PDT Partners LLC Reduces Position in Warner Music Group Corp. (NASDAQ:WMG)

PDT Partners LLC reduced its stake in Warner Music Group Corp. (NASDAQ:WMG) by 34.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,219 shares of the company’s stock after selling 31,763 shares during the quarter. PDT Partners LLC’s holdings in Warner Music Group were worth $1,916,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Aristeia Capital L.L.C. purchased a new stake in Warner Music Group in the 2nd quarter worth approximately $606,000. Mawer Investment Management Ltd. boosted its holdings in shares of Warner Music Group by 2,699.4% during the third quarter. Mawer Investment Management Ltd. now owns 8,217,467 shares of the company’s stock worth $257,207,000 after purchasing an additional 7,923,926 shares during the last quarter. Perpetual Ltd purchased a new stake in shares of Warner Music Group in the third quarter valued at $15,766,000. Amalgamated Bank acquired a new position in Warner Music Group in the second quarter valued at $1,956,000. Finally, Pacer Advisors Inc. purchased a new position in Warner Music Group during the second quarter worth about $1,265,000. Institutional investors and hedge funds own 96.88% of the company’s stock.

Insider Activity

In other news, CEO Max Lousada sold 64,047 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $28.25, for a total transaction of $1,809,327.75. Following the completion of the transaction, the chief executive officer now owns 2,909,422 shares in the company, valued at approximately $82,191,171.50. This trade represents a 2.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In the last ninety days, insiders have sold 628,205 shares of company stock worth $17,628,757. 73.35% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on WMG shares. Citigroup upped their price objective on shares of Warner Music Group from $31.00 to $34.00 and gave the company a “neutral” rating in a research note on Friday. JPMorgan Chase & Co. cut their price target on shares of Warner Music Group from $41.00 to $40.00 and set an “overweight” rating on the stock in a research note on Friday, November 22nd. Bank of America reiterated an “underperform” rating and issued a $30.00 price target (down previously from $33.00) on shares of Warner Music Group in a report on Friday, October 4th. Macquarie restated a “neutral” rating and set a $30.00 price objective on shares of Warner Music Group in a report on Friday, November 22nd. Finally, Tigress Financial reduced their target price on Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $35.67.

Warner Music Group Price Performance

WMG stock opened at $32.52 on Friday. Warner Music Group Corp. has a 1 year low of $27.06 and a 1 year high of $38.05. The company has a debt-to-equity ratio of 5.95, a quick ratio of 0.65 and a current ratio of 0.68. The firm has a market cap of $16.85 billion, a P/E ratio of 39.18, a price-to-earnings-growth ratio of 0.70 and a beta of 1.37. The stock has a 50-day simple moving average of $31.97 and a 200-day simple moving average of $30.63.

Warner Music Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Tuesday, November 19th. Warner Music Group’s payout ratio is currently 86.75%.

Warner Music Group 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.