Zacks: Brokerages Expect World Wrestling Entertainment, Inc. (WWE) Will Post Quarterly Sales of $173.20 Million
Analysts expect World Wrestling Entertainment, Inc. (NYSE:WWE) to announce $173.20 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for World Wrestling Entertainment’s earnings, with the highest sales estimate coming in at $174.80 million and the lowest estimate coming in at $171.60 million. World Wrestling Entertainment posted sales of $164.20 million during the same quarter last year, which would indicate a positive year over year growth rate of 5.5%. The business is expected to report its next quarterly earnings results on Thursday, October 26th.
According to Zacks, analysts expect that World Wrestling Entertainment will report full year sales of $173.20 million for the current fiscal year, with estimates ranging from $776.30 million to $783.00 million. For the next year, analysts forecast that the company will post sales of $826.51 million per share, with estimates ranging from $806.80 million to $840.64 million. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for World Wrestling Entertainment.
World Wrestling Entertainment (NYSE:WWE) last released its quarterly earnings data on Thursday, July 27th. The company reported $0.06 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.06. World Wrestling Entertainment had a return on equity of 13.07% and a net margin of 3.29%. The company had revenue of $214.60 million for the quarter, compared to analyst estimates of $209.28 million. During the same period in the previous year, the company posted $0.01 EPS. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year.
Several equities research analysts have recently issued reports on WWE shares. TheStreet raised shares of World Wrestling Entertainment from a “c+” rating to a “b-” rating in a research note on Thursday, May 4th. Zacks Investment Research raised shares of World Wrestling Entertainment from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Monday, July 31st. Benchmark Co. reissued a “buy” rating and set a $25.00 target price (down from $26.00) on shares of World Wrestling Entertainment in a research note on Sunday, July 30th. Morgan Stanley started coverage on shares of World Wrestling Entertainment in a research note on Friday, June 30th. They set an “equal weight” rating and a $23.00 target price on the stock. Finally, BidaskClub lowered shares of World Wrestling Entertainment from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $24.38.
In related news, EVP Casey Collins sold 13,383 shares of the firm’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $21.23, for a total value of $284,121.09. Following the transaction, the executive vice president now directly owns 43,926 shares of the company’s stock, valued at approximately $932,548.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Mark Kowal sold 4,750 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $21.44, for a total transaction of $101,840.00. Following the completion of the transaction, the senior vice president now directly owns 17,011 shares in the company, valued at $364,715.84. The disclosure for this sale can be found here. Insiders sold a total of 145,419 shares of company stock worth $3,058,983 over the last ninety days. 49.80% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of WWE. BlackRock Inc. raised its position in World Wrestling Entertainment by 116,814.6% in the first quarter. BlackRock Inc. now owns 4,426,388 shares of the company’s stock worth $98,355,000 after buying an additional 4,422,602 shares during the period. EastBay Asset Management LLC raised its position in World Wrestling Entertainment by 153.2% in the second quarter. EastBay Asset Management LLC now owns 1,337,130 shares of the company’s stock worth $27,237,000 after buying an additional 809,130 shares during the period. Eagle Boston Investment Management Inc. raised its position in World Wrestling Entertainment by 100.8% in the second quarter. Eagle Boston Investment Management Inc. now owns 916,673 shares of the company’s stock worth $19,516,000 after buying an additional 460,117 shares during the period. Heartland Advisors Inc. acquired a new position in World Wrestling Entertainment during the second quarter worth $6,938,000. Finally, Morgan Stanley raised its position in World Wrestling Entertainment by 22.5% in the first quarter. Morgan Stanley now owns 1,807,629 shares of the company’s stock worth $40,165,000 after buying an additional 331,584 shares during the period. 49.50% of the stock is currently owned by hedge funds and other institutional investors.
Shares of World Wrestling Entertainment (NYSE WWE) opened at 21.60 on Thursday. The company’s 50 day moving average price is $21.07 and its 200-day moving average price is $20.95. World Wrestling Entertainment has a 1-year low of $16.77 and a 1-year high of $23.14. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 65.85 and a beta of 0.82.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Friday, September 15th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date is Thursday, September 14th. World Wrestling Entertainment’s dividend payout ratio is presently 154.84%.
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World Wrestling Entertainment Company Profile
World Wrestling Entertainment, Inc (WWE) is an integrated media and entertainment company. The Company’s segments are Network, Television, Home Entertainment, Digital Media, Live Events, Licensing, Venue Merchandise, WWEShop, WWE Studios, and Corporate and Other. The Company is engaged in the production and distribution of content through various channels, including its WWE Network, television rights agreements, pay-per-view event programming, live events, feature films, licensing of various WWE themed products, and the sale of consumer products featuring its brands.
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