.88% of the company’s stock.

Warner Music Group Trading Up 2.7 %

Shares of Warner Music Group stock traded up $0.85 during trading on Friday, reaching $32.40. 997,309 shares of the company were exchanged, compared to its average volume of 1,454,574. Warner Music Group Corp. has a twelve month low of $23.62 and a twelve month high of $38.05. The business has a 50-day moving average price of $33.73 and a 200-day moving average price of $34.02. The company has a quick ratio of 0.67, a current ratio of 0.70 and a debt-to-equity ratio of 6.50. The firm has a market capitalization of $16.78 billion, a price-to-earnings ratio of 36.82, a P/E/G ratio of 2.01 and a beta of 1.46.

Warner Music Group (NASDAQ:WMG) last issued its quarterly earnings data on Wednesday, February 7th. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.13). The firm had revenue of $1.75 billion for the quarter, compared to analyst estimates of $1.68 billion. Warner Music Group had a net margin of 7.42% and a return on equity of 128.86%. Sell-side analysts anticipate that Warner Music Group Corp. will post 0.99 EPS for the current fiscal year.

Warner Music Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 22nd were issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 2.10%. The ex-dividend date was Wednesday, February 21st. Warner Music Group’s dividend payout ratio (DPR) is presently 77.27%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Redburn Atlantic upgraded shares of Warner Music Group from a “sell” rating to a “neutral” rating and raised their price target for the stock from $17.00 to $21.00 in a research note on Monday, February 5th. Guggenheim cut their target price on Warner Music Group from $46.00 to $45.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Finally, Loop Capital upped their price target on Warner Music Group from $36.00 to $38.00 and gave the company a “hold” rating in a research report on Thursday, April 18th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Warner Music Group presently has a consensus rating of “Moderate Buy” and an average price target of $36.88.

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.