Summit Investment Advisors Inc. Sells 689 Shares of Warner Music Group Corp. (NASDAQ:WMG)

Summit Investment Advisors Inc. reduced its holdings in Warner Music Group Corp. (NASDAQ:WMG) by 2.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,363 shares of the company’s stock after selling 689 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Warner Music Group were worth $879,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the business. Patriot Financial Group Insurance Agency LLC grew its position in shares of Warner Music Group by 3.4% in the 4th 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 period. Keystone Financial Services lifted its stake in Warner Music Group by 4.4% in the fourth quarter. Keystone Financial Services now owns 10,336 shares of the company’s stock valued at $320,000 after buying an additional 432 shares in the last quarter. Rosenberg Matthew Hamilton increased its position in shares of Warner Music Group by 14.0% during 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 raised its holdings in shares of 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 period. Finally, Allspring Global Investments Holdings LLC lifted its position in Warner Music Group by 1.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 77,058 shares of the company’s stock valued at $2,389,000 after acquiring an additional 792 shares in the last quarter. Institutional investors and hedge funds own 96.88% of the company’s stock.

Insider Transactions at Warner Music Group

In other news, Director Valentin Blavatnik sold 28,230 shares of Warner Music Group stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $35.45, for a total transaction of $1,000,753.50. Following the transaction, the director now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Timothy Matusch sold 1,000 shares of the stock in a transaction on Wednesday, April 2nd. The shares were sold at an average price of $31.43, for a total value of $31,430.00. Following the completion of the sale, the executive vice president now owns 87,649 shares of the company’s stock, valued at $2,754,808.07. The trade was a 1.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,333 shares of company stock worth $1,072,432. Insiders own 72.21% of the company’s stock.

Warner Music Group Trading Up 1.9 %

WMG opened at $29.12 on Friday. The company’s 50 day moving average is $32.44 and its 200-day moving average is $31.91. The company has a market cap of $15.15 billion, a P/E ratio of 29.71, a PEG ratio of 1.03 and a beta of 1.32. Warner Music Group Corp. has a 1-year low of $27.06 and a 1-year high of $36.64. The company has a current ratio of 0.69, a quick ratio of 0.67 and a debt-to-equity ratio of 5.67.

Warner Music Group (NASDAQ:WMG) last announced its quarterly earnings results on Thursday, February 6th. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate 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 research analysts predict that Warner Music Group Corp. will post 1.39 earnings per share for the current fiscal year.

Warner Music Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 4th. Stockholders of record on Monday, February 24th were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend was Monday, February 24th. Warner Music Group’s payout ratio is 73.47%.

Analyst Ratings Changes

Several analysts have issued reports on WMG shares. Morgan Stanley dropped their price target 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. Citigroup upgraded Warner Music Group from a “neutral” rating to a “buy” rating and boosted their target price for the company from $34.00 to $42.00 in a research note on Friday, February 14th. Macquarie reaffirmed a “neutral” rating and set a $30.00 price target on shares of Warner Music Group in a research note on Thursday, January 30th. FBN Securities began coverage on shares of Warner Music Group in a report on Friday, March 28th. They issued a “sector perform” rating and a $35.00 price objective on the stock. Finally, Guggenheim restated a “buy” rating and set a $40.00 target price on shares of Warner Music Group in a report on Friday, February 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $35.76.

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.