World Wrestling Entertainment (WWE) Downgraded to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of World Wrestling Entertainment (NYSE:WWE) from a buy rating to a hold rating in a report published on Saturday, January 13th.

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 recently issued research reports about the company. JPMorgan Chase & Co. initiated coverage on World Wrestling Entertainment in a research report on Wednesday, December 6th. They issued an overweight rating for the company. Citigroup cut World Wrestling Entertainment from a buy rating to a neutral rating in a research report on Friday, December 22nd. Wells Fargo & Co upgraded World Wrestling Entertainment from a market perform rating to an outperform rating in a research report on Thursday, January 4th. Needham & Company LLC reiterated a buy rating and set a $25.00 price objective on shares of World Wrestling Entertainment in a research report on Tuesday, September 26th. Finally, BTIG Research lifted their price objective on World Wrestling Entertainment to $36.00 and gave the stock a buy rating in a research report on Monday, January 8th. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $30.43.

Shares of World Wrestling Entertainment (NYSE WWE) traded up $0.65 during mid-day trading on Friday, hitting $33.85. The stock had a trading volume of 887,891 shares, compared to its average volume of 745,970. World Wrestling Entertainment has a twelve month low of $19.12 and a twelve month high of $34.03. The stock has a market capitalization of $2,610.07, a PE ratio of 63.87, a P/E/G ratio of 2.69 and a beta of 0.86. The company has a current ratio of 2.68, a quick ratio of 2.62 and a debt-to-equity ratio of 0.83.

World Wrestling Entertainment (NYSE:WWE) last announced its quarterly earnings results on Thursday, October 26th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.08. World Wrestling Entertainment had a return on equity of 17.05% and a net margin of 4.56%. The business had revenue of $186.40 million during the quarter, compared to analysts’ expectations of $176.19 million. During the same quarter last year, the business posted $0.14 earnings per share. The business’s revenue for the quarter was up 13.5% on a year-over-year basis. analysts forecast that World Wrestling Entertainment will post 0.61 EPS for the current year.

In other World Wrestling Entertainment news, SVP Blake Timothy Bilstad sold 1,801 shares of World Wrestling Entertainment stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $26.40, for a total value of $47,546.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 value of $95,791,200.00. Following the completion of the sale, the chief executive officer now owns 3,340,000 shares of the company’s stock, valued at approximately $95,791,200. The disclosure for this sale can be found here. Company insiders own 49.80% of the company’s stock.

Institutional investors and hedge funds have recently bought and sold shares of the business. Northern Trust Corp grew its holdings in World Wrestling Entertainment by 6.3% in the 2nd quarter. Northern Trust Corp now owns 516,923 shares of the company’s stock valued at $10,529,000 after buying an additional 30,596 shares during the period. State Street Corp lifted its stake in shares of World Wrestling Entertainment by 5.5% in the 2nd quarter. State Street Corp now owns 872,209 shares of the company’s stock valued at $17,763,000 after purchasing an additional 45,601 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of World Wrestling Entertainment by 10.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 222,028 shares of the company’s stock valued at $4,523,000 after purchasing an additional 20,576 shares in the last quarter. EastBay Asset Management LLC lifted its stake in shares of World Wrestling Entertainment by 153.2% in the 2nd quarter. EastBay Asset Management LLC now owns 1,337,130 shares of the company’s stock valued at $27,237,000 after purchasing an additional 809,130 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its stake in shares of World Wrestling Entertainment by 25.8% in the 2nd quarter. New York State Common Retirement Fund now owns 40,900 shares of the company’s stock valued at $833,000 after purchasing an additional 8,399 shares in the last quarter. Institutional investors own 49.75% 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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