WARNER MUSIC GROUP CORP WMG
COM CL A · Common Stock · CUSIP 934550203 · ISIN US9345502036
American multinational entertainment and record label conglomerate
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($866.7k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $30.65. Options: 12 managers hold calls ($114.2m notional), 10 hold puts ($34.9m).
Trends to Q2 2024
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 177 |
| Q4 2022 | 220 |
| Q1 2023 | 223 |
| Q2 2023 | 207 |
| Q3 2023 | 208 |
| Q4 2023 | 242 |
| Q1 2024 | 252 |
| Q2 2024 | 253 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 134 | 82 |
| Q1 2023 | 111 | 113 |
| Q2 2023 | 114 | 108 |
| Q3 2023 | 97 | 112 |
| Q4 2023 | 120 | 99 |
| Q1 2024 | 152 | 101 |
| Q2 2024 | 136 | 134 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2023 | $80.6m | $23.0m | 0.29 |
| Q4 2023 | $99.8m | $16.5m | 0.17 |
| Q1 2024 | $45.5m | $5.6m | 0.12 |
| Q2 2024 | $114.2m | $34.9m | 0.31 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +12.2m |
| BlackRock Inc. | Added | +5.4m |
| Independent Franchise Partners LLP | New | +5.2m |
| D1 Capital Partners L.P. | New | +2.7m |
| DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP | Added | +2.6m |
| STATE STREET CORP | Added | +1.7m |
| HARRIS ASSOCIATES L P | Added | +1.3m |
| VANGUARD GROUP INC | Added | +1.3m |
| AKO CAPITAL LLP | Added | +936.4k |
| JANE STREET GROUP, LLC | Added | +841.2k |
Biggest sellers
| FMR LLC | Reduced | -4.9m |
| CITADEL ADVISORS LLC | Sold out | -3.9m |
| MORGAN STANLEY | Reduced | -3.0m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -2.4m |
| NORGES BANK | Sold out | -1.3m |
| Junto Capital Management LP | Sold out | -1.0m |
| SOMA EQUITY PARTNERS LP | Sold out | -740.8k |
| Bridgewater Associates, LP | Reduced | -732.0k |
| M.D. Sass, LLC | Sold out | -714.2k |
| BANK OF AMERICA CORP /DE/ | Reduced | -625.2k |
Biggest calls
| BARCLAYS PLC | New | $46.1m1.5m shares |
| Walleye Trading LLC | Added | $20.4m665.8k shares |
| JANE STREET GROUP, LLC | Added | $20.1m656.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $11.6m379.3k shares |
| Caption Management, LLC | Reduced | $6.1m200.0k shares |
| CITADEL ADVISORS LLC | Added | $5.5m179.8k shares |
| WOLVERINE TRADING, LLC | Added | $2.1m70.1k shares |
| PEAK6 Investments LLC | Added | $1.8m58.6k shares |
| SIMPLEX TRADING, LLC | Reduced | $232.0k7.6k shares |
| Walleye Capital LLC | Reduced | $165.5k5.4k shares |
Biggest puts
| BANK OF AMERICA CORP /DE/ | New | $24.5m800.0k shares |
| CITADEL ADVISORS LLC | Added | $4.6m149.0k shares |
| JANE STREET GROUP, LLC | New | $3.3m107.3k shares |
| PEAK6 Investments LLC | Reduced | $980.8k32.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $594.6k19.4k shares |
| Walleye Trading LLC | Added | $395.4k12.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $291.0k9.5k shares |
| Walleye Capital LLC | Added | $278.9k9.1k shares |
| GROUP ONE TRADING LLC | New | $18.4k600 shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| Independent Franchise Partners LLP 13G · institution new · filed 2025-05-14 | 9.2% |
| Darsana Capital Partners LP 13G · passive investor +2.6 pts · filed 2026-05-15 | 8.1% |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC 13G · institution -0.2 pts · filed 2026-08-12 | 6.1% |
| JPMORGAN CHASE & CO 13G · institution -2.1 pts · filed 2026-10-15 | 5.5% |
| DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP 13G · institution +0.6 pts · filed 2026-04-01 | 5.1% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27), Mawer Investment Management Ltd. (0.2%, 2025-11-12)
Insider purchases and sales in Q2 2024
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 1 | $1.2m | — |
| Q1 2023 | 0 | — | 1 | $1.6m | — |
| Q2 2023 | 0 | — | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 1 | $29.0m | — |
| Q1 2024 | 0 | — | 1 | $2.6m | — |
| Q2 2024 | 0 | — | 0 | — | — |
None reported in Q2 2024.
