World Wrestling Entertainment (NYSE:WWE) Downgraded by Zacks Investment Research

World Wrestling Entertainment (NYSE:WWE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Saturday, February 10th.

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.”

Other research analysts have also issued research reports about the stock. Needham & Company LLC increased their target price on shares of World Wrestling Entertainment from $25.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. 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 increased 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. Benchmark increased their price objective on shares of World Wrestling Entertainment from $25.00 to $28.00 and gave the company a “buy” rating in a research note on Tuesday, October 31st. Finally, KeyCorp reissued a “hold” rating on shares of World Wrestling Entertainment in a research note on Tuesday, October 17th. Five analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $37.89.

Shares of World Wrestling Entertainment (WWE) traded up $0.07 during midday trading on Friday, reaching $36.48. 837,787 shares of the company were exchanged, compared to its average volume of 889,042. The company has a debt-to-equity ratio of 0.83, a quick ratio of 2.77 and a current ratio of 2.83. World Wrestling Entertainment has a 12-month low of $19.12 and a 12-month high of $36.91. The firm has a market cap of $2,812.86, a price-to-earnings ratio of 88.98, a PEG ratio of 2.44 and a beta of 0.93.

World Wrestling Entertainment (NYSE:WWE) last issued its earnings results on Thursday, February 8th. The company reported $0.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.01. World Wrestling Entertainment had a net margin of 4.07% and a return on equity of 20.50%. The company had revenue of $211.60 million for the quarter, compared to analysts’ expectations of $208.51 million. During the same period in the prior year, the firm earned $0.10 EPS. World Wrestling Entertainment’s quarterly revenue was up 8.6% compared to the same quarter last year. analysts expect that World Wrestling Entertainment will post 0.75 earnings per share for the current fiscal year.

In other news, CEO Vincent K. Mcmahon sold 3,340,000 shares of World Wrestling Entertainment stock in a transaction dated Thursday, December 21st. The shares were 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 $95,791,200. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Blake Timothy Bilstad sold 1,419 shares of World Wrestling Entertainment stock in a transaction dated Sunday, February 11th. The shares were sold at an average price of $35.53, for a total transaction of $50,417.07. Following the transaction, the senior vice president now owns 24,121 shares of the company’s stock, valued at $857,019.13. The disclosure for this sale can be found here. Company insiders own 49.80% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Lindsell Train Ltd boosted its holdings in World Wrestling Entertainment by 2.1% during the third quarter. Lindsell Train Ltd now owns 7,232,868 shares of the company’s stock worth $170,334,000 after purchasing an additional 150,000 shares during the last quarter. BlackRock Inc. boosted its holdings in World Wrestling Entertainment by 3.8% during the fourth quarter. BlackRock Inc. now owns 4,889,363 shares of the company’s stock worth $149,516,000 after purchasing an additional 179,730 shares during the last quarter. State Street Corp boosted its holdings in World Wrestling Entertainment by 5.5% during the second quarter. State Street Corp now owns 872,209 shares of the company’s stock worth $17,763,000 after purchasing an additional 45,601 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in World Wrestling Entertainment by 71.3% during the fourth quarter. Renaissance Technologies LLC now owns 853,800 shares of the company’s stock worth $26,109,000 after purchasing an additional 355,400 shares during the last quarter. Finally, Davidson Kempner Capital Management LP boosted its holdings in World Wrestling Entertainment by 286.7% during the second quarter. Davidson Kempner Capital Management LP now owns 725,000 shares of the company’s stock worth $14,768,000 after purchasing an additional 537,500 shares during the last quarter. Institutional investors and hedge funds own 49.59% of the company’s stock.

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About World Wrestling Entertainment

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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