Zacks Investment Ideas Highlights: World Wrestling Entertainment

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Chicago, IL – August 23, 2022 – Today’s Zacks Investment Ideas feature highlights World Wrestling Entertainment WWE.

The rise of this entertainment stock has defied the odds

Market action in August was fast and furious, with the summer rally coming to a halt this past week. We are seeing a resurgence of the theme that was present earlier in the year, with defensive sectors outperforming while technology and growth lead the downside. Bond yields rose again, while energy names held up well after retreating earlier in the summer.

We’re also heading into the dreaded September, which is the worst month in mid-years (down -1.14% on average) dating back to 1928. And as we can see below, the third quarter is historically the weakest time of year, averaging a measly 0.7% dating back to 1950. Unfavorable seasonality combined with a generally volatile mid-year could spell trouble in the coming weeks and months.

This is why it is so important to be extremely selective with individual stock purchases, targeting only the strongest stocks that are in the most powerful uptrends. Identifying top stocks can help us cut through volatility and include names with the best profit potential. Let’s take a look at one highly valued stock that defied the odds and made new 52-week highs in this treacherous market environment.

Zacks Rank #1 Stock (Strong Buy).

World Wrestling Entertainment is an integrated media and entertainment company. WWE is engaged in the production and monetization of video content across a variety of platforms, including the WWE Network, broadcast and pay television, as well as digital and social media. Live events generate revenue through the sale of tickets as well as tour packages. World Wrestling Entertainment is also involved in the merchandising of branded products such as video games, toys, apparel and books.

WWE has exceeded profit estimates in each of the past four quarters. The global media giant recently reported second quarter earnings per share last week of $0.59/share, 5.36% higher than the consensus estimate of $0.56. WWE has produced a surprising four-quarter average gain of 30.93%, pushing its stock up more than 45% over the past year.

Analysts agree on earnings revisions and raise estimates across the board. The full-year EPS estimate has been increased by 4.18% over the past 60 days. The Zacks Consensus Estimate now stands at $2.49/share, reflecting a potential upside of 17.45% from last year. Sales are expected to rise 18.61% to $1.3 billion.

Using a process that identifies leading stocks can help investors navigate this market. Make sure you keep an eye on WWE as we head into a historically weak third quarter.

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