Warner Music (WMG)

• Market cap: $18.3B
• 1 day: -0.87%
• 5 days: -2.30%
• 1 month: 17.46%
• 3 months: 13.09%
• 6 months: 21.21%
• Year to date: 12.65%
• 1 year: 1.50%
• 5 years: 17.07%
• 10 years: 17.07%
• Sector: Consumer Discretionary
• Industry: Amusement & Recreation Services

About: Warner Music is the third-largest of the three major record companies. Recorded music accounts for most of the firm's revenue, with the segment housing notable record labels including Atlantic Records, Warner Records, Elektra Records. Some of the most successful current artists signed to record deals with Warner include Ed Sheeran, Bruno Mars, Cardi B, and Dua Lipa. Warner's remaining revenue comes from its publishing business, where Warner Chappell represents more than 180,000 songwriters and composers, some of whom are also Warner recording artists but many of whom are not recording artists or are attached to other labels. Warner Chappell controls more than 1 million musical compositions. Access Industries controls 98% of Warner's voting rights, while holding a 72% economic interest.

Employees: 5,800

Fund manager confidence

Based on 2024 Q4 regulatory filings by fund managers ($100M+ AUM)

698% more call options, than puts

Call options by funds: $50.1M | Put options by funds: $6.27M

5% more repeat investments, than reductions

Existing positions increased: 91 | Existing positions reduced: 87

0% more funds holding in top 10

Funds holding in top 10: 4 [Q3] → 4 (+0) [Q4]

5% less funds holding

Funds holding: 263 [Q3] → 251 (-12) [Q4]

7% less capital invested

Capital invested by funds: $4.91B [Q3] → $4.57B (-$342M) [Q4]

7.48% less ownership

Funds ownership: 110.77% [Q3] → 103.29% (-7.48%) [Q4]

13% less first-time investments, than exits

New positions opened: 39 | Existing positions closed: 45

Research analyst outlook

9 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $30 15% downside
• Avg. target: $37 4% upside
• High target: $42 19% upside

9 analyst ratings

• positive: 6 67%
• neutral: 3 33%
• negative: 0 0%

Citigroup Jason Bazinet 83% 1-year accuracy 29 / 35 met price target	19% upside $42	Buy Upgraded	14 Feb 2025
Guggenheim Michael Morris 87% 1-year accuracy 27 / 31 met price target	13% upside $40	Buy Reiterated	7 Feb 2025
Macquarie Tim Nollen 59% 1-year accuracy 23 / 39 met price target	15% downside $30	Neutral Maintained	30 Jan 2025
Morgan Stanley Benjamin Swinburne 68% 1-year accuracy 15 / 22 met price target	5% upside $37	Overweight Maintained	13 Jan 2025
UBS Batya Levi 100% 1-year accuracy 5 / 5 met price target	16% upside $41	Buy Maintained	10 Jan 2025