HEDGE FUNDS ARE GROOVING TO WMG (UPDATE)
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illionaire investors and hedge funds have become bullish on Warner Music Group stock, which registered a second consecutive closing price above $48 on Thursday. WMG's stock price has risen more than 33% in the last four months.
WMG was in 29 hedge funds' portfolios at the end of June, a 7% rise over the previous quarter, according to a report at Insider Monkey. The company's market cap is just under $25b as of Thursday.
At the end of calendar Q2, when the stock was trading at $36.04 a share, $794 million was invested by hedge funds in WMG. Provided investors held onto the same number of shares, hedge funds are now looking at $1.058b in stock, based on Wednesday’s closing price of $48.09.
Darsana Capital Partners is the largest stakeholder ($151.6m at the end of the second quarter), followed closely by SoMa Equity Partners ($147.8m in stock). Marlowe Partners’ 13F portfolio has the highest percentage of WMG stock, 13.66%.
WMG stock has risen just shy of 33% over the last six months and has continued to trade in the high 40s over the last week. Is $50 possible by the end of the year?
