World Wrestling Entertainment (NYSE:WWE) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of World Wrestling Entertainment (NYSE:WWE) from a sell rating to a hold rating in a research report released on Monday, Zacks.com reports. They currently have $62.00 price target on the stock.

According to Zacks, “Shares of WWE have underperformed the industry in the past three months. Cancellations, postponement and relocation of live events amid the pandemic are headwinds for the company. Such limitations led to a decline in WWE’s top line during fourth-quarter 2020. Management expects pandemic-led restrictions upon live events to continue through the first half of 2021. Nevertheless, growth in Network subscription revenues is an upside for the company. In the fourth quarter, WWE Network’s average paid subscribers totaled 1.5 million, up 6% year on year. Growth in rights fees has also continued to remain an upside for the company. Additionally, WWE has been undertaking measures to adapt with the changing media environment. In this context, the agreement with NBCU’s Peacock streaming service is likely to boost consumer reach.”

A number of other analysts have also commented on WWE. Evercore ISI upgraded shares of World Wrestling Entertainment from an in-line rating to an outperform rating and set a $58.00 price target for the company in a research note on Tuesday, January 19th. Cfra cut World Wrestling Entertainment to a sell rating and set a $45.00 price objective for the company. in a research report on Friday, April 9th. Barclays started coverage on World Wrestling Entertainment in a report on Monday, January 11th. They issued an equal weight rating and a $49.00 target price on the stock. MKM Partners boosted their price target on World Wrestling Entertainment from $60.00 to $65.00 in a research note on Wednesday, January 27th. Finally, Needham & Company LLC increased their price objective on shares of World Wrestling Entertainment from $50.00 to $65.00 and gave the stock a buy rating in a research note on Friday, February 5th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $54.64.

World Wrestling Entertainment stock opened at $56.23 on Monday. World Wrestling Entertainment has a 12 month low of $35.44 and a 12 month high of $61.32. The stock has a fifty day simple moving average of $55.19 and a two-hundred day simple moving average of $47.46. The company has a current ratio of 1.29, a quick ratio of 1.27 and a debt-to-equity ratio of 1.14. The firm has a market cap of $4.37 billion, a price-to-earnings ratio of 33.67 and a beta of 1.42.

World Wrestling Entertainment (NYSE:WWE) last released its quarterly earnings data on Thursday, February 4th. The company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.04). World Wrestling Entertainment had a net margin of 14.18% and a return on equity of 48.59%. The business had revenue of $238.20 million for the quarter, compared to analysts’ expectations of $240.82 million. On average, equities research analysts forecast that World Wrestling Entertainment will post 1.52 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 25th. Shareholders of record on Monday, March 15th were given a $0.12 dividend. The ex-dividend date of this dividend was Friday, March 12th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.85%. World Wrestling Entertainment’s payout ratio is currently 56.47%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its position in shares of World Wrestling Entertainment by 5.0% in the fourth quarter. BlackRock Inc. now owns 4,200,300 shares of the company’s stock valued at $201,826,000 after acquiring an additional 199,981 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in World Wrestling Entertainment by 2,912.2% in the 4th quarter. UBS Asset Management Americas Inc. now owns 1,613,372 shares of the company’s stock valued at $77,523,000 after acquiring an additional 1,559,810 shares during the last quarter. Korea Investment CORP lifted its stake in World Wrestling Entertainment by 8.2% in the 4th quarter. Korea Investment CORP now owns 1,074,631 shares of the company’s stock worth $51,636,000 after purchasing an additional 81,700 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of World Wrestling Entertainment by 447.9% during the 4th quarter. Renaissance Technologies LLC now owns 808,100 shares of the company’s stock valued at $38,829,000 after purchasing an additional 660,600 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of World Wrestling Entertainment by 15.9% during the 4th quarter. Bank of New York Mellon Corp now owns 640,033 shares of the company’s stock valued at $30,752,000 after purchasing an additional 88,012 shares during the last quarter. Institutional investors own 67.50% 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 through 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: Limitations of the P/E Growth ratio

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