End of a slump? After five days of going down, Warner Music up 0.37% Friday

Published: March 19 2023, 11:00 GMT+0

End of a slump? After five days of going down, Warner Music up 0.37% Friday

A quick look at Friday: Warner Music Group Corp. rises 0.37% to close at $30.21 Friday.

  • Friday's trading volume was 871,677 shares which is under the 21-day average of 1.36 million.
  • Warner Music discloses 16 cents per share dividend to be paid on Wednesday, March 1st

As market participants brought Friday's session to a close, Nasdaq closed at 11,631 having lost 0.74%. Warner Music climbed to $30.1 with similar gains seen throughout the Communication Services sector (up 0.216%).

So far this year, the entertainment and record label juggernaut has declined 16.34% while touching highs around $39 earlier this year. So far this year, it has been under-performing the Nasdaq by 23.18%. The company has a market cap of $15.59 billion with an average daily volume of 1.36 million shares. Warner Music last reported revenue of $1.49 billion with an EPS of 23 cents.

Warner Music disclosed a quarterly dividend of 16 cents per share on Friday, February 10th that was paid on Wednesday, March 1st to all shareholders of record up until Tuesday, February 21st. Based on current prices, the company's decision thereby provides Warner Music investors with an annual dividend yield of 2.12%.

A look at other communication services stocks also showed bullish price action as Alphabet was up 1.38%.

While Warner Music was bullish Friday, the following communication services stocks underperformed: Meta Platforms closed at $195.61 (down 4.55%). AT&T went down 1.41%, closed at $18.39.