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

Westfuller Advisors LLC bought a new position in Warner Music Group Corp. (NASDAQ:WMG) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 17,871 shares of the company’s stock, valued at approximately $559,000.

Other hedge funds also recently made changes to their positions in the company. Bayesian Capital Management LP purchased a new position in shares of Warner Music Group in the 1st quarter valued at about $759,000. Acadian Asset Management LLC increased its holdings in shares of Warner Music Group by 289.8% in the 1st 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 in the last quarter. Aristeia Capital L.L.C. purchased a new position in shares of Warner Music Group in the 2nd quarter valued at about $606,000. Perpetual Ltd purchased a new position in shares of Warner Music Group in the 3rd quarter valued at about $15,766,000. Finally, Amalgamated Bank purchased a new position in shares of Warner Music Group in the 2nd quarter valued at about $1,956,000. Institutional investors and hedge funds own 96.88% of the company’s stock.

Insider Activity

In related news, CEO Max Lousada sold 135,324 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 2,725,964 shares in the company, valued at approximately $76,790,405.88. The trade was a 4.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 628,205 shares of company stock valued at $17,628,757 over the last 90 days. Insiders own 73.35% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on WMG. 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 report on Friday, October 11th. Evercore ISI dropped their target price on shares of Warner Music Group from $40.00 to $36.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft cut 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 report on Tuesday, August 13th. Tigress Financial cut 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 report on Thursday, September 12th. Finally, Wells Fargo & Company cut 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 report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $36.17.

Warner Music Group Stock Performance

NASDAQ:WMG opened at $32.92 on Friday. The firm has a 50 day simple moving average of $31.36 and a 200-day simple moving average of $30.71. The company has a debt-to-equity ratio of 6.26, a current ratio of 0.69 and a quick ratio of 0.67. The firm has a market cap of $17.05 billion, a PE ratio of 31.65, a P/E/G 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.

Warner Music Group Announces Dividend

The company also recently disclosed 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. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend is Tuesday, November 19th. Warner Music Group’s dividend payout ratio is presently 69.23%.

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.