Hohimer Wealth Management LLC Purchases 73,000 Shares of Warner Music Group Corp. $WMG

Hohimer Wealth Management LLC grew its position in Warner Music Group Corp. (NASDAQ:WMG) by 50.9% during the third quarter, Holdings Channel.com reports. The firm owned 216,533 shares of the company’s stock after acquiring an additional 73,000 shares during the period. Hohimer Wealth Management LLC’s holdings in Warner Music Group were worth $5,978,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp acquired a new stake in Warner Music Group in the second quarter valued at $34,111,000. Renaissance Technologies LLC raised its position in shares of Warner Music Group by 88.3% during the 1st quarter. Renaissance Technologies LLC now owns 1,521,800 shares of the company’s stock worth $38,867,000 after acquiring an additional 713,578 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Warner Music Group by 207.5% during the 1st quarter. Principal Financial Group Inc. now owns 952,316 shares of the company’s stock worth $24,323,000 after acquiring an additional 642,590 shares in the last quarter. Tidal Investments LLC raised its position in shares of Warner Music Group by 1,072.2% during the 2nd quarter. Tidal Investments LLC now owns 580,609 shares of the company’s stock worth $15,717,000 after acquiring an additional 531,077 shares in the last quarter. Finally, Candriam S.C.A. lifted its stake in Warner Music Group by 201.2% during the first quarter. Candriam S.C.A. now owns 544,520 shares of the company’s stock worth $13,907,000 after purchasing an additional 363,727 shares during the last quarter. 96.88% of the stock is owned by hedge funds and other institutional investors.

Warner Music Group Price Performance

Shares of NASDAQ WMG opened at $31.30 on Monday. The stock has a fifty day moving average price of $29.08 and a 200 day moving average price of $28.62. Warner Music Group Corp. has a 1-year low of $23.34 and a 1-year high of $35.42. The company has a debt-to-equity ratio of 4.94, a current ratio of 0.73 and a quick ratio of 0.72. The company has a market cap of $16.37 billion, a PE ratio of 24.84, a P/E/G ratio of 0.44 and a beta of 1.34.

Wall Street Analyst Weigh In

WMG has been the subject of several recent analyst reports. Morgan Stanley restated an “overweight” rating and set a $36.00 price objective on shares of Warner Music Group in a research report on Thursday, August 6th. Wall Street Zen lowered shares of Warner Music Group from a “buy” rating to a “hold” rating in a research note on Saturday, July 18th. Weiss Ratings raised shares of Warner Music Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, October 16th. Stonex Financial raised shares of Warner Music Group to a “strong-buy” rating in a research report on Wednesday, October 14th. Finally, Guggenheim restated a “buy” rating and issued a $36.00 price objective on shares of Warner Music Group in a research note on Tuesday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $38.30.

Warner Music Group Company Profile

Warner Music Group is a global music entertainment company with two main businesses: recorded music and music publishing. Its recorded music operations discover and develop artists, release and market recordings, and distribute music through digital services and physical formats. The company works with artists across a range of genres and career stages.

Through its recorded music labels, including Atlantic Records, Warner Records and Elektra Records, Warner Music Group supports artists with services such as artist development, marketing and distribution.