Holders, Q2 2024
| Manager | Shares | Change |
|---|---|---|
| Capital World Investors 0.07% of their portfolio | 13.3m $406.9m | Added +73.1k |
| VANGUARD GROUP INC 0.01% of their portfolio | 13.2m $404.4m | Added +1.3m |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 12.8m $391.3m | Added +12.2m |
| BlackRock Inc. 0.01% of their portfolio | 11.0m $336.6m | Added +5.4m |
| FMR LLC 0.02% of their portfolio | 9.9m $302.3m | Reduced -4.9m |
| DARLINGTON PARTNERS CAPITAL MANAGEMENT, LP 12.16% of their portfolio | 8.1m $247.4m | Added +2.6m |
| AKO CAPITAL LLP 3.14% of their portfolio | 7.5m $228.8m | Added +936.4k |
| FIL Ltd 0.16% of their portfolio | 5.4m $165.2m | Reduced -237.7k |
| Independent Franchise Partners LLP 1.47% of their portfolio | 5.2m $160.2m | New |
| COOKE & BIELER LP 1.49% of their portfolio | 5.1m $155.1m | Added +831.1k |
| HARRIS ASSOCIATES L P 0.22% of their portfolio | 4.2m $127.7m | Added +1.3m |
| Caledonia (Private) Investments Pty Ltd 2.05% of their portfolio | 3.7m $113.4m | Reduced -149.2k |
| Capital International Investors 0.02% of their portfolio | 3.0m $92.0m | Added +706 |
| D1 Capital Partners L.P. 1.42% of their portfolio | 2.7m $84.3m | New |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 2.6m $79.1m | Added +216.2k |
| STATE STREET CORP 0.00% of their portfolio | 2.2m $68.6m | Added +1.7m |
| SOUTHEASTERN ASSET MANAGEMENT INC/TN/ 2.90% of their portfolio | 2.2m $66.5m | Reduced -139.9k |
| Stephens Investment Management Group LLC 0.86% of their portfolio | 2.0m $61.3m | Added +249.0k |
| FAIRVIEW CAPITAL INVESTMENT MANAGEMENT, LLC 2.93% of their portfolio | 1.7m $52.1m | Reduced -41.2k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 1.4m $41.5m | Added +6.0k |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 1.3m $39.2m | Reduced -2.4m |
| Jackson Square Partners, LLC 2.19% of their portfolio | 1.2m $35.9m | Reduced -479.1k |
| FERNBRIDGE CAPITAL MANAGEMENT LP 2.26% of their portfolio | 1.1m $34.0m | Reduced -44.7k |
| MORGAN STANLEY 0.00% of their portfolio | 1.1m $33.0m | Reduced -3.0m |
| E. Ohman J:or Asset Management AB 0.80% of their portfolio | 1.1m $32.2m | Reduced -48.2k |
| D. E. Shaw & Co., Inc. 0.05% of their portfolio | 1.1m $32.2m | Added +497.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 901.0k $27.6m | Added +44.0k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 858.4k $26.3m | Added +345.6k |
| JANE STREET GROUP, LLC 0.03% of their portfolio | 847.7k $26.0m | Added +841.2k |
| Qube Research & Technologies Ltd 0.04% of their portfolio | 794.9k $24.4m | Added +82.3k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 768.9k $23.6m | Added +271.5k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 716.0k $21.9m | Reduced -447.3k |
| Linonia Partnership LP 1.68% of their portfolio | 689.5k $21.1m | New |
| DigitalBridge Group, Inc. 1.87% of their portfolio | 688.2k $21.1m | Reduced -131.0k |
| LAZARD ASSET MANAGEMENT LLC 0.02% of their portfolio | 599.0k $18.4m | Reduced -1.5k |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 588.0k $18.1m | Added +380.8k |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 563.9k $17.3m | Added +138.3k |
| COMGEST GLOBAL INVESTORS S.A.S. 0.23% of their portfolio | 555.9k $17.0m | Added +329 |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 533.9k $16.4m | Reduced -625.2k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 461.0k $14.1m | New |
| Ardmore Road Asset Management LP 2.12% of their portfolio | 450.0k $13.8m | Added +100.0k |
| Assenagon Asset Management S.A. 0.03% of their portfolio | 446.6k $13.7m | Reduced -566.5k |
| RBO & CO LLC 2.39% of their portfolio | 436.5k $13.4m | Reduced -1.8k |
| UBS Group AG 0.00% of their portfolio | 392.1k $12.0m | Reduced -257.3k |
| RENAISSANCE TECHNOLOGIES LLC 0.02% of their portfolio | 361.1k $11.1m | Added +14.5k |
| Retirement Systems of Alabama 0.04% of their portfolio | 342.3k $10.5m | New |
| Verition Fund Management LLC 0.08% of their portfolio | 317.9k $9.7m | Added +48.6k |
| Crossmark Global Holdings, Inc. 0.18% of their portfolio | 302.8k $9.3m | New |
| Joel Isaacson & Co., LLC 0.48% of their portfolio | 300.1k $9.2m | Reduced -9.9k |
