World Wrestling Entertainment (NYSE:WWE) Research Coverage Started at Rosenblatt Securities

Investment analysts at Rosenblatt Securities assumed coverage on shares of World Wrestling Entertainment (NYSE:WWE) in a report released on Wednesday, 24/7 WallStreet reports. The brokerage set a “buy” rating and a $85.00 price target on the stock. Rosenblatt Securities’ price target suggests a potential upside of 28.57% from the stock’s previous close.

A number of other research analysts have also weighed in on the stock. Zacks Investment Research lowered shares of World Wrestling Entertainment from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 30th. Morgan Stanley dropped their price target on shares of World Wrestling Entertainment from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Friday, July 26th. Citigroup initiated coverage on shares of World Wrestling Entertainment in a research report on Tuesday. They set a “buy” rating and a $85.00 price target on the stock. Guggenheim reissued a “buy” rating and set a $100.00 price target (down from $105.00) on shares of World Wrestling Entertainment in a research report on Tuesday, June 25th. Finally, Benchmark raised shares of World Wrestling Entertainment from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a research report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $99.73.

Shares of WWE traded down $0.59 during trading hours on Wednesday, reaching $66.11. 3,467 shares of the stock traded hands, compared to its average volume of 1,112,902. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 0.13. The stock has a fifty day moving average price of $71.66. World Wrestling Entertainment has a 52 week low of $58.50 and a 52 week high of $100.45. The stock has a market cap of $5.29 billion, a P/E ratio of 59.01 and a beta of 1.37.

World Wrestling Entertainment (NYSE:WWE) last released its quarterly earnings results on Thursday, July 25th. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.03) by $0.14. World Wrestling Entertainment had a net margin of 8.42% and a return on equity of 23.92%. The company had revenue of $268.90 million for the quarter, compared to analyst estimates of $271.21 million. During the same period last year, the firm earned $0.11 earnings per share. The firm’s revenue was down 4.5% on a year-over-year basis. As a group, sell-side analysts expect that World Wrestling Entertainment will post 0.99 EPS for the current year.

In other World Wrestling Entertainment news, Director Patricia A. Gottesman sold 4,123 shares of World Wrestling Entertainment stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $67.02, for a total value of $276,323.46. Following the sale, the director now owns 16,521 shares of the company’s stock, valued at $1,107,237.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Patricia A. Gottesman sold 4,112 shares of World Wrestling Entertainment stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $72.92, for a total transaction of $299,847.04. Following the completion of the sale, the director now directly owns 20,644 shares in the company, valued at approximately $1,505,360.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 255,047 shares of company stock worth $17,794,397. Insiders own 43.90% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. Lindsell Train Ltd raised its position in shares of World Wrestling Entertainment by 20.2% in the second quarter. Lindsell Train Ltd now owns 7,168,643 shares of the company’s stock valued at $518,436,000 after purchasing an additional 1,205,461 shares during the period. Wells Fargo & Company MN raised its position in shares of World Wrestling Entertainment by 10.8% in the second quarter. Wells Fargo & Company MN now owns 1,228,530 shares of the company’s stock valued at $88,712,000 after purchasing an additional 119,861 shares during the period. Clearbridge Investments LLC raised its position in shares of World Wrestling Entertainment by 0.9% in the first quarter. Clearbridge Investments LLC now owns 1,106,935 shares of the company’s stock valued at $96,060,000 after purchasing an additional 9,362 shares during the period. Northern Trust Corp raised its position in shares of World Wrestling Entertainment by 1.3% in the second quarter. Northern Trust Corp now owns 782,971 shares of the company’s stock valued at $56,538,000 after purchasing an additional 10,428 shares during the period. Finally, APG Asset Management N.V. raised its position in shares of World Wrestling Entertainment by 190.2% in the second quarter. APG Asset Management N.V. now owns 765,600 shares of the company’s stock valued at $48,546,000 after purchasing an additional 501,800 shares during the period. 68.33% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: Bid-Ask Spread

Analyst Recommendations for World Wrestling Entertainment (NYSE:WWE)

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.



Leave a Reply