Warner Music Group (NASDAQ:WMG) Given New $39.00 Price Target at Morgan Stanley

Warner Music Group (NASDAQ:WMG) had its target price hoisted by equities research analysts at Morgan Stanley from $36.00 to $39.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Morgan Stanley‘s target price indicates a potential upside of 19.80% from the stock’s previous close.

A number of other research firms also recently weighed in on WMG. Weiss Ratings upgraded Warner Music Group from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, October 16th. Zacks Research upgraded shares of Warner Music Group from a “strong sell” rating to a “hold” rating in a research report on Friday, October 30th. UBS Group increased their price objective on shares of Warner Music Group from $42.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, October 1st. Guggenheim reissued a “buy” rating and issued a $36.00 price objective on shares of Warner Music Group in a research note on Tuesday, September 29th. Finally, Wall Street Zen downgraded Warner Music Group from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Warner Music Group presently has an average rating of “Moderate Buy” and a consensus target price of $38.60.

Warner Music Group Trading Up 2.8%

WMG stock traded up $0.89 during trading on Friday, reaching $32.55. The company had a trading volume of 715,354 shares, compared to its average volume of 2,268,239. The company has a debt-to-equity ratio of 4.94, a current ratio of 0.73 and a quick ratio of 0.72. Warner Music Group has a 52 week low of $23.34 and a 52 week high of $35.42. The business has a 50 day moving average of $29.37 and a 200 day moving average of $28.65. The company has a market cap of $17.03 billion, a P/E ratio of 25.83, a PEG ratio of 0.45 and a beta of 1.34.

Hedge Funds Weigh In On Warner Music Group

A number of large investors have recently made changes to their positions in WMG. Bleakley Financial Group LLC acquired a new stake in shares of Warner Music Group during the third quarter worth $396,000. Benjamin Edwards Inc. increased its stake in Warner Music Group by 9.5% in the third quarter. Benjamin Edwards Inc. now owns 291,562 shares of the company’s stock valued at $8,050,000 after purchasing an additional 25,245 shares during the last quarter. First Trust Advisors LP increased its stake in Warner Music Group by 152.2% in the third quarter. First Trust Advisors LP now owns 181,746 shares of the company’s stock valued at $5,018,000 after purchasing an additional 109,680 shares during the last quarter. Private Wealth Asset Management LLC acquired a new position in Warner Music Group in the third quarter valued at $214,000. Finally, Ieq Capital LLC purchased a new position in Warner Music Group during the third quarter worth about $1,980,000. 96.88% of the stock is owned by institutional investors and hedge funds.

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.