World Wrestling Entertainment (NYSE:WWE) Downgraded by JPMorgan Chase & Co. to Neutral

JPMorgan Chase & Co. cut shares of World Wrestling Entertainment (NYSE:WWE) from an overweight rating to a neutral rating in a research note released on Tuesday morning, Briefing.com Automated Import reports. JPMorgan Chase & Co. currently has $47.00 price objective on the stock, down from their prior price objective of $80.00.

WWE has been the subject of a number of other reports. Guggenheim restated a buy rating and issued a $85.00 price target on shares of World Wrestling Entertainment in a report on Wednesday, January 29th. Citigroup upgraded shares of World Wrestling Entertainment from a neutral rating to a buy rating and reduced their price objective for the company from $79.00 to $73.00 in a report on Friday, November 8th. MKM Partners reduced their price objective on shares of World Wrestling Entertainment to in a report on Friday, February 7th. Morgan Stanley cut shares of World Wrestling Entertainment from an overweight rating to an equal weight rating and reduced their price objective for the company from $80.00 to $54.00 in a report on Friday, January 31st. Finally, Loop Capital reduced their price objective on shares of World Wrestling Entertainment from $43.00 to $36.00 and set a sell rating for the company in a report on Friday, February 7th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and ten have given a buy rating to the stock. The stock currently has a consensus rating of Hold and an average target price of $68.35.

NYSE:WWE opened at $44.93 on Tuesday. The company has a current ratio of 1.17, a quick ratio of 1.15 and a debt-to-equity ratio of 1.35. The stock has a market capitalization of $3.53 billion, a price-to-earnings ratio of 53.49 and a beta of 1.39. The firm has a fifty day simple moving average of $57.49 and a two-hundred day simple moving average of $64.39. World Wrestling Entertainment has a 12 month low of $40.24 and a 12 month high of $100.45.

World Wrestling Entertainment (NYSE:WWE) last posted its quarterly earnings results on Thursday, February 6th. The company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.07. The business had revenue of $322.80 million during the quarter, compared to analysts’ expectations of $332.41 million. World Wrestling Entertainment had a net margin of 8.03% and a return on equity of 25.56%. The business’s quarterly revenue was up 18.5% on a year-over-year basis. During the same period last year, the company posted $0.46 earnings per share. Equities analysts predict that World Wrestling Entertainment will post 1.9 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Friday, March 13th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend is Thursday, March 12th. World Wrestling Entertainment’s dividend payout ratio is currently 56.47%.

Several hedge funds and other institutional investors have recently modified their holdings of WWE. Ladenburg Thalmann Financial Services Inc. boosted its holdings in World Wrestling Entertainment by 13.9% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,831 shares of the company’s stock worth $130,000 after purchasing an additional 224 shares during the last quarter. State of Alaska Department of Revenue purchased a new position in World Wrestling Entertainment during the third quarter worth about $601,000. Envestnet Asset Management Inc. boosted its holdings in World Wrestling Entertainment by 7.5% during the third quarter. Envestnet Asset Management Inc. now owns 7,703 shares of the company’s stock worth $548,000 after purchasing an additional 536 shares during the last quarter. Lindsell Train Ltd boosted its holdings in World Wrestling Entertainment by 8.9% during the third quarter. Lindsell Train Ltd now owns 7,807,295 shares of the company’s stock worth $556,192,000 after purchasing an additional 638,652 shares during the last quarter. Finally, State of Michigan Retirement System boosted its holdings in World Wrestling Entertainment by 7.0% during the third quarter. State of Michigan Retirement System now owns 13,800 shares of the company’s stock worth $982,000 after purchasing an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 74.66% of the company’s stock.

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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