Assenagon Asset Management S.A. Has $115.23 Million Holdings in Caesars Entertainment, Inc. $CZR

Key Points

• Assenagon Asset Management increased its Caesars Entertainment stake by 33.2% in the first quarter, ending with 4.36 million shares valued at about $115.23 million.
• Caesars reported Q1 revenue of $2.87 billion, slightly above expectations, but earnings came in at -$0.48 per share, missing analyst estimates.
• Wall Street’s view remains cautious: Caesars has a consensus Hold rating and an average price target of $32.53, while insiders have sold shares recently.

Assenagon Asset Management S.A. lifted its position in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 33.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,359,946 shares of the company's stock after acquiring an additional 1,085,516 shares during the quarter. Assenagon Asset Management S.A. owned approximately 2.14% of Caesars Entertainment worth $115,233,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Caesars Entertainment by 246,899,900.0% in 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 in the last quarter. Morgan Stanley grew its holdings 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 buying an additional 3,910,430 shares in the last quarter. Capital World Investors raised its position in Caesars Entertainment by 29.8% during the third quarter. Capital World Investors now owns 16,193,070 shares of the company's stock valued at $437,622,000 after buying an additional 3,716,148 shares during the period. Norges Bank acