Loop Capital Cuts Warner Music Group (NASDAQ:WMG) Price Target to $35.00

Warner Music Group (NASDAQ:WMG) had its price objective dropped by analysts at Loop Capital from $38.00 to $35.00 in a report released on Monday,Benzinga reports. The firm presently has a “hold” rating on the stock. Loop Capital’s price objective indicates a potential upside of 9.89% from the stock’s previous close.

WMG has been the topic of several other reports. Tigress Financial decreased their price objective on Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a report on Thursday, September 12th. Wells Fargo & Company lowered 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 report on Thursday, August 8th. Guggenheim restated a “buy” rating and issued a $44.00 target price on shares of Warner Music Group in a report on Friday. Macquarie reaffirmed a “neutral” rating and issued a $30.00 price target on shares of Warner Music Group in a report on Friday. Finally, Bank of America reissued an “underperform” rating and set a $30.00 price objective (down from $33.00) on shares of Warner Music Group in a research note on Friday, October 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Warner Music Group currently has a consensus rating of “Hold” and an average price target of $35.79.

Warner Music Group Trading Up 2.1 %

Shares of WMG stock opened at $31.85 on Monday. 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 has a market capitalization of $16.50 billion, a price-to-earnings ratio of 38.37, a price-to-earnings-growth ratio of 1.00 and a beta of 1.37. Warner Music Group has a 12-month low of $27.06 and a 12-month high of $38.05. The stock’s 50-day moving average price is $31.78 and its 200-day moving average price is $30.62.

Insiders Place Their Bets

In other news, CEO Max Lousada sold 428,834 shares of the 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 transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 628,205 shares of company stock worth $17,628,757 in the last three months. Corporate insiders own 73.35% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in WMG. Benjamin Edwards Inc. boosted its stake in shares of 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 in the last quarter. Concord Wealth Partners purchased a new stake in Warner Music Group during the third quarter worth $30,000. ORG Partners LLC lifted its holdings in Warner Music Group by 5,790.5% during the second quarter. ORG Partners LLC now owns 1,237 shares of the company’s stock worth $37,000 after buying an additional 1,216 shares during the period. Assetmark Inc. grew its stake in Warner Music Group by 9,400.0% in the third quarter. Assetmark Inc. now owns 1,235 shares of the company’s stock valued at $39,000 after purchasing an additional 1,222 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new stake in shares of Warner Music Group in the 3rd quarter valued at about $73,000. Hedge funds and other 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.