Lord Abbett & CO. LLC Acquires 256,562 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Lord Abbett & CO. LLC boosted its holdings in shares of Warner Music Group Corp. (NASDAQ:WMG) by 172.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 405,577 shares of the company’s stock after acquiring an additional 256,562 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Warner Music Group were worth $17,335,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Warner Music Group by 8.9% in the second quarter. Vanguard Group Inc. now owns 8,013,835 shares of the company’s stock worth $288,818,000 after acquiring an additional 653,416 shares during the last quarter. FMR LLC grew its stake in shares of Warner Music Group by 162.2% in the second quarter. FMR LLC now owns 6,355,360 shares of the company’s stock worth $229,047,000 after acquiring an additional 3,931,904 shares during the last quarter. BlackRock Inc. grew its stake in shares of Warner Music Group by 0.4% in the third quarter. BlackRock Inc. now owns 4,344,271 shares of the company’s stock worth $185,673,000 after acquiring an additional 17,547 shares during the last quarter. Soma Equity Partners LP grew its stake in shares of Warner Music Group by 7.9% in the second quarter. Soma Equity Partners LP now owns 4,100,000 shares of the company’s stock worth $147,764,000 after acquiring an additional 300,000 shares during the last quarter. Finally, Invesco Ltd. grew its stake in shares of Warner Music Group by 16.0% in the second quarter. Invesco Ltd. now owns 2,801,034 shares of the company’s stock worth $100,950,000 after acquiring an additional 385,507 shares during the last quarter. 18.96% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have recently issued reports on WMG. Jefferies Financial Group upgraded shares of Warner Music Group from a “hold” rating to a “buy” rating and raised their price objective for the stock from $41.00 to $50.00 in a research note on Tuesday, January 4th. Citigroup lifted their price target on shares of Warner Music Group from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Friday, November 19th. Truist Securities lifted their price target on shares of Warner Music Group from $42.00 to $51.00 and gave the stock a “buy” rating in a research note on Tuesday, October 12th. Loop Capital lifted their price target on shares of Warner Music Group from $37.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, November 16th. Finally, Royal Bank of Canada lifted their price target on shares of Warner Music Group from $47.00 to $52.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 16th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $49.58.

In other news, major shareholder Ai Entertainment Holdings Llc sold 4,160,745 shares of the business’s stock in a transaction dated Wednesday, December 8th. The stock was sold at an average price of $41.25, for a total transaction of $171,630,731.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 80.51% of the stock is owned by company insiders.

Shares of WMG stock opened at $40.27 on Friday. The stock has a 50-day moving average price of $42.82 and a 200 day moving average price of $41.31. The company has a quick ratio of 0.57, a current ratio of 0.60 and a debt-to-equity ratio of 72.74. The firm has a market cap of $20.72 billion, a price-to-earnings ratio of 70.65, a PEG ratio of 1.12 and a beta of 0.98. Warner Music Group Corp. has a 12 month low of $31.50 and a 12 month high of $50.23.

Warner Music Group (NASDAQ:WMG) last announced its quarterly earnings data on Monday, November 15th. The company reported $0.05 EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.10). The firm had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.36 billion. Warner Music Group had a return on equity of 830.77% and a net margin of 5.73%. Warner Music Group’s revenue for the quarter was up 22.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.02 earnings per share. Sell-side analysts predict that Warner Music Group Corp. will post 1.01 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 1st. Investors of record on Tuesday, November 23rd were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, November 22nd. This represents a $0.60 dividend on an annualized basis and a yield of 1.49%. Warner Music Group’s payout ratio is 105.27%.

Warner Music Group Profile

Warner Music Group Corp. operates as a music entertainment company in the United States, the United Kingdom, and internationally. The company 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 the related marketing, promotion, distribution, sale, and licensing of music created by such artists.

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Institutional Ownership by Quarter for Warner Music Group (NASDAQ:WMG)

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