Cornercap Investment Counsel Inc. Has $676,000 Stock Position in Warner Music Group Corp. (NASDAQ:WMG)

Cornercap Investment Counsel Inc. reduced its stake in Warner Music Group Corp. (NASDAQ:WMG) by 32.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 21,587 shares of the company’s stock after selling 10,512 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Warner Music Group were worth $676,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WMG. Blair William & Co. IL increased its position in Warner Music Group by 0.3% during the first quarter. Blair William & Co. IL now owns 154,747 shares of the company’s stock worth $5,110,000 after buying an additional 405 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Warner Music Group by 1.6% during the first quarter. Vanguard Group Inc. now owns 11,861,877 shares of the company’s stock worth $391,679,000 after buying an additional 192,215 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Warner Music Group by 289.8% in the first quarter. Acadian Asset Management LLC now owns 92,930 shares of the company’s stock valued at $3,066,000 after purchasing an additional 69,089 shares during the period. O Shaughnessy Asset Management LLC increased its holdings in Warner Music Group by 6.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 13,141 shares of the company’s stock valued at $434,000 after purchasing an additional 773 shares during the period. Finally, Advisors Asset Management Inc. acquired a new stake in Warner Music Group during the 1st quarter worth about $523,000. 96.88% of the stock is currently owned by institutional investors.

Warner Music Group Price Performance

WMG stock opened at $32.92 on Friday. The stock has a market cap of $17.05 billion, a PE ratio of 31.65, a P/E/G ratio of 1.08 and a beta of 1.37. The company has a current ratio of 0.69, a quick ratio of 0.67 and a debt-to-equity ratio of 6.26. Warner Music Group Corp. has a 12 month low of $27.06 and a 12 month high of $38.05. The company has a 50-day moving average price of $31.36 and a 200 day moving average price of $30.73.

Warner Music Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Tuesday, November 19th will be issued a $0.18 dividend. The ex-dividend date is Tuesday, November 19th. This represents a $0.72 annualized dividend and a dividend yield of 2.19%. Warner Music Group’s dividend payout ratio is currently 69.23%.

Analysts Set New Price Targets

WMG has been the topic of a number of research analyst reports. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Warner Music Group from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Tigress Financial lowered 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 report on Thursday, September 12th. Evercore ISI reduced their price target on shares of 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. Bank of America reiterated an “underperform” rating and issued a $30.00 target price (down from $33.00) on shares of Warner Music Group in a research report on Friday, October 4th. Finally, Macquarie cut their price target on shares of 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. Two analysts have rated the stock with a sell rating, three have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $36.17.

Insider Activity

In other news, CEO Max Lousada sold 135,324 shares of the company’s stock in a transaction on 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 sale, the chief executive officer now directly owns 2,725,964 shares of the company’s stock, valued at $76,790,405.88. This represents a 4.73 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 628,205 shares of company stock worth $17,628,757. 73.35% of the stock is currently owned by corporate insiders.

About Warner Music Group

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.