RBO & Co. LLC Buys 10,236 Shares of Warner Music Group Corp. (NASDAQ:WMG)

RBO & Co. LLC lifted its stake in shares of Warner Music Group Corp. (NASDAQ:WMG) by 2.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 446,753 shares of the company’s stock after acquiring an additional 10,236 shares during the quarter. Warner Music Group comprises approximately 2.2% of RBO & Co. LLC’s holdings, making the stock its 24th largest position. RBO & Co. LLC owned about 0.09% of Warner Music Group worth $13,983,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Benjamin Edwards Inc. raised its holdings in Warner Music Group by 74.5% in the 2nd quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock worth $29,000 after acquiring an additional 407 shares during the period. Concord Wealth Partners bought a new position in shares of Warner Music Group in the third quarter worth about $30,000. ORG Partners LLC lifted its position in shares of Warner Music Group by 5,790.5% during the 2nd quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock worth $37,000 after purchasing an additional 1,216 shares during the last quarter. Assetmark Inc. boosted its stake in Warner Music Group by 9,400.0% during the 3rd quarter. Assetmark Inc. now owns 1,235 shares of the company’s stock valued at $39,000 after purchasing an additional 1,222 shares during the period. Finally, ORG Wealth Partners LLC acquired a new stake in Warner Music Group in the 3rd quarter valued at approximately $73,000. Institutional investors and hedge funds own 96.88% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on WMG. Bank of America reiterated an “underperform” rating and set a $30.00 price target (down from $33.00) on shares of Warner Music Group in a report on Friday, October 4th. Tigress Financial reduced their price target on shares of Warner Music Group from $52.00 to $44.00 and set a “buy” rating for the company in a report on Thursday, September 12th. Barclays dropped their price objective on shares of Warner Music Group from $32.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, November 22nd. Wells Fargo & Company reduced their target price on shares of Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on 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. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $35.79.

Warner Music Group Price Performance

Warner Music Group stock opened at $32.40 on Wednesday. The business has a 50 day simple moving average of $31.86 and a 200 day simple moving average of $30.62. Warner Music Group Corp. has a one year low of $27.06 and a one year high of $38.05. The company has a market capitalization of $16.78 billion, a PE ratio of 39.04, a price-to-earnings-growth ratio of 0.69 and a beta of 1.37. The company has a debt-to-equity ratio of 5.95, a current ratio of 0.68 and a quick ratio of 0.65.

Warner Music Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be paid a $0.18 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $0.72 annualized dividend and a dividend yield of 2.22%. Warner Music Group’s dividend payout ratio is presently 86.75%.

Insider Transactions at Warner Music Group

In other news, CEO Max Lousada sold 428,834 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $28.00, for a total value of $12,007,352.00. Following the transaction, the chief executive officer now directly owns 2,289,771 shares of the company’s stock, valued at $64,113,588. The trade was a 15.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 628,205 shares of company stock valued at $17,628,757. 73.35% of the stock is owned by insiders.

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.