Entropy Technologies LP Sells 9,353 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Entropy Technologies LP decreased its position in Warner Music Group Corp. (NASDAQ:WMG) by 33.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,695 shares of the company’s stock after selling 9,353 shares during the quarter. Entropy Technologies LP’s holdings in Warner Music Group were worth $585,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of WMG. Independent Franchise Partners LLP bought a new stake in Warner Music Group in the 2nd quarter worth approximately $160,156,000. Capital World Investors lifted its position in Warner Music Group by 41.7% in the 1st quarter. Capital World Investors now owns 13,201,194 shares of the company’s stock worth $435,903,000 after buying an additional 3,881,684 shares during the last quarter. D1 Capital Partners L.P. bought a new stake in Warner Music Group in the 2nd quarter worth approximately $84,281,000. Darlington Partners Capital Management LP lifted its position in Warner Music Group by 47.4% in the 2nd quarter. Darlington Partners Capital Management LP now owns 8,072,372 shares of the company’s stock worth $247,418,000 after buying an additional 2,594,994 shares during the last quarter. Finally, Cooke & Bieler LP lifted its position in Warner Music Group by 19.6% in the 2nd quarter. Cooke & Bieler LP now owns 5,061,093 shares of the company’s stock worth $155,122,000 after buying an additional 831,114 shares during the last quarter. Institutional investors own 96.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on WMG shares. Bank of America reiterated an “underperform” rating and issued a $30.00 price objective (down previously from $33.00) on shares of Warner Music Group in a research report on Friday, October 4th. Deutsche Bank Aktiengesellschaft lowered their price objective on 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. Evercore ISI lowered their price objective on Warner Music Group from $40.00 to $36.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Macquarie lowered their price objective on Warner Music Group from $32.00 to $30.00 and set a “neutral” rating for the company in a research report on Friday, October 11th. Finally, Wells Fargo & Company lowered their price objective on 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. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $36.17.

Warner Music Group Price Performance

Shares of WMG stock opened at $33.33 on Friday. Warner Music Group Corp. has a twelve month low of $27.06 and a twelve month high of $38.05. The stock has a market cap of $17.26 billion, a price-to-earnings ratio of 32.05, a PEG ratio of 1.06 and a beta of 1.37. The business’s fifty day moving average is $31.15 and its 200 day moving average is $30.71. The company has a quick ratio of 0.67, a current ratio of 0.69 and a debt-to-equity ratio of 6.26.

Warner Music Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Tuesday, November 19th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.16%. Warner Music Group’s dividend payout ratio is currently 69.23%.

Insider Transactions at Warner Music Group

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 value of $12,007,352.00. Following the sale, the chief executive officer now directly owns 2,289,771 shares of the company’s stock, valued at approximately $64,113,588. This represents a 15.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last three months, insiders have sold 628,205 shares of company stock valued at $17,628,757. Insiders own 73.35% of the company’s stock.

Warner Music Group 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.