Cornerstone Wealth Group LLC purchased a new stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN – Get Rating) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 72,629 shares of the company's stock, valued at approximately $2,209,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. M&T Bank Corp increased its holdings in shares of PENN Entertainment by 11.3% in the first quarter. M&T Bank Corp now owns 6,776 shares of the company's stock worth $286,000 after purchasing an additional 690 shares during the last quarter. Banque Pictet & Cie SA bought a new stake in shares of PENN Entertainment in the first quarter worth about $1,666,000. HighTower Advisors LLC increased its holdings in shares of PENN Entertainment by 12.6% in the first quarter. HighTower Advisors LLC now owns 60,091 shares of the company's stock worth $2,538,000 after purchasing an additional 6,740 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of PENN Entertainment by 2.8% in the fourth quarter. Alliancebernstein L.P. now owns 206,252 shares of the company's stock worth $10,694,000 after purchasing an additional 5,662 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its holdings in shares of PENN Entertainment by 5.6% in the first quarter. Teacher Retirement System of Texas now owns 34,894 shares of the company's stock worth $1,480,000 after purchasing an additional 1,838 shares during the last quarter. 82.62% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. JMP Securities assumed coverage on PENN Entertainment in a report on Tuesday, June 28th. They issued an "outperform" rating and a $52.00 target price on the stock. Barclays lifted their price target on PENN Entertainment from $37.00 to $44.00 and gave the stock an "overweight" rating in a research report on Friday, August 5th. Wells Fargo & Company dropped their price target on PENN Entertainment from $48.00 to $38.00 and set an "equal weight" rating for the company in a research report on Thursday, July 14th. Truist Financial dropped their price target on PENN Entertainment from $60.00 to $48.00 and set a "buy" rating for the company in a research report on Wednesday, July 20th. Finally, Credit Suisse Group dropped their price target on PENN Entertainment to $66.00 in a research report on Tuesday, August 9th. Six analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat, PENN Entertainment has a consensus rating of "Moderate Buy" and an average price target of $62.50.

Insider Buying and Selling

PENN Entertainment Stock Up 5.4 %

Shares of NASDAQ PENN opened at $27.96 on Thursday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a market capitalization of $4.43 billion, a price-to-earnings ratio of 22.92, a PEG ratio of 1.50 and a beta of 2.24. The stock has a 50 day moving average price of $32.75 and a 200 day moving average price of $34.12. PENN Entertainment, Inc. has a 52-week low of $25.49 and a 52-week high of $81.66.

PENN Entertainment (NASDAQ:PENN – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.35). The firm had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.60 billion. PENN Entertainment had a net margin of 3.33% and a return on equity of 5.65%. The firm's revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.17 EPS. Sell-side analysts expect that PENN Entertainment, Inc. will post 1.3 earnings per share for the current year.

About PENN Entertainment

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PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences in North America. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates 44 properties in 20 states; online sports betting in 13 jurisdictions; and iCasino in five under a portfolio of brands, including Hollywood Casino, L'Auberge, Barstool Sportsbook, and theScore Bet.

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