RUMOR MILL
Tuesday, April 2, 2024
UMG STOCK HITS RECORD HIGH
Universal Music Group’s stock price has sat at record levels the last 24 hours, closing at an all-time high of €27.89—30 bucks a share—on Monday.
The stock price has risen just under 10% to date this year and is up 20% since April 2023. The current stock price gives the Sir Lucian Grainge-led company a valuation of more than €50b.
The company went public in September 2021.
Prior to Monday’s record, the stock’s most recent spike was on 2/29, the day after Grainge announced that the company pulled in $12b in 2023. Recently, analysts from investment bank UBS gave the stock a €31.40 price target. UBS was bullish on UMG’s superfan plans, cost savings from the current reorganization and the increase of subscription revenue.
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