Zacks Investment Research downgraded shares of World Wrestling Entertainment (NYSE:WWE) from a strong-buy rating to a hold rating in a research report report published on Saturday, Zacks.com reports. Zacks Investment Research currently has $50.00 target price on the stock.
According to Zacks, “Shares of WWE have surged in the past three months. The stock got a boost following the company’s impressive first-quarter 2020 results. Notably, the company continued with its earnings beat streak for the fourth quarter in row. Further, revenues outdid the consensus mark following a miss in the preceding four quarters. Also, both the top and bottom lines grew year-over-year. Management informed that the company’s quarterly performance was “largely unimpacted” by the coronavirus outbreak. It also notified that the company has undertaken necessary steps such as short-term cost reductions and cash flow improvement actions to address the challenges related to the pandemic. However, falling revenues from Live Events is a concern. Ability to stage events in the presence of fans was impacted in the later part of the quarter.”
A number of other equities research analysts have also recently weighed in on WWE. TheStreet raised World Wrestling Entertainment from a c+ rating to a b- rating in a report on Wednesday, June 17th. MKM Partners lifted their price target on World Wrestling Entertainment from $48.00 to $52.00 in a report on Friday, April 24th. Loop Capital cut World Wrestling Entertainment from a hold rating to a sell rating and set a $30.00 price target on the stock. in a report on Wednesday, March 25th. Guggenheim reaffirmed a buy rating and set a $60.00 price target on shares of World Wrestling Entertainment in a report on Friday, April 24th. Finally, Wells Fargo & Co cut their price target on World Wrestling Entertainment from $36.00 to $30.00 and set an underweight rating on the stock in a report on Monday, April 20th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $55.75.
Shares of NYSE WWE opened at $43.45 on Friday. The company has a quick ratio of 1.29, a current ratio of 1.31 and a debt-to-equity ratio of 1.33. The firm’s 50-day moving average price is $44.67 and its two-hundred day moving average price is $47.76. World Wrestling Entertainment has a 52-week low of $29.10 and a 52-week high of $78.76. The stock has a market capitalization of $3.20 billion, a P/E ratio of 34.48 and a beta of 1.46.
World Wrestling Entertainment (NYSE:WWE) last issued its earnings results on Thursday, April 23rd. The company reported $0.31 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.06. World Wrestling Entertainment had a net margin of 10.45% and a return on equity of 40.28%. The firm had revenue of $291.00 million for the quarter, compared to analysts’ expectations of $259.45 million. During the same quarter last year, the company posted ($0.11) earnings per share. World Wrestling Entertainment’s revenue was up 59.5% on a year-over-year basis. As a group, equities research analysts expect that World Wrestling Entertainment will post 1.22 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Monday, June 15th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, June 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.10%. World Wrestling Entertainment’s dividend payout ratio is presently 56.47%.
In other World Wrestling Entertainment news, insider Kevin Dunn sold 33,000 shares of World Wrestling Entertainment stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $45.46, for a total value of $1,500,180.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Paul Levesque sold 23,255 shares of World Wrestling Entertainment stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $43.80, for a total transaction of $1,018,569.00. The disclosure for this sale can be found here. Insiders have sold 72,613 shares of company stock worth $3,260,094 in the last quarter. Company insiders own 40.20% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. Psagot Investment House Ltd. acquired a new position in World Wrestling Entertainment in the fourth quarter worth approximately $43,000. Verus Capital Partners LLC acquired a new position in World Wrestling Entertainment in the 4th quarter worth approximately $68,000. PNC Financial Services Group Inc. boosted its stake in World Wrestling Entertainment by 24.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,465 shares of the company’s stock worth $50,000 after purchasing an additional 288 shares during the period. Stephenson National Bank & Trust acquired a new position in World Wrestling Entertainment in the 4th quarter worth approximately $134,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its stake in World Wrestling Entertainment by 72.4% in the 4th quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 2,310 shares of the company’s stock worth $149,000 after purchasing an additional 970 shares during the period. Hedge funds and other institutional investors own 72.83% of the company’s stock.
World Wrestling Entertainment Company Profile
World Wrestling Entertainment, Inc, an integrated media and entertainment company, engages in the sports entertainment business in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It operates in three segments: Media, Live Events, and Consumer Products. The Media segment engages in the production and monetization of long-form and short-form media content across various platforms, including WWE Network, pay television, and digital and social media, as well as filmed entertainment.
See Also: What is Call Option Volume?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for World Wrestling Entertainment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for World Wrestling Entertainment and related companies with MarketBeat.com's FREE daily email newsletter.