Pictet Asset Management SA, a prominent institutional investor, has significantly increased its stake in World Wrestling Entertainment (WWE) during the first quarter of this year. According to the latest disclosure with the Securities and Exchange Commission (SEC), the firm now owns 71,526 shares of WWE’s stock, a staggering increase of 1,255.2%. This surge in ownership came from Pictet Asset Management SA’s acquisition of an additional 66,248 shares during the mentioned period. At the end of the first quarter, this stake was valued at approximately $6,527,000 or around 0.10% worth of World Wrestling Entertainment.
In other news related to World Wrestling Entertainment, the company recently released its earnings results for the quarter ending on August 2nd. According to these results, WWE reported earnings per share (EPS) of $0.91 for the mentioned quarter. This figure fell slightly short by $0.02 compared to analysts’ consensus estimate of $0.93 EPS for that period.
Despite falling short on EPS estimates, World Wrestling Entertainment demonstrated strong financial performance in terms of return on equity (ROE) and net margin during this same period. The company achieved a ROE of 34.50% and a net margin of 12.65%. Furthermore, WWE generated revenue amounting to $410.30 million for the quarter under review—a noteworthy figure when compared to analysts’ consensus estimate of $398.54 million.
Equity research analysts are optimistic about World Wrestling Entertainment’s future prospects based on their current evaluations and forecasts for the company’s performance this year. Analysts predict that WWE will post earnings per share amounting to 2.67 for this fiscal year.
With Pictet Asset Management SA increasing its stake in WWE and analysts predicting positive outlooks for the company’s future performance, it is evident that there is considerable interest and confidence surrounding World Wrestling Entertainment’s stock. Investors and industry experts are closely monitoring WWE’s progress, with the expectation of potential growth and returns in the future.
For more analysis and updates on World Wrestling Entertainment (WWE), interested parties can refer to our latest stock analysis, which provides an in-depth evaluation of the company’s financial performance, market trends, and potential investment opportunities within this sector.
World Wrestling Entertainment, Inc.
WWE
Strong Buy
Updated on: 25/08/2023
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Hedge Funds and Institutional Investors Make Moves on World Wrestling Entertainment (WWE) Stock
In recent months, there have been notable changes in the holdings of various hedge funds and other institutional investors concerning World Wrestling Entertainment (WWE). Dark Forest Capital Management LP, for instance, acquired a new stake in the company during the fourth quarter of an undisclosed year. The value of this stake was estimated at $36,000. Similarly, Allworth Financial LP raised its stake in WWE during the first quarter by approximately 30.8%. This translated to ownership of 526 shares valued at $48,000 after purchasing an additional 124 shares.
Spire Wealth Management also made a move to invest in WWE during the fourth quarter by acquiring a stake worth $53,000. US Bancorp DE followed suit by raising its own stake in the company by 55.9% during the first quarter. They currently own 957 shares valued at $59,000 after purchasing an additional 343 shares in the last quarter.
Parallel Advisors LLC increased its position in WWE as well during the fourth quarter with a gain of 11.6%. With this boost, they now own 1,177 shares in WWE valued at $81,000 after acquiring an additional 122 shares.
It is interesting to note that hedge funds and institutional investors hold a significant portion – specifically 69.13% – of WWE’s stock.
On August XX, YYYY (reference date), World Wrestling Entertainment (NYSE: WWE) opened on Thursday at $115.13. As reported by market data sources, its 50-day moving average price sat at $107.57 while its 200-day moving average was recorded at $99.80.
Beyond these figures lies more statistical insight into WWE’s financial standing: the company boasts a current ratio of 3.78 alongside a quick ratio of 3.76; its debt-to-equity ratio stands at an admirable low of 0.42; and it carries a market cap totaling $9.57 billion. In terms of valuation, World Wrestling Entertainment holds a relatively high price-to-earnings ratio at 56.43 and exhibits a beta of 1.14. Moreover, WWE’s trading range over the past year reflects a twelve-month low of $65.04 and a twelve-month high of $116.86.
In other recent news, World Wrestling Entertainment announced its intention to pay out a quarterly dividend on Monday, September 25th. Shareholders registered before Friday, September 15th will receive a dividend of $0.12 per share, amounting to an annualized dividend of $0.48 with an indicated yield of 0.42%. Notably, the ex-dividend date is slated for Thursday, September 14th.
Several analysts have recently weighed in on the company as well. StockNews.com initiated coverage on shares of World Wrestling Entertainment and assigned it a “hold” rating on Saturday, August 19th (reference date). VNET Group has maintained their rating on WWE as well in previous research reports.
Similarly, Wells Fargo & Company revised their price objective for WWE from $100.00 to $109.00 earlier this year (exact date not specified). Loop Capital also made adjustments to their price objective for WWE in May by increasing it from $105.00 to $125.00.
Morgan Stanley has reiterated an “overweight” rating for World Wrestling Entertainment multiple times and set a price objective of $125.00 in their latest research report dated Thursday, August 3rd.
Considering all available equities research ratings for WWE based on data retrieved from Bloomberg at reference date: four analysts have rated the stock as “hold” while three have given it a “buy” rating.
It is important to note that analysis and expert opinions should be approached with caution before making any investment decisions regarding stocks like those offered by World Wrestling Entertainment Inc., keeping in mind that the average rating according to these sources is “Hold” with a consensus target price of $110.13.
Please keep in mind that the financial markets are a constantly changing and evolving entity, so it is advisable to consult multiple sources and stay updated with the latest reports and analysis.
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