Equities researchers at Rosenblatt Securities started coverage on shares of World Wrestling Entertainment (NYSE:WWE) in a research report issued on Wednesday, 24/7 WallStreet reports. The firm set a “buy” rating and a $85.00 price target on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 28.57% from the stock’s current price.
Other research analysts also recently issued reports about the company. Zacks Investment Research downgraded World Wrestling Entertainment from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 30th. Citigroup started coverage on World Wrestling Entertainment in a report on Tuesday. They issued a “buy” rating and a $85.00 price target for the company. KeyCorp reduced their price target on World Wrestling Entertainment from $104.00 to $101.00 and set an “overweight” rating for the company in a report on Friday, April 26th. ValuEngine cut World Wrestling Entertainment from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. Finally, Morgan Stanley reduced their price target on World Wrestling Entertainment from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and eleven have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $99.73.
Shares of WWE stock traded down $0.59 during midday trading on Wednesday, hitting $66.11. The company had a trading volume of 3,467 shares, compared to its average volume of 1,112,902. The stock has a 50 day simple moving average of $71.66. World Wrestling Entertainment has a 52-week low of $58.50 and a 52-week high of $100.45. The firm has a market capitalization of $5.29 billion, a PE ratio of 59.01 and a beta of 1.37. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.21 and a current ratio of 1.24.
World Wrestling Entertainment (NYSE:WWE) last announced its earnings results on Thursday, July 25th. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.14. World Wrestling Entertainment had a return on equity of 23.92% and a net margin of 8.42%. The company had revenue of $268.90 million for the quarter, compared to the consensus estimate of $271.21 million. During the same period last year, the business posted $0.11 EPS. The company’s revenue was down 4.5% on a year-over-year basis. Analysts forecast that World Wrestling Entertainment will post 0.99 EPS for the current fiscal year.
In other news, Director Patricia A. Gottesman sold 4,112 shares of the firm’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $72.92, for a total value of $299,847.04. Following the completion of the sale, the director now directly owns 20,644 shares of the company’s stock, valued at approximately $1,505,360.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider George A. Barrios sold 74,678 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $70.06, for a total value of $5,231,940.68. The disclosure for this sale can be found here. Insiders sold a total of 255,047 shares of company stock valued at $17,794,397 over the last three months. Insiders own 43.90% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Kwmg LLC acquired a new position in World Wrestling Entertainment during the first quarter worth $49,000. FNY Investment Advisers LLC acquired a new position in World Wrestling Entertainment during the first quarter worth $86,000. Piedmont Investment Advisors Inc. acquired a new position in World Wrestling Entertainment during the first quarter worth $214,000. First Republic Investment Management Inc. acquired a new position in World Wrestling Entertainment during the first quarter worth $226,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in World Wrestling Entertainment by 8.7% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,723 shares of the company’s stock worth $236,000 after purchasing an additional 218 shares during the last quarter. 68.33% of the stock is owned by hedge funds and other institutional investors.
About World Wrestling Entertainment
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.
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