Northcoast Research Weighs in on World Wrestling Entertainment, Inc.’s Q3 2020 Earnings (NYSE:WWE)

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World Wrestling Entertainment, Inc. (NYSE:WWE) – Analysts at Northcoast Research boosted their Q3 2020 EPS estimates for shares of World Wrestling Entertainment in a research note issued on Monday, June 29th. Northcoast Research analyst J. Healy now expects that the company will post earnings per share of $0.26 for the quarter, up from their previous estimate of $0.23.

Several other equities analysts have also commented on the company. Morgan Stanley cut their price target on World Wrestling Entertainment from $50.00 to $45.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 22nd. MKM Partners raised their price objective on World Wrestling Entertainment from $48.00 to $52.00 in a research report on Friday, April 24th. Needham & Company LLC raised their price objective on World Wrestling Entertainment from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Guggenheim reaffirmed a “buy” rating and set a $60.00 price objective on shares of World Wrestling Entertainment in a research report on Friday, April 24th. Finally, TheStreet raised World Wrestling Entertainment from a “c+” rating to a “b-” rating in a research report on Wednesday, June 17th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and ten have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $55.75.

Shares of World Wrestling Entertainment stock opened at $43.45 on Wednesday. The firm has a market cap of $3.20 billion, a P/E ratio of 34.48 and a beta of 1.46. The company has a current ratio of 1.31, a quick ratio of 1.29 and a debt-to-equity ratio of 1.33. World Wrestling Entertainment has a 12 month low of $29.10 and a 12 month high of $78.76. The stock’s fifty day moving average price is $44.67 and its 200-day moving average price is $47.76.

World Wrestling Entertainment (NYSE:WWE) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.25 by $0.06. The firm had revenue of $291.00 million for the quarter, compared to analyst estimates of $259.45 million. World Wrestling Entertainment had a return on equity of 40.28% and a net margin of 10.45%. The business’s revenue for the quarter was up 59.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.11) earnings per share.

Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its holdings in shares of World Wrestling Entertainment by 0.4% during the first quarter. State Street Corp now owns 1,073,686 shares of the company’s stock worth $36,430,000 after purchasing an additional 4,380 shares during the period. New Mexico Educational Retirement Board lifted its holdings in shares of World Wrestling Entertainment by 48.7% during the first quarter. New Mexico Educational Retirement Board now owns 11,300 shares of the company’s stock worth $383,000 after purchasing an additional 3,700 shares during the period. Rice Hall James & Associates LLC lifted its holdings in shares of World Wrestling Entertainment by 21.9% during the first quarter. Rice Hall James & Associates LLC now owns 775,743 shares of the company’s stock worth $26,321,000 after purchasing an additional 139,523 shares during the period. Public Employees Retirement Association of Colorado lifted its holdings in shares of World Wrestling Entertainment by 13.1% during the first quarter. Public Employees Retirement Association of Colorado now owns 7,112 shares of the company’s stock worth $241,000 after purchasing an additional 822 shares during the period. Finally, FDx Advisors Inc. lifted its holdings in shares of World Wrestling Entertainment by 368.4% during the first quarter. FDx Advisors Inc. now owns 19,077 shares of the company’s stock worth $58,000 after purchasing an additional 15,004 shares during the period. 72.83% of the stock is owned by hedge funds and other institutional investors.

In other World Wrestling Entertainment news, EVP Bradley Blum sold 16,358 shares of the firm’s stock in a transaction dated Wednesday, April 29th. The stock was sold at an average price of $45.32, for a total value of $741,344.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Paul Levesque sold 23,255 shares of World Wrestling Entertainment stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $43.80, for a total value of $1,018,569.00. The disclosure for this sale can be found here. In the last three months, insiders sold 72,613 shares of company stock valued at $3,260,094. Corporate insiders own 40.20% of the company’s stock.

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Monday, June 15th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.10%. The ex-dividend date was Friday, June 12th. World Wrestling Entertainment’s dividend payout ratio is presently 56.47%.

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.

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