Westfuller Advisors LLC Makes New $559,000 Investment in Warner Music Group Corp. (NASDAQ:WMG)

Westfuller Advisors LLC acquired a new position in shares of Warner Music Group Corp. (NASDAQ:WMG) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 17,871 shares of the company’s stock, valued at approximately $559,000.

Several other institutional investors also recently bought and sold shares of WMG. Independent Franchise Partners LLP purchased a new stake in Warner Music Group during the second quarter worth approximately $160,156,000. Capital World Investors grew its stake in Warner Music Group by 41.7% during the first 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 period. D1 Capital Partners L.P. purchased a new stake in Warner Music Group during the second quarter worth approximately $84,281,000. Darlington Partners Capital Management LP grew its stake in Warner Music Group by 47.4% during the second 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 period. Finally, Cooke & Bieler LP grew its stake in Warner Music Group by 19.6% during the second 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 period. 96.88% of the stock is currently owned by hedge funds and other institutional investors.

Warner Music Group Stock Down 1.2 %

Shares of NASDAQ:WMG opened at $32.92 on Friday. The stock has a market capitalization of $17.05 billion, a price-to-earnings ratio of 31.65, a price-to-earnings-growth ratio of 1.06 and a beta of 1.37. Warner Music Group Corp. has a 1-year low of $27.06 and a 1-year high of $38.05. The company’s fifty day moving average is $31.36 and its two-hundred day moving average is $30.71. The company has a debt-to-equity ratio of 6.26, a quick ratio of 0.67 and a current ratio of 0.69.

Warner Music Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Tuesday, November 19th will be issued a dividend of $0.18 per share. The ex-dividend date is Tuesday, November 19th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.19%. Warner Music Group’s dividend payout ratio (DPR) is 69.23%.

Insiders Place Their Bets

In related news, CEO Max Lousada sold 64,047 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $28.25, for a total value of $1,809,327.75. Following the sale, the chief executive officer now owns 2,909,422 shares of the company’s stock, valued at $82,191,171.50. This trade represents a 2.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last three months, insiders have sold 628,205 shares of company stock valued at $17,628,757. Company insiders own 73.35% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on WMG shares. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Warner Music Group from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Tigress Financial decreased their target price on shares of Warner Music Group from $52.00 to $44.00 and set a “buy” rating for the company in a research note on Thursday, September 12th. Bank of America restated an “underperform” rating and issued a $30.00 target price (down from $33.00) on shares of Warner Music Group in a research note on Friday, October 4th. Wells Fargo & Company decreased their target price 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. Finally, Evercore ISI cut their price target on shares of Warner Music Group from $40.00 to $36.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $36.17.

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.