Warner Music Group (NASDAQ:WMG) Given New $34.00 Price Target at Citigroup

Warner Music Group (NASDAQ:WMG) had its price target boosted by investment analysts at Citigroup from $31.00 to $34.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective would indicate a potential upside of 5.72% from the company’s previous close.

Several other research firms also recently commented on WMG. Macquarie reaffirmed a “neutral” rating and issued a $30.00 price objective on shares of Warner Music Group in a research note on Friday, November 22nd. Tigress Financial decreased their target price on shares of Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, September 12th. Loop Capital dropped their price objective on Warner Music Group from $38.00 to $35.00 and set a “hold” rating for the company in a report on Monday. Guggenheim reiterated a “buy” rating and set a $44.00 target price on shares of Warner Music Group in a report on Friday, November 22nd. Finally, Wells Fargo & Company reduced their price objective 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. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $35.67.

Warner Music Group Stock Performance

Shares of Warner Music Group stock traded up $0.06 during trading on Friday, hitting $32.16. 230,537 shares of the company’s stock traded hands, compared to its average volume of 1,812,422. The company has a debt-to-equity ratio of 5.95, a current ratio of 0.68 and a quick ratio of 0.65. The business has a 50-day simple moving average of $31.93 and a 200-day simple moving average of $30.64. Warner Music Group has a 1 year low of $27.06 and a 1 year high of $38.05. The stock has a market capitalization of $16.66 billion, a P/E ratio of 38.75, a PEG ratio of 0.70 and a beta of 1.37.

Insider Buying and Selling

In related news, CEO Max Lousada sold 428,834 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $28.00, for a total transaction of $12,007,352.00. Following the completion of the sale, the chief executive officer now directly owns 2,289,771 shares of the company’s stock, valued at $64,113,588. This trade represents a 15.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over 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 company insiders.

Institutional Trading of Warner Music Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in WMG. Teachers Retirement System of The State of Kentucky grew its holdings in shares of 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 buying an additional 32,300 shares during the period. Geode Capital Management LLC lifted its position in Warner Music Group by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 2,628,263 shares of the company’s stock worth $82,284,000 after buying an additional 49,166 shares in the last quarter. MML Investors Services LLC acquired a new position in Warner Music Group during the third quarter valued at approximately $2,352,000. XTX Topco Ltd bought a new position in shares of Warner Music Group in the third quarter valued at $1,373,000. Finally, EP Wealth Advisors LLC bought a new stake in shares of Warner Music Group in the 3rd quarter valued at about $304,000. 96.88% of the stock is owned by institutional investors.

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.