Warner Music Group (NASDAQ:WMG) Price Target Raised to $36.00

Warner Music Group (NASDAQ:WMG) had its price objective increased by equities research analysts at Bank of America from $33.00 to $36.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price target would indicate a potential upside of 5.29% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Cowen restated a “buy” rating on shares of Warner Music Group in a research report on Thursday, August 7th. Tigress Financial boosted their price target on shares of Warner Music Group from $44.00 to $45.00 and gave the company a “buy” rating in a research report on Wednesday, September 10th. Redburn Atlantic upgraded shares of Warner Music Group from a “strong sell” rating to a “hold” rating and set a $30.00 price target on the stock in a research report on Tuesday, July 15th. Wells Fargo & Company boosted their price target on shares of Warner Music Group from $30.00 to $34.00 and gave the company an “equal weight” rating in a research report on Friday, August 8th. Finally, Sanford C. Bernstein boosted their price target on shares of Warner Music Group from $32.00 to $34.00 and gave the company an “outperform” rating in a research report on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $34.82.

Warner Music Group Price Performance

WMG stock opened at $34.19 on Wednesday. The firm’s 50-day moving average price is $32.55 and its two-hundred day moving average price is $30.10. Warner Music Group has a 12-month low of $25.56 and a 12-month high of $36.64. The stock has a market capitalization of $17.82 billion, a price-to-earnings ratio of 59.98, a PEG ratio of 1.04 and a beta of 1.32. The company has a current ratio of 0.66, a quick ratio of 0.64 and a debt-to-equity ratio of 5.37.

Warner Music Group (NASDAQ:WMG) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.27 by ($0.30). Warner Music Group had a net margin of 4.59% and a return on equity of 39.95%. The firm had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.59 billion. During the same quarter in the previous year, the firm posted $0.27 EPS. Warner Music Group’s revenue was up 8.7% compared to the same quarter last year. As a group, equities analysts predict that Warner Music Group will post 1.39 earnings per share for the current year.

Institutional Investors Weigh In On Warner Music Group

Several hedge funds have recently bought and sold shares of WMG. GAMMA Investing LLC boosted its stake in Warner Music Group by 5,272.3% during the first quarter. GAMMA Investing LLC now owns 95,304 shares of the company’s stock worth $3,040,000 after acquiring an additional 93,530 shares in the last quarter. Rhumbline Advisers boosted its stake in Warner Music Group by 2.8% during the first quarter. Rhumbline Advisers now owns 253,031 shares of the company’s stock worth $7,933,000 after acquiring an additional 6,820 shares in the last quarter. Veracity Capital LLC boosted its stake in Warner Music Group by 3.6% during the first quarter. Veracity Capital LLC now owns 22,386 shares of the company’s stock worth $702,000 after acquiring an additional 787 shares in the last quarter. E. Ohman J or Asset Management AB boosted its stake in Warner Music Group by 5.3% during the first quarter. E. Ohman J or Asset Management AB now owns 1,014,425 shares of the company’s stock worth $31,802,000 after acquiring an additional 51,021 shares in the last quarter. Finally, UMB Bank n.a. lifted its stake in shares of Warner Music Group by 101.5% in the first quarter. UMB Bank n.a. now owns 1,453 shares of the company’s stock worth $46,000 after buying an additional 732 shares in the last quarter. Institutional investors own 96.88% of the company’s stock.

Warner Music Group Company 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.