Here’s Why Warner Music Group Corp. (WMG) Rose in Q3

Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In a challenging risk-off period, the fund returned -1.82% in the third quarter, compared to S&P’s -3.27% return and Russell 1000 Value’s -3.16% return. In addition, please check the fund’s top five holdings to know its best picks in 2023.

Longleaf Partners Fund highlighted stocks like Warner Music Group Corp. (NASDAQ:WMG) in the third quarter 2023 investor letter. Headquartered in New York, New York, Warner Music Group Corp. (NASDAQ:WMG) is a music entertainment company. On November 20, 2023, Warner Music Group Corp. (NASDAQ:WMG) stock closed at $31.68 per share. One-month return of Warner Music Group Corp. (NASDAQ:WMG) was -0.90%, and its shares gained 2.96% of their value over the last 52 weeks. Warner Music Group Corp. (NASDAQ:WMG) has a market capitalization of $16.52 billion.

Longleaf Partners Fund made the following comment about Warner Music Group Corp. (NASDAQ:WMG) in its Q3 2023 investor letter:

Warner Music Group Corp. (NASDAQ:WMG)– Global music entertainment company Warner Music Group (WMG) was another positive contributor in the quarter. The company reported an improved streaming growth rate back in line with long-term expectations, recovering from a disappointing 1Q. Even more meaningful for the long term, digital service providers (DSPs), including Spotify, finally implemented pricing increases for streaming services with no signs of increased churn. WMG CEO Robert Kyncl called it “an encouraging start” and highlighted the potential for significant upside if audio streaming follows video streaming pricing.”

Music, Studio

Photo by Denisse Leon on Unsplash

Warner Music Group Corp. (NASDAQ:WMG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 41 hedge fund portfolios held Warner Music Group Corp. (NASDAQ:WMG) at the end of second quarter which was 41 in the previous quarter.

We discussed Warner Music Group Corp. (NASDAQ:WMG) in another article and shared McIntyre Capital Management’s views on the company. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.