Corebridge Financial Inc. Sells 7,154 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Corebridge Financial Inc. reduced its position in shares of Warner Music Group Corp. (NASDAQ:WMG) by 4.3% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 159,245 shares of the company’s stock after selling 7,154 shares during the quarter. Corebridge Financial Inc.’s holdings in Warner Music Group were worth $4,937,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Patriot Financial Group Insurance Agency LLC lifted its position in Warner Music Group by 3.4% during the fourth quarter. Patriot Financial Group Insurance Agency LLC now owns 12,269 shares of the company’s stock valued at $380,000 after purchasing an additional 408 shares during the last quarter. Keystone Financial Services lifted its holdings in shares of Warner Music Group by 4.4% in the 4th quarter. Keystone Financial Services now owns 10,336 shares of the company’s stock valued at $320,000 after acquiring an additional 432 shares during the last quarter. Rosenberg Matthew Hamilton grew its position in Warner Music Group by 14.0% in the fourth quarter. Rosenberg Matthew Hamilton now owns 3,705 shares of the company’s stock worth $115,000 after acquiring an additional 455 shares in the last quarter. Fifth Third Bancorp increased its stake in Warner Music Group by 13.1% during the fourth quarter. Fifth Third Bancorp now owns 3,967 shares of the company’s stock worth $123,000 after acquiring an additional 458 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in Warner Music Group by 1.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 77,058 shares of the company’s stock valued at $2,389,000 after purchasing an additional 792 shares during the period. 96.88% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Warner Music Group

In other Warner Music Group news, EVP Timothy Matusch sold 1,103 shares of Warner Music Group stock in a transaction on Friday, February 14th. The shares were sold at an average price of $36.49, for a total value of $40,248.47. Following the transaction, the executive vice president now directly owns 88,649 shares of the company’s stock, valued at approximately $3,234,802.01. The trade was a 1.23 % 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. Also, Director Valentin Blavatnik sold 28,230 shares of the company’s stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $35.45, for a total value of $1,000,753.50. Following the transaction, the director now directly owns 68,264 shares in the company, valued at approximately $2,419,958.80. The trade was a 29.26 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 72.21% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Evercore ISI cut their target price on Warner Music Group from $36.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, January 9th. FBN Securities assumed coverage on shares of Warner Music Group in a report on Friday. They issued a “sector perform” rating and a $35.00 target price for the company. UBS Group cut their price target on shares of Warner Music Group from $43.00 to $41.00 and set a “buy” rating on the stock in a report on Friday, January 10th. Macquarie reissued a “neutral” rating and issued a $30.00 price objective on shares of Warner Music Group in a research note on Thursday, January 30th. Finally, Morgan Stanley cut their target price on Warner Music Group from $38.00 to $37.00 and set an “overweight” rating on the stock in a research note on Monday, January 13th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $35.76.

Warner Music Group Trading Down 2.2 %

NASDAQ WMG opened at $31.56 on Friday. Warner Music Group Corp. has a one year low of $27.06 and a one year high of $36.64. The company has a debt-to-equity ratio of 5.67, a quick ratio of 0.67 and a current ratio of 0.69. The company has a market capitalization of $16.42 billion, a price-to-earnings ratio of 32.20, a price-to-earnings-growth ratio of 1.03 and a beta of 1.33. The company’s 50-day simple moving average is $33.04 and its two-hundred day simple moving average is $32.02.

Warner Music Group (NASDAQ:WMG) last issued its quarterly earnings data on Thursday, February 6th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.11. Warner Music Group had a net margin of 8.07% and a return on equity of 79.01%. Equities analysts forecast that Warner Music Group Corp. will post 1.39 EPS for the current fiscal year.

Warner Music Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 4th. Investors of record on Monday, February 24th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date of this dividend was Monday, February 24th. Warner Music Group’s payout ratio is currently 73.47%.

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.