Zacks Investment Research downgraded shares of World Wrestling Entertainment (NYSE:WWE) from a buy rating to a hold rating in a report published on Saturday morning.
According to Zacks, “World Wrestling Entertainment’s focus on increasing original content production, localization, subscriber growth, rise in TV rights fees and strategic initiatives have helped the stock to outperform the industry a year. Further, in the third-quarter fiscal 2017 the company not only reported better-than-expected results but also witnessed sharp increase in both the top and bottom lines. The company will continue to report record revenue growth as it has not only extended its earlier deal with different companies but also signed agreement with new service provider for airing its flagship program Raw and SmackDown in different countries. Management is optimistic about achieving another great year of revenues and adjusted OIBDA growth. However, continuous decline in pay-per-view and home entertainment revenues remains concerns.”
A number of other research firms have also weighed in on WWE. Citigroup lowered shares of World Wrestling Entertainment from a buy rating to a neutral rating in a research report on Friday, December 22nd. Guggenheim set a $40.00 price target on shares of World Wrestling Entertainment and gave the stock a buy rating in a research report on Thursday, January 11th. BTIG Research upped their price target on shares of World Wrestling Entertainment to $36.00 and gave the stock a buy rating in a research report on Monday, January 8th. Wells Fargo & Co upgraded shares of World Wrestling Entertainment from a market perform rating to an outperform rating in a research report on Thursday, January 4th. Finally, JPMorgan Chase & Co. began coverage on shares of World Wrestling Entertainment in a report on Wednesday, December 6th. They issued an overweight rating on the stock. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $30.43.
World Wrestling Entertainment (NYSE WWE) opened at $31.89 on Friday. The firm has a market cap of $2,460.00, a P/E ratio of 69.33, a price-to-earnings-growth ratio of 2.56 and a beta of 0.86. World Wrestling Entertainment has a 12-month low of $19.09 and a 12-month high of $33.28. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.68 and a quick ratio of 2.62.
World Wrestling Entertainment (NYSE:WWE) last posted its quarterly earnings results on Thursday, October 26th. The company reported $0.28 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.20 by $0.08. The business had revenue of $186.40 million during the quarter, compared to analyst estimates of $176.19 million. World Wrestling Entertainment had a net margin of 4.56% and a return on equity of 17.05%. The company’s revenue was up 13.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.14 earnings per share. sell-side analysts anticipate that World Wrestling Entertainment will post 0.58 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, December 26th. Stockholders of record on Friday, December 15th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.51%. The ex-dividend date of this dividend was Thursday, December 14th. World Wrestling Entertainment’s dividend payout ratio (DPR) is presently 104.35%.
In other news, SVP Blake Timothy Bilstad sold 1,801 shares of the business’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $26.40, for a total value of $47,546.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Vincent K. Mcmahon sold 3,340,000 shares of the business’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $28.68, for a total transaction of $95,791,200.00. Following the completion of the transaction, the chief executive officer now directly owns 3,340,000 shares in the company, valued at approximately $95,791,200. The disclosure for this sale can be found here. 49.80% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in the company. Pinebridge Investments L.P. raised its stake in World Wrestling Entertainment by 1.0% during the second quarter. Pinebridge Investments L.P. now owns 5,073 shares of the company’s stock valued at $104,000 after purchasing an additional 51 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in World Wrestling Entertainment during the third quarter valued at $176,000. Piedmont Investment Advisors LLC purchased a new stake in World Wrestling Entertainment during the third quarter valued at $201,000. FDx Advisors Inc. purchased a new stake in World Wrestling Entertainment during the third quarter valued at $219,000. Finally, Summit Securities Group LLC purchased a new stake in World Wrestling Entertainment during the third quarter valued at $236,000. 49.75% of the stock is currently owned by hedge funds and other institutional investors.
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World Wrestling Entertainment Company Profile
World Wrestling Entertainment, Inc (WWE) is an integrated media and entertainment company. The Company’s segments are Network, Television, Home Entertainment, Digital Media, Live Events, Licensing, Venue Merchandise, WWEShop, WWE Studios, and Corporate and Other. The Company is engaged in the production and distribution of content through various channels, including its WWE Network, television rights agreements, pay-per-view event programming, live events, feature films, licensing of various WWE themed products, and the sale of consumer products featuring its brands.
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