Barclays Issues Pessimistic Forecast for Warner Music Group (NASDAQ:WMG) Stock Price

Warner Music Group (NASDAQ:WMG) had its target price lowered by analysts at Barclays from $32.00 to $31.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective would suggest a potential downside of 1.05% from the company’s current price.

Other equities research analysts have also issued research reports about the company. 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 research report on Friday, October 4th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Warner Music Group from $42.00 to $36.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Tigress Financial reduced their price objective on shares of Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, September 12th. Wells Fargo & Company lowered 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, Evercore ISI dropped their target price on shares of Warner Music Group from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Warner Music Group presently has a consensus rating of “Hold” and a consensus target price of $35.77.

Warner Music Group Price Performance

Shares of NASDAQ:WMG opened at $31.33 on Friday. The firm has a market cap of $16.23 billion, a PE ratio of 29.98, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37. Warner Music Group has a 52 week low of $27.06 and a 52 week high of $38.05. The firm’s fifty day moving average is $31.73 and its 200-day moving average is $30.71. The company has a debt-to-equity ratio of 6.26, a quick ratio of 0.67 and a current ratio of 0.69.

Insider Activity

In other Warner Music Group news, CEO Max Lousada sold 64,047 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 2,909,422 shares in the company, valued at approximately $82,191,171.50. The trade was a 2.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 628,205 shares of company stock worth $17,628,757 in the last three months. Company insiders own 73.35% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Teachers Retirement System of The State of Kentucky lifted its position in Warner Music Group by 239.3% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 45,800 shares of the company’s stock valued at $1,434,000 after acquiring an additional 32,300 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Warner Music Group by 1.9% in the third quarter. Geode Capital Management LLC now owns 2,628,263 shares of the company’s stock worth $82,284,000 after purchasing an additional 49,166 shares during the last quarter. MML Investors Services LLC bought a new position in shares of Warner Music Group in the third quarter valued at approximately $2,352,000. XTX Topco Ltd purchased a new position in shares of Warner Music Group during the third quarter valued at approximately $1,373,000. Finally, EP Wealth Advisors LLC bought a new stake in Warner Music Group during the third quarter worth $304,000. 96.88% of the stock is currently owned by institutional investors and hedge funds.

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.