Keystone Financial Services Invests $310,000 in Warner Music Group Corp. (NASDAQ:WMG)

Keystone Financial Services bought a new stake in shares of Warner Music Group Corp. (NASDAQ:WMG) in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 9,904 shares of the company’s stock, valued at approximately $310,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bayesian Capital Management LP purchased a new stake in shares of Warner Music Group in the first quarter valued at $759,000. Acadian Asset Management LLC boosted its stake in shares of Warner Music Group by 289.8% during the 1st quarter. Acadian Asset Management LLC now owns 92,930 shares of the company’s stock worth $3,066,000 after purchasing an additional 69,089 shares during the last quarter. Aristeia Capital L.L.C. purchased a new stake in shares of Warner Music Group during the second quarter worth about $606,000. Perpetual Ltd purchased a new stake in shares of Warner Music Group during the third quarter worth about $15,766,000. Finally, Amalgamated Bank acquired a new position in shares of Warner Music Group in the second quarter valued at approximately $1,956,000. Institutional investors and hedge funds own 96.88% of the company’s stock.

Insider Activity at Warner Music Group

In other news, CEO Max Lousada sold 135,324 shares of the firm’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $28.17, for a total value of $3,812,077.08. Following the transaction, the chief executive officer now directly owns 2,725,964 shares in the company, valued at approximately $76,790,405.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders have sold 628,205 shares of company stock valued at $17,628,757. Corporate insiders own 73.35% of the company’s stock.

Warner Music Group Price Performance

Warner Music Group stock opened at $32.98 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 0.69 and a debt-to-equity ratio of 6.26. The firm has a market capitalization of $17.08 billion, a P/E ratio of 31.71, a PEG ratio of 1.07 and a beta of 1.37. The firm has a fifty day moving average of $30.95 and a 200-day moving average of $30.69. Warner Music Group Corp. has a 52-week low of $27.06 and a 52-week high of $38.05.

Warner Music Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be given a $0.18 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $0.72 annualized dividend and a dividend yield of 2.18%. Warner Music Group’s payout ratio is 69.23%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on WMG shares. Bank of America restated an “underperform” rating and set a $30.00 target price (down previously from $33.00) on shares of Warner Music Group in a research report on Friday, October 4th. 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. Deutsche Bank Aktiengesellschaft decreased their price target on Warner Music Group from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Macquarie dropped their price objective on shares of Warner Music Group from $32.00 to $30.00 and set a “neutral” rating for the company in a research note on Friday, October 11th. Finally, Tigress Financial decreased their target price on shares of Warner Music Group from $52.00 to $44.00 and set a “buy” rating on the stock in a research report on Thursday, September 12th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Warner Music Group has a consensus rating of “Hold” and a consensus price target 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.