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.
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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
In related news, Director Saul Reibstein sold 5,086 shares of the business's stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $38.03, for a total value of $193,420.58. Following the completion of the transaction, the director now owns 34,663 shares of the company's stock, valued at $1,318,233.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through
this link. 1.50% of the stock is currently owned by insiders.
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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