Warner Music taps rising music demand

Article Excerpt

Warner Music’s share price reached as high as $50.23 in October 2021, but has moved down lately to just above its IPO price. That June 2020 initial share offering raised $1.9 billion through the sale of 77 million shares at $25 a share. Despite the recent share price decline, Warner Music continues to benefit from strong demand for music-streaming services, like Spotify and Apple Music, as well as video apps such as TikTok. We believe the stock is poised to rebound and move higher. We recommend it as a Power Buy. WARNER MUSIC GROUP, $26.19, is a Power Buy. Through your shares (Nasdaq symbol WMG; TSINetwork Rating: Average) (www.wmg.com; Shares outstanding: 510.0 million; Market cap: $13.4 billion; Dividend yield: 2.3%) you tap into one of the world’s leading music entertainment companies. Warner Music’s record labels include Atlantic Records, Warner Records, and Elektra Records. Musicians selling under these labels include Bruno Mars, Lizzo, Ed Sheeran, Cardi B, Katy Perry, Madonna, Metallica, Neil Young and Led Zeppelin. The company also owns…

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