Fintel reports that on August 14, 2023, Evercore ISI Group maintained coverage of Warner Music Group Corp - (NASDAQ:WMG) with a Outperform recommendation.
Analyst Price Forecast Suggests 0.17% Downside
As of August 2, 2023, the average one-year price target for Warner Music Group Corp - is 33.39. The forecasts range from a low of 26.26 to a high of $54.60. The average price target represents a decrease of 0.17% from its latest reported closing price of 33.45.
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The projected annual revenue for Warner Music Group Corp - is 6,262MM, an increase of 5.28%. The projected annual non-GAAP EPS is 1.08.
What is the Fund Sentiment?
There are 407 funds or institutions reporting positions in Warner Music Group Corp -. This is a decrease of 4 owner(s) or 0.97% in the last quarter. Average portfolio weight of all funds dedicated to WMG is 0.38%, a decrease of 16.62%. Total shares owned by institutions increased in the last three months by 0.28% to 145,302K shares. 
The put/call ratio of WMG is 0.21, indicating a bullish outlook.
What are Other Shareholders Doing?
Sands Capital Management holds 10,269K shares representing 1.99% ownership of the company. In it's prior filing, the firm reported owning 10,674K shares, representing a decrease of 3.94%. The firm decreased its portfolio allocation in WMG by 20.06% over the last quarter.
Capital World Investors holds 5,956K shares representing 1.15% ownership of the company. In it's prior filing, the firm reported owning 4,815K shares, representing an increase of 19.17%. The firm increased its portfolio allocation in WMG by 14.31% over the last quarter.
FIL holds 5,532K shares representing 1.07% ownership of the company. In it's prior filing, the firm reported owning 515K shares, representing an increase of 90.68%. The firm increased its portfolio allocation in WMG by 722.03% over the last quarter.
Caledonia (Private) Investments Pty holds 5,458K shares representing 1.06% ownership of the company. In it's prior filing, the firm reported owning 6,259K shares, representing a decrease of 14.66%. The firm decreased its portfolio allocation in WMG by 30.64% over the last quarter.
Cooke & Bieler holds 4,819K shares representing 0.93% ownership of the company. In it's prior filing, the firm reported owning 1,931K shares, representing an increase of 59.93%. The firm increased its portfolio allocation in WMG by 84.76% over the last quarter.
Warner Music Group Background Information
(This description is provided by the company.)
With a legacy extending back over 200 years, Warner Music Group (WMG) today brings together artists, songwriters and entrepreneurs that are moving entertainment culture across the globe. Operating in more than 70 countries through a network of affiliates and licensees, WMG's Recorded Music division includes renowned labels such as Asylum, Atlantic, Big Beat, Canvasback, Elektra, Erato, First Night, Fueled by Ramen, Nonesuch, Parlophone, Reprise, Rhino, Roadrunner, Sire, Spinnin', Warner Records, Warner Classics and Warner Music Nashville. WMG's music publishing arm, Warner Chappell Music, has a catalog of more than 1.4 million musical compositions spanning every musical genre, from the standards of the Great American Songbook to the biggest hits of the 21st century. Warner Music Group is also home to ADA, the independent artist and label services company, as well as consumer brands such as Songkick, the live music app; EMP, the merchandise e-tailer; and UPROXX, the youth culture destination.
Additional reading:
- Warner Music Group Corp. Announces Quarterly Cash Dividend
- 1
- DIRECTOR INDEMNIFICATION AGREEMENT
- WARNER MUSIC GROUP CORP. FIFTH AMENDED AND RESTATED BYLAWS Effective July 25, 2023
- INCREASE SUPPLEMENT
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
