Citigroup Increases Warner Music Group (NASDAQ:WMG) Price Target to $34.00

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

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. reduced their price target on Warner Music Group from $41.00 to $40.00 and set an “overweight” rating on the stock in a report on Friday, November 22nd. Barclays cut their price objective on Warner Music Group from $32.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Friday, November 22nd. Loop Capital dropped their price target on shares of Warner Music Group from $38.00 to $35.00 and set a “hold” rating on the stock in a research report on Monday. Wells Fargo & Company decreased their price target on Warner Music Group from $37.00 to $34.00 and set an “equal weight” rating for the company in a report on Thursday, August 8th. Finally, Guggenheim restated a “buy” rating and set a $44.00 price target on shares of Warner Music Group in a report on Friday, November 22nd. Two analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, Warner Music Group has a consensus rating of “Hold” and a consensus price target of $35.67.

Warner Music Group Price Performance

NASDAQ WMG traded up $0.06 during trading on Friday, hitting $32.16. 230,537 shares of the company’s stock were exchanged, compared to its average volume of 1,812,422. The company has a market cap of $16.66 billion, a PE ratio of 38.75, a P/E/G ratio of 0.70 and a beta of 1.37. The company has a current ratio of 0.68, a quick ratio of 0.65 and a debt-to-equity ratio of 5.95. The stock’s 50 day moving average price is $31.93 and its two-hundred day moving average price is $30.64. Warner Music Group has a fifty-two week low of $27.06 and a fifty-two week high of $38.05.

Insiders Place Their Bets

In related news, CEO Max Lousada sold 428,834 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $28.00, for a total transaction of $12,007,352.00. Following the sale, the chief executive officer now owns 2,289,771 shares of the company’s stock, valued at approximately $64,113,588. This represents a 15.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders sold 628,205 shares of company stock worth $17,628,757 over the last quarter. 73.35% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Warner Music Group

Several large investors have recently added to or reduced their stakes in the business. Benjamin Edwards Inc. lifted its position in Warner Music Group by 74.5% during the second quarter. Benjamin Edwards Inc. now owns 953 shares of the company’s stock valued at $29,000 after purchasing an additional 407 shares during the last quarter. Concord Wealth Partners bought a new position in shares of Warner Music Group during the 3rd quarter valued at about $30,000. ORG Partners LLC lifted its holdings in shares of Warner Music Group by 5,790.5% in the 2nd quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock worth $37,000 after acquiring an additional 1,216 shares during the last quarter. Assetmark Inc. grew its stake in shares of Warner Music Group by 9,400.0% during the third quarter. Assetmark Inc. now owns 1,235 shares of the company’s stock valued at $39,000 after buying an additional 1,222 shares during the last quarter. Finally, ORG Wealth Partners LLC purchased a new position in Warner Music Group in the 3rd quarter worth approximately $73,000. 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.