Shares of Warner Music Group Corp. (NASDAQ:WMG) traded today at $46.07, eclipsing its 52-week high. Approximately 150,000 shares have changed hands today, as compared to an average 30-day volume of 1.1 million shares.
Warner Music Group is the third largest of the three major global record labels, with Vivendi’s Universal Music in first and Sony Music in second. Warner’s larger segment, recorded music, consists of iconic labels like Atlantic Records, Warner Records, and Parlophone Records and popular artists such as Ed Sheeran, Cardi B, Dua Lipa, and Blake Shelton. Warner Chappell, the firm’s publishing arm, is the home to over 65,000 composers and songwriters with over a million copyrights represented. Warner is controlled by Access Industries, which owns an 84% economic interest and 99% of voting rights.
Warner Music Group Corp. has potential upside of 971.7% based on a current price of $45.53 and analysts’ consensus price target of $487.94.
Over the past year, Warner Music Group Corp. has traded in a range of $25.61 to $46.07 and is now at $45.53, 78% above that low.
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