Zacks Investment Research upgraded shares of World Wrestling Entertainment, Inc. (NYSE:WWE) from a hold rating to a buy rating in a report issued on Tuesday morning. Zacks Investment Research currently has $24.00 price objective on the stock.
According to Zacks, “Shares of World Wrestling have outpaced the industry on a year-to-date basis primarily owing to record revenue growth. Recently, WWE and Groupe AB extended their partnership and signed multi-year agreement for airing WWE programming. The company also reached an agreement with Lagardère Sports that will assist it to acquire international sponsorship. We believe these initiatives will continue to boost the top line. Management is optimistic about achieving another great year of revenues and adjusted OIBDA growth. The company is targeting adjusted OIBDA of $100 million, which is nearly up 25% from 2016. WWE’s strategy of creating new content, implementing programs that will have higher customer attraction and retention power, introducing new features, expanding distribution platforms and entering into new regions will boost its revenues. However, continuous decline in pay-per-view and home entertainment revenues remains concerns.”
Other analysts also recently issued reports about the company. Benchmark Co. restated a buy rating and set a $25.00 price objective (down from $26.00) on shares of World Wrestling Entertainment in a report on Sunday, July 30th. Morgan Stanley began coverage on World Wrestling Entertainment in a report on Friday, June 30th. They issued an equal weight rating and a $23.00 price target for the company. ValuEngine upgraded World Wrestling Entertainment from a sell rating to a hold rating in a report on Friday, September 1st. Finally, BidaskClub downgraded World Wrestling Entertainment from a buy rating to a hold rating in a report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of Buy and an average price target of $24.38.
World Wrestling Entertainment (NYSE WWE) opened at 21.88 on Tuesday. The stock’s 50 day moving average price is $21.34 and its 200 day moving average price is $20.96. World Wrestling Entertainment has a 52-week low of $16.77 and a 52-week high of $23.14. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 66.71 and a beta of 0.79.
World Wrestling Entertainment (NYSE:WWE) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.06 EPS for the quarter, hitting analysts’ consensus estimates of $0.06. The business had revenue of $214.60 million during the quarter, compared to the consensus estimate of $209.28 million. World Wrestling Entertainment had a return on equity of 13.07% and a net margin of 3.29%. The business’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.01 EPS. On average, analysts forecast that World Wrestling Entertainment will post $0.46 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.48 annualized dividend and a yield of 2.19%. World Wrestling Entertainment’s dividend payout ratio is currently 154.84%.
In other World Wrestling Entertainment news, CRO Michelle D. Wilson sold 55,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $21.25, for a total value of $1,168,750.00. Following the completion of the transaction, the executive now directly owns 436,174 shares of the company’s stock, valued at approximately $9,268,697.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Casey Collins sold 13,383 shares of the company’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $21.23, for a total transaction of $284,121.09. Following the completion of the transaction, the executive vice president now directly owns 43,926 shares of the company’s stock, valued at $932,548.98. The disclosure for this sale can be found here. Over the last quarter, insiders sold 147,694 shares of company stock valued at $3,109,010. 49.80% of the stock is owned by insiders.
A number of large investors have recently bought and sold shares of WWE. Pinebridge Investments L.P. boosted its position in World Wrestling Entertainment by 1.0% in the 2nd quarter. Pinebridge Investments L.P. now owns 5,073 shares of the company’s stock valued at $104,000 after buying an additional 51 shares during the last quarter. State of Alaska Department of Revenue boosted its position in World Wrestling Entertainment by 78.8% in the 2nd quarter. State of Alaska Department of Revenue now owns 7,601 shares of the company’s stock valued at $154,000 after buying an additional 3,351 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its position in World Wrestling Entertainment by 4.5% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 8,790 shares of the company’s stock valued at $195,000 after buying an additional 380 shares during the last quarter. Mason Street Advisors LLC boosted its position in World Wrestling Entertainment by 7.1% in the 1st quarter. Mason Street Advisors LLC now owns 9,003 shares of the company’s stock valued at $200,000 after buying an additional 600 shares during the last quarter. Finally, NGAM Advisors L.P. purchased a new position in World Wrestling Entertainment in the 2nd quarter valued at about $207,000. 49.50% of the stock is owned by institutional investors.
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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