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

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.”

Other equities research analysts have also issued research reports about the company. ValuEngine lowered World Wrestling Entertainment from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. BidaskClub lowered World Wrestling Entertainment from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Benchmark Co. restated a “buy” rating and issued a $25.00 price objective (down previously from $26.00) on shares of World Wrestling Entertainment in a research report on Sunday, July 30th. Needham & Company LLC restated a “buy” rating and issued a $25.00 price objective on shares of World Wrestling Entertainment in a research report on Tuesday, September 26th. Finally, Morgan Stanley assumed coverage on World Wrestling Entertainment in a research report on Friday, June 30th. They issued an “equal weight” rating and a $23.00 price objective on the stock. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $24.38.

World Wrestling Entertainment (NYSE:WWE) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.06 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.06. World Wrestling Entertainment had a return on equity of 13.07% and a net margin of 3.29%. The business had revenue of $214.60 million for the quarter, compared to analyst estimates of $209.28 million. During the same quarter in the prior year, the firm posted $0.01 EPS. The business’s quarterly revenue was up 7.8% compared to the same quarter last year.

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In other World Wrestling Entertainment news, EVP Casey Collins sold 13,383 shares of the firm’s stock in a transaction on Monday, July 31st. The stock was sold at an average price of $21.23, for a total value of $284,121.09. Following the completion of the sale, the executive vice president now directly owns 43,926 shares of the company’s stock, valued at approximately $932,548.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CRO Michelle D. Wilson sold 55,000 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $21.25, for a total value of $1,168,750.00. Following the completion of the sale, the executive now directly owns 436,174 shares of the company’s stock, valued at $9,268,697.50. The disclosure for this sale can be found here. Insiders sold a total of 173,231 shares of company stock valued at $3,660,354 over the last ninety days. Corporate insiders own 49.80% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the business. Lindsell Train Ltd increased its stake in shares of World Wrestling Entertainment by 4.2% in the 2nd quarter. Lindsell Train Ltd now owns 7,082,868 shares of the company’s stock worth $144,278,000 after acquiring an additional 286,635 shares during the last quarter. BlackRock Inc. increased its stake in shares of World Wrestling Entertainment by 1.4% in the 2nd quarter. BlackRock Inc. now owns 4,487,555 shares of the company’s stock worth $91,410,000 after acquiring an additional 61,167 shares during the last quarter. Morgan Stanley increased its stake in shares of World Wrestling Entertainment by 22.5% in the 1st quarter. Morgan Stanley now owns 1,807,629 shares of the company’s stock worth $40,165,000 after acquiring an additional 331,584 shares during the last quarter. EastBay Asset Management LLC increased 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 worth $27,237,000 after acquiring an additional 809,130 shares during the last quarter. Finally, Eagle Boston Investment Management Inc. increased its stake in shares of World Wrestling Entertainment by 100.8% in the 2nd quarter. Eagle Boston Investment Management Inc. now owns 916,673 shares of the company’s stock worth $19,516,000 after acquiring an additional 460,117 shares during the last quarter. 49.49% of the stock is owned by institutional investors and hedge funds.

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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