| Mawer Investment Management Ltd. 0.04% of their portfolio | 293.5k $9.0m | Added +164.2k |
| HAHN CAPITAL MANAGEMENT LLC 4.17% of their portfolio | 286.4k $8.8m | Added +111.8k |
| Man Group plc 0.02% of their portfolio | 277.7k $8.5m | New |
| HighTower Advisors, LLC 0.01% of their portfolio | 271.9k $8.3m | Reduced -1.2k |
| Legal & General Group Plc 0.00% of their portfolio | 262.8k $8.1m | Added +107.2k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 261.9k $8.0m | Reduced -162.9k |
| Honeycomb Asset Management LP 2.10% of their portfolio | 250.0k $7.7m | Reduced -560.2k |
| Cullen/Frost Bankers, Inc. 0.11% of their portfolio | 249.5k $7.6m | Added +46.1k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 245.1k $7.5m | Added +99.5k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 242.1k $7.4m | Added +231.9k |
| Hudson Bay Capital Management LP 0.06% of their portfolio | 241.0k $7.4m | Added +193.5k |
| Invesco Ltd. 0.00% of their portfolio | 220.4k $6.8m | Reduced -87.6k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 201.4k $6.2m | Added +118.2k |
| TWINBEECH CAPITAL LP 0.11% of their portfolio | 178.3k $5.5m | Added +31.0k |
| Corebridge Financial, Inc. 0.03% of their portfolio | 178.0k $5.5m | First filing |
| Symmetry Investments LP 0.67% of their portfolio | 175.4k $5.4m | Reduced -88.8k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.16% of their portfolio | 173.6k $5.3m | Reduced -37.5k |
| Aureus Asset Management, LLC 0.36% of their portfolio | 168.5k $5.2m | Added +91 |
| Broad Run Investment Management, LLC 0.70% of their portfolio | 165.6k $5.1m | Unchanged |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 160.2k $4.9m | Reduced -114.1k |
| BARCLAYS PLC 0.00% of their portfolio | 156.2k $4.8m | Reduced -530.4k |
| CenterBook Partners LP 0.27% of their portfolio | 140.5k $4.3m | Added +33.7k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 137.0k $4.2m | New |
| CAPITAL INTERNATIONAL SARL 0.12% of their portfolio | 131.4k $4.0m | Added +5.3k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 126.8k $3.9m | Added +91.9k |
| BLAIR WILLIAM & CO/IL 0.01% of their portfolio | 123.7k $3.8m | Reduced -31.0k |
| CAPITAL INTERNATIONAL LTD /CA/ 0.16% of their portfolio | 116.6k $3.6m | Unchanged |
| Claar Advisors LLC 1.08% of their portfolio | 109.8k $3.4m | Unchanged |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 105.0k $3.2m | Reduced -300 |
| Engineers Gate Manager LP 0.07% of their portfolio | 104.9k $3.2m | Reduced -10.7k |
| BENJAMIN F. EDWARDS & COMPANY, INC. 0.05% of their portfolio | 101.5k $3.1m | Added +17.8k |
| Bridgewater Associates, LP 0.02% of their portfolio | 96.4k $3.0m | Reduced -732.0k |
| PDT Partners, LLC 0.27% of their portfolio | 93.0k $2.8m | Reduced -47.7k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 85.5k $2.6m | Added +11.0k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 83.1k $2.5m | Reduced -46.9k |
| TWO SIGMA ADVISERS, LP 0.01% of their portfolio | 83.1k $2.5m | Reduced -272.3k |
| Sumitomo Mitsui Trust Group, Inc. 0.00% of their portfolio | 83.0k $2.5m | Added +41.7k |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 81.1k $2.5m | New |
| Allspring Global Investments Holdings, LLC 0.00% of their portfolio | 79.6k $2.4m | Reduced -1.8k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 75.6k $2.3m | New |
| GAMCO INVESTORS, INC. ET AL 0.02% of their portfolio | 74.8k $2.3m | Reduced -300 |
| SG Americas Securities, LLC 0.01% of their portfolio | 72.8k $2.2m | Reduced -9.1k |
| MetLife Investment Management, LLC 0.01% of their portfolio | 72.0k $2.2m | New |
| Capital International, Inc./CA/ 0.03% of their portfolio | 69.9k $2.1m | Added +2.0k |
| AMALGAMATED BANK 0.02% of their portfolio | 63.8k $2.0m | New |
| COMERICA BANK 0.01% of their portfolio | 55.9k $1.7m | Added +53.5k |
| DekaBank Deutsche Girozentrale 0.00% of their portfolio | 54.7k $1.7m | Reduced -14.0k |
| YOUSIF CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 54.6k $1.7m | New |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 51.5k $1.6m | Reduced -3.1k |
| MACKENZIE FINANCIAL CORP 0.00% of their portfolio | 50.8k $1.6m | Added +6.4k |
| NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio | 50.8k $1.6m | Added +50.7k |