World Wrestling Entertainment (WWE) Cut to “Neutral” at Cannonball Research

Cannonball Research cut shares of World Wrestling Entertainment (NYSE:WWE) from a buy rating to a neutral rating in a research report report published on Monday morning, The Fly reports. The firm currently has $88.00 price objective on the stock.

Several other equities research analysts have also recently issued reports on WWE. Wolfe Research started coverage on shares of World Wrestling Entertainment in a research report on Friday, December 7th. They set an outperform rating for the company. JPMorgan Chase & Co. raised their price objective on shares of World Wrestling Entertainment from $84.00 to $87.00 and gave the stock an overweight rating in a research report on Sunday, December 9th. Loop Capital started coverage on shares of World Wrestling Entertainment in a research report on Friday, December 21st. They set a hold rating and a $85.00 price objective for the company. Zacks Investment Research upgraded shares of World Wrestling Entertainment from a hold rating to a strong-buy rating and set a $86.00 price objective for the company in a research report on Sunday, January 6th. Finally, KeyCorp set a $104.00 price objective on shares of World Wrestling Entertainment and gave the stock a buy rating in a research report on Wednesday, January 23rd. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of Buy and an average target price of $99.92.

Shares of NYSE WWE opened at $89.10 on Monday. The stock has a market capitalization of $6.81 billion, a PE ratio of 79.55 and a beta of 1.36. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 0.08. World Wrestling Entertainment has a 52 week low of $34.69 and a 52 week high of $97.69.

World Wrestling Entertainment (NYSE:WWE) last released its quarterly earnings data on Thursday, February 7th. The company reported $0.46 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.14. World Wrestling Entertainment had a net margin of 10.71% and a return on equity of 34.02%. The firm had revenue of $272.50 million during the quarter, compared to analysts’ expectations of $255.01 million. During the same period last year, the business earned $0.20 earnings per share. World Wrestling Entertainment’s revenue was up 28.8% compared to the same quarter last year. As a group, equities research analysts predict that World Wrestling Entertainment will post 1.24 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 15th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend was Thursday, March 14th. World Wrestling Entertainment’s dividend payout ratio (DPR) is presently 42.86%.

In other World Wrestling Entertainment news, insider George A. Barrios sold 40,000 shares of the stock in a transaction dated Wednesday, February 27th. The shares were sold at an average price of $83.80, for a total transaction of $3,352,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vincent K. Mcmahon sold 3,204,427 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $81.45, for a total transaction of $261,000,579.15. Following the transaction, the chief executive officer now directly owns 3,285,919 shares of the company’s stock, valued at approximately $267,638,102.55. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,304,427 shares of company stock valued at $269,243,779. 43.90% of the stock is currently owned by insiders.

Hedge funds have recently made changes to their positions in the business. Pearl River Capital LLC purchased a new position in World Wrestling Entertainment during the fourth quarter worth about $36,000. Cerebellum GP LLC purchased a new position in World Wrestling Entertainment during the fourth quarter worth about $71,000. Amundi Pioneer Asset Management Inc. purchased a new position in World Wrestling Entertainment during the fourth quarter worth about $126,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of World Wrestling Entertainment by 11.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,505 shares of the company’s stock valued at $187,000 after purchasing an additional 259 shares during the period. Finally, LPL Financial LLC purchased a new position in shares of World Wrestling Entertainment in the third quarter valued at approximately $219,000. 63.76% of the stock is owned by institutional investors.

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 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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