World Wrestling Entertainment (NYSE:WWE) Now Covered by Citigroup

Equities researchers at Citigroup initiated coverage on shares of World Wrestling Entertainment (NYSE:WWE) in a report released on Tuesday, The Fly reports. The brokerage set a “buy” rating and a $85.00 price target on the stock. Citigroup‘s target price suggests a potential upside of 27.44% from the stock’s current price.

A number of other equities research analysts have also issued reports on WWE. ValuEngine lowered shares of World Wrestling Entertainment from a “buy” rating to a “hold” rating in a report on Tuesday, July 2nd. KeyCorp reduced their target price on shares of World Wrestling Entertainment from $104.00 to $101.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. Benchmark upgraded shares of World Wrestling Entertainment from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a report on Friday, July 26th. Guggenheim reiterated a “buy” rating and set a $100.00 target price (down from $105.00) on shares of World Wrestling Entertainment in a report on Tuesday, June 25th. Finally, Morgan Stanley reduced their target price on shares of World Wrestling Entertainment from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $102.73.

Shares of WWE stock traded up $3.22 during trading hours on Tuesday, hitting $66.70. The company had a trading volume of 1,876,673 shares, compared to its average volume of 1,468,403. The business’s fifty day moving average is $71.78. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 0.13. World Wrestling Entertainment has a fifty-two week low of $58.50 and a fifty-two week high of $100.45. The firm has a market capitalization of $5.29 billion, a PE ratio of 59.55 and a beta of 1.37.

World Wrestling Entertainment (NYSE:WWE) last issued its quarterly earnings data on Thursday, July 25th. The company reported $0.11 EPS for the quarter, topping the consensus estimate of ($0.03) by $0.14. The firm had revenue of $268.90 million for the quarter, compared to analyst estimates of $271.21 million. World Wrestling Entertainment had a net margin of 8.42% and a return on equity of 23.92%. The business’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.11 EPS. Equities research analysts expect that World Wrestling Entertainment will post 0.99 earnings per share for the current year.

In other news, Director Patricia A. Gottesman sold 4,112 shares of the firm’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $72.92, for a total value of $299,847.04. Following the sale, the director now directly owns 20,644 shares in the company, valued at approximately $1,505,360.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michelle D. Wilson sold 158,134 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $69.30, for a total transaction of $10,958,686.20. Following the completion of the sale, the insider now owns 41,508 shares in the company, valued at $2,876,504.40. The disclosure for this sale can be found here. Insiders sold a total of 255,047 shares of company stock worth $17,794,397 over the last 90 days. Company insiders own 43.90% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of WWE. Lindsell Train Ltd grew its position in shares of World Wrestling Entertainment by 20.2% in the 2nd quarter. Lindsell Train Ltd now owns 7,168,643 shares of the company’s stock valued at $518,436,000 after buying an additional 1,205,461 shares during the last quarter. APG Asset Management N.V. grew its position in shares of World Wrestling Entertainment by 190.2% in the 2nd quarter. APG Asset Management N.V. now owns 765,600 shares of the company’s stock valued at $48,546,000 after buying an additional 501,800 shares during the last quarter. Norges Bank purchased a new position in shares of World Wrestling Entertainment in the 4th quarter valued at $31,712,000. Laurion Capital Management LP grew its position in shares of World Wrestling Entertainment by 249.3% in the 1st quarter. Laurion Capital Management LP now owns 200,100 shares of the company’s stock valued at $17,365,000 after buying an additional 334,091 shares during the last quarter. Finally, KCL Capital L.P. grew its position in shares of World Wrestling Entertainment by 341.7% in the 1st quarter. KCL Capital L.P. now owns 265,000 shares of the company’s stock valued at $22,996,000 after buying an additional 205,000 shares during the last quarter. 68.33% of the stock is currently owned by hedge funds and other institutional investors.

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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