In a report released today, Eric Katz from Wells Fargo downgraded World Wrestling (NYSE: WWE) to Hold. The company’s shares closed yesterday at $19.17.
According to TipRanks.com, Katz is a 3-star analyst with an average return of 8.9% and a 66.7% success rate. Katz covers the Services sector, focusing on stocks such as Eros International, Meredith Corp., and Walt Disney.
Currently, the analyst consensus on World Wrestling is Strong Buy and the average price target is $22.95, representing a 19.7% upside.
In a report released today, Pacific Crest also downgraded the stock to Hold.
Based on World Wrestling’s latest earnings report from December 31, the company posted quarterly revenue of $166.2M and quarterly net profit of -$1.11M. In comparison, last year the company earned revenue of $166.2M and had a net profit of $10.37M.
Based on the recent corporate insider activity of 62 insiders, corporate insider sentiment is negative on the stock. Most recently, in August 2016, Michelle D. Wilson, a the Chief Revenue & Marketing Off of WWE sold 12,100 shares for a total of $253,011.
World Wrestling Entertainment, Inc. is an integrated media and entertainment company, which is principally engaged in the development, production and marketing of television and pay-per-view event programming and live events and the licensing and sale of consumer products featuring its brands. The company operates through five segments: Digital Media, Live Events, Consumer Products Division, WWE Studios, Corporate & Other. The Digital Media segment revenues consist principally of subscriptions to WWE Network, fees for viewing its pay-per-view and video-on-demand programming, and advertising fees. The Live Events segment revenues consist principally of ticket sales and travel packages for live events. The Consumer Products segment revenues consist principally of royalties or license fees related to various WWE themed products such as video games, toys and apparel. The WWE Studios segment revenues consist of amounts earned from the investing in producing and/or distributing of filmed entertainment. The Corporate & Other segment revenues consist of amounts earned from the investing in producing and/or distributing of filmed entertainment. The company was founded by Vincent K. McMahon in 1980 and is headquartered in Stamford, CT.
The post Wells Fargo Downgrades World Wrestling to Hold appeared first on Markets.