World Wrestling Entertainment, Inc. (NYSE:WWE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

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.”

WWE has been the subject of a number of other reports. ValuEngine raised shares of World Wrestling Entertainment from a “sell” rating to a “hold” rating in a research note on Friday, September 1st. Morgan Stanley initiated coverage on shares of World Wrestling Entertainment in a research note on Friday, June 30th. They issued an “equal weight” rating and a $23.00 price objective for the company. Benchmark Co. reissued a “buy” rating and issued a $25.00 price objective (down from $26.00) on shares of World Wrestling Entertainment in a research note on Sunday, July 30th. Finally, BidaskClub cut shares of World Wrestling Entertainment from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the company’s stock. World Wrestling Entertainment presently has a consensus rating of “Hold” and an average target price of $24.38.

World Wrestling Entertainment (NYSE WWE) traded down 0.51% on Monday, hitting $21.50. 112,252 shares of the stock were exchanged. The firm has a market cap of $1.66 billion, a P/E ratio of 65.55 and a beta of 0.79. World Wrestling Entertainment has a 12 month low of $16.77 and a 12 month high of $23.14. The company has a 50-day moving average of $21.33 and a 200 day moving average of $20.96.

World Wrestling Entertainment (NYSE:WWE) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.06 EPS for the quarter, hitting analysts’ consensus estimates of $0.06. World Wrestling Entertainment had a net margin of 3.29% and a return on equity of 13.07%. The business had revenue of $214.60 million during the quarter, compared to analysts’ expectations of $209.28 million. During the same period last year, the company posted $0.01 EPS. The business’s revenue was up 7.8% on a year-over-year basis. Equities research analysts expect that World Wrestling Entertainment will post $0.46 earnings per share for the current fiscal year.

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In related news, insider Kevin Dunn sold 72,286 shares of World Wrestling Entertainment stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $20.81, for a total transaction of $1,504,271.66. Following the completion of the transaction, the insider now directly owns 379,559 shares of the company’s stock, valued at approximately $7,898,622.79. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Mark Kowal sold 2,275 shares of World Wrestling Entertainment stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $21.99, for a total transaction of $50,027.25. Following the transaction, the senior vice president now directly owns 14,736 shares of the company’s stock, valued at $324,044.64. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 147,694 shares of company stock valued at $3,109,010. 49.80% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Lindsell Train Ltd boosted its stake in shares of World Wrestling Entertainment by 4.2% during the 2nd quarter. Lindsell Train Ltd now owns 7,082,868 shares of the company’s stock worth $144,278,000 after purchasing an additional 286,635 shares during the period. BlackRock Inc. boosted its stake in shares of World Wrestling Entertainment by 1.4% during the 2nd quarter. BlackRock Inc. now owns 4,487,555 shares of the company’s stock worth $91,410,000 after purchasing an additional 61,167 shares during the period. Morgan Stanley boosted its stake in shares of World Wrestling Entertainment by 22.5% during the 1st quarter. Morgan Stanley now owns 1,807,629 shares of the company’s stock worth $40,165,000 after purchasing an additional 331,584 shares during the period. EastBay Asset Management LLC boosted its stake in shares of World Wrestling Entertainment by 153.2% during the 2nd quarter. EastBay Asset Management LLC now owns 1,337,130 shares of the company’s stock worth $27,237,000 after purchasing an additional 809,130 shares during the period. Finally, Eagle Boston Investment Management Inc. boosted its stake in shares of World Wrestling Entertainment by 100.8% during the 2nd quarter. Eagle Boston Investment Management Inc. now owns 916,673 shares of the company’s stock worth $19,516,000 after purchasing an additional 460,117 shares during the period. 49.50% of the stock is owned by hedge funds and other 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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Analyst Recommendations for World Wrestling Entertainment (NYSE:WWE)

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