Warner Music (WMG)

• Market cap: $14.4B
• 1 day: -4.81%
• 5 days: -5.36%
• 1 month: -14.55%
• 3 months: -7.66%
• 6 months: -13.99%
• Year to date: -11.44%
• 1 year: -16.15%
• 5 years: -7.97%
• 10 years: -7.97%
• Sector: Communication Services
• Industry: Entertainment

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 disclosures by fund managers ($100M+ AUM)

698% more call options, than puts

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

7% more repeat investments, than reductions

Existing positions increased: 93 | Existing positions reduced: 87

0% more funds holding in top 10

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

1% less capital invested

Capital invested by funds: $4.64B [Q3] → $4.57B (-$67.4M) [Q4]

1.26% less ownership

Funds ownership: 104.58% [Q3] → 103.32% (-1.26%) [Q4]

3% less funds holding

Funds holding: 263 [Q3] → 255 (-8) [Q4]

13% less first-time investments, than exits

New positions opened: 39 | Existing positions closed: 45

Research analyst outlook

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

• Low target: $30 8% upside
• Avg. target: $36 30% upside
• High target: $42 52% upside

4 analyst ratings

• positive: 2 50%
• neutral: 2 50%
• negative: 0 0%

Morgan Stanley Benjamin Swinburne 50% 1-year accuracy 10 / 20 met price target	15% upside $32	Equal-Weight Downgraded	21 Apr 2025
Citigroup Jason Bazinet 56% 1-year accuracy 19 / 34 met price target	52% upside $42	Buy Upgraded	14 Feb 2025
Guggenheim Michael Morris 43% 1-year accuracy 16 / 37 met price target	44% upside $40	Buy Reiterated	7 Feb 2025
Macquarie Tim Nollen 39% 1-year accuracy 15 / 38 met price target	8% upside $30	Neutral Maintained	30 Jan 2025