Amundi Sells 100,753 Shares of Caesars Entertainment, Inc. $CZR

Key Points

• Amundi reduced its Caesars Entertainment stake by 6.3%, selling 100,753 shares in the second quarter and retaining 1.49 million shares worth approximately $44.9 million. Institutional investors collectively own 91.79% of the company.
• Caesars reported a quarterly loss of $0.30 per share, missing estimates of a $0.05 profit, while revenue rose 3% year over year to $2.99 billion. Insiders also sold 301,540 shares worth about $8.9 million over the past three months.
• CZR shares opened at $29.65, near the analyst consensus target of $30.71. Wall Street’s overall rating is “Hold,” with two Buy, 15 Hold, and two Sell ratings.

Amundi cut its holdings in shares of Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 6.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,486,881 shares of the company's stock after selling 100,753 shares during the quarter. Amundi owned about 0.73% of Caesars Entertainment worth $44,874,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. BlackRock Inc. acquired a new position in Caesars Entertainment during the 2nd quarter valued at $830,001,000. Pentwater Capital Management LP bought a new stake in shares of Caesars Entertainment in the 2nd quarter worth approximately $346,014,000. California State Teachers Retirement System grew its holdings in shares of Caesars Entertainment by 2,852.0% during the 2nd quarter. California State Teachers Retirement System now owns 6,750,029 shares of the company's stock worth $223,659,000 after purchasing an additional 6,521,369 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Caesars Entertainment by 246,899,900.0% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,938,000 shares of the company's stock valued at $115,500,000 after purchasing an additional 4,937,998 shares during the period. Finally, Morgan Stanley increased its position in shares of Caesars Entertainment by 121.0% during the fourth quarter. Morgan Stanley now owns 7,141,899 shares of the company's stock valued at $167,049,000 after purchasing an additional 3,910,430 shares during the period. 91.79% of the stock is owned by institutional investors.

Insider Activity at Caesars Entertainment

In other news, Director Blackhurst Janis L. Jones sold 33,899 shares of the stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $29.63, for a total transaction of $1,004,427.37. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CMO Josh Jones sold 59,507 shares of the stock in a transaction on Friday, August 14th. The stock was sold at an average price of $29.72, for a total value of $1,768,548.04. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 301,540 shares of company stock valued at $8,937,904 in the last three months. Corporate insiders own 1.18% of the company's stock.

Caesars Entertainment Trading Down 0.1%

Shares of Caesars Entertainment stock opened at $29.65 on Friday. Caesars Entertainment, Inc. has a 12-month low of $17.86 and a 12-month high of $30.88. The stock has a market capitalization of $6.04 billion, a P/E ratio of -13.00 and a beta of 1.75. The company has a 50-day simple moving average of $29.82 and a 200 day simple moving average of $28.34. The company has a quick ratio of 0.83, a current ratio of 0.85 and a debt-to-equity ratio of 3.70.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($0.30) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.35). The firm had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.98 billion. Caesars Entertainment had a negative net margin of 3.99% and a negative return on equity of 7.64%. Caesars Entertainment's quarterly revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.39) earnings per share. Research analysts expect that Caesars Entertainment, Inc. will post -0.9 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CZR. Stifel Nicolaus cut Caesars Entertainment from a "buy" rating to a "hold" rating and set a $31.00 target price for the company. in a research report on Monday, June 15th. Texas Capital lowered shares of Caesars Entertainment from a "strong-buy" rating to a "hold" rating in a report on Monday, June 1st. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $31.00 price objective (down from $35.00) on shares of Caesars Entertainment in a report on Friday, May 29th. TD Cowen lowered shares of Caesars Entertainment from a "buy" rating to a "hold" rating and set a $31.00 target price on the stock. in a research report on Wednesday, July 29th. Finally, Susquehanna raised shares of Caesars Entertainment from a "positive" rating to a "positive" rating in a research note on Friday, May 29th. Two analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Caesars Entertainment has a consensus rating of "Hold" and a consensus target price of $30.71.

About Caesars Entertainment

Caesars Entertainment, Inc is a casino-entertainment company that owns, operates and manages commercial casinos, resorts and gaming facilities primarily in the United States. Its properties offer casino gaming, hotel accommodations, restaurants, entertainment, nightlife, conventions and other leisure services, with a significant presence in Las Vegas and regional markets across the country.

The company operates a portfolio of well-known brands, including Caesars, Harrah's, Horseshoe, Paris, Planet Hollywood, Flamingo, The LINQ and Caesars Sportsbook.

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