Cahaba Wealth Management Inc. Purchases New Shares in Warner Music Group Corp. $WMG

Cahaba Wealth Management Inc. purchased a new position in shares of Warner Music Group Corp. (NASDAQ:WMG) during the 1st quarter, HoldingsChannel reports. The institutional investor purchased 19,683 shares of the company’s stock, valued at approximately $503,000.

A number of other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in shares of Warner Music Group by 15.2% in the 4th quarter. JPMorgan Chase & Co. now owns 16,645,276 shares of the company’s stock worth $510,511,000 after buying an additional 2,200,362 shares during the last quarter. Millennium Management LLC increased its position in shares of Warner Music Group by 178.5% during the third quarter. Millennium Management LLC now owns 3,183,654 shares of the company’s stock valued at $108,435,000 after acquiring an additional 2,040,425 shares during the last quarter. UBS Group AG increased its position in shares of Warner Music Group by 112.8% during the third quarter. UBS Group AG now owns 2,226,151 shares of the company’s stock valued at $75,823,000 after acquiring an additional 1,180,256 shares during the last quarter. Norges Bank bought a new stake in Warner Music Group during the fourth quarter worth $35,449,000. Finally, Freestone Grove Partners LP bought a new stake in Warner Music Group during the third quarter worth $36,821,000. 96.88% of the stock is owned by institutional investors.

Warner Music Group Price Performance

Shares of NASDAQ WMG opened at $28.89 on Thursday. The company has a debt-to-equity ratio of 5.62, a quick ratio of 0.71 and a current ratio of 0.73. Warner Music Group Corp. has a fifty-two week low of $23.34 and a fifty-two week high of $35.42. The stock has a market cap of $15.07 billion, a PE ratio of 33.99, a price-to-earnings-growth ratio of 0.42 and a beta of 1.30. The stock has a fifty day moving average of $30.17 and a 200-day moving average of $29.13.

Warner Music Group (NASDAQ:WMG) last issued its earnings results on Thursday, May 7th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.30 by $0.14. The business had revenue of $1.73 billion during the quarter, compared to the consensus estimate of $1.61 billion. Warner Music Group had a return on equity of 62.01% and a net margin of 6.34%.The firm’s revenue was up 16.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.07 EPS. Equities research analysts anticipate that Warner Music Group Corp. will post 1.52 earnings per share for the current year.

Warner Music Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 2nd. Investors of record on Tuesday, May 26th were paid a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $0.76 annualized dividend and a yield of 2.6%. Warner Music Group’s payout ratio is currently 89.41%.

Wall Street Analyst Weigh In

WMG has been the topic of several research analyst reports. UBS Group boosted their price objective on Warner Music Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Evercore reissued an “outperform” rating and issued a $43.00 price target on shares of Warner Music Group in a report on Friday, May 8th. Weiss Ratings restated a “hold (c)” rating on shares of Warner Music Group in a research report on Wednesday, June 24th. Guggenheim increased their price target on shares of Warner Music Group from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Finally, Morgan Stanley set a $39.00 price objective on shares of Warner Music Group in a report on Friday, May 8th. Fourteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $37.87.

About Warner Music Group

Warner Music Group is a major global music company that operates across recorded music and music publishing. Its recorded-music business comprises a portfolio of well-known labels—including Atlantic, Warner Records and Parlophone—as well as distribution and artist-services operations that support both established and emerging artists. The company’s publishing arm, Warner Chappell Music, manages songwriting catalogs and administers rights for compositions across multiple media, providing licensing for film, television, advertising and other commercial uses.

WMG’s activities span the full music value chain: signing and developing artists, producing and marketing recordings, distributing music through physical channels and streaming platforms, and monetizing rights through licensing, synchronization and neighboring-rights collection.