Zacks Investment Research upgraded shares of World Wrestling Entertainment (NYSE:WWE) from a hold rating to a buy rating in a report released on Saturday. Zacks Investment Research currently has $39.00 price target on the stock.
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.”
Several other research analysts have also weighed in on the stock. Morgan Stanley raised shares of World Wrestling Entertainment from an equal weight rating to an overweight rating and set a $23.00 price objective for the company in a report on Tuesday, January 30th. Needham & Company LLC raised their price objective on shares of World Wrestling Entertainment from $25.00 to $38.00 and gave the stock a buy rating in a report on Wednesday, January 24th. Guggenheim set a $40.00 price objective on shares of World Wrestling Entertainment and gave the stock a buy rating in a report on Thursday, January 11th. BTIG Research raised their price objective on shares of World Wrestling Entertainment to $36.00 and gave the stock a buy rating in a report on Monday, January 8th. Finally, Wells Fargo & Co raised shares of World Wrestling Entertainment from a market perform rating to an outperform rating in a report on Thursday, January 4th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. World Wrestling Entertainment currently has an average rating of Buy and an average price target of $33.86.
World Wrestling Entertainment (NYSE WWE) opened at $34.12 on Friday. The firm has a market cap of $2,630.00, a price-to-earnings ratio of 74.17, a price-to-earnings-growth ratio of 2.61 and a beta of 0.93. 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 has a fifty-two week low of $19.12 and a fifty-two week high of $35.85.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 26th. Stockholders of record on Thursday, March 15th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Wednesday, March 14th. World Wrestling Entertainment’s dividend payout ratio (DPR) is presently 104.35%.
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 value of $95,791,200.00. Following the completion of the transaction, the chief executive officer now directly owns 3,340,000 shares of the company’s stock, valued at approximately $95,791,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 49.80% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Pinebridge Investments L.P. boosted its holdings in shares of 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 period. Cubist Systematic Strategies LLC acquired a new position in shares of World Wrestling Entertainment in the 3rd quarter valued at about $176,000. Piedmont Investment Advisors LLC acquired a new position in shares of World Wrestling Entertainment in the 3rd quarter valued at about $201,000. FDx Advisors Inc. acquired a new position in shares of World Wrestling Entertainment in the 3rd quarter valued at about $219,000. Finally, Summit Securities Group LLC acquired a new position in shares of World Wrestling Entertainment in the 3rd quarter valued at about $236,000. 49.95% of the stock is owned by institutional investors and hedge funds.
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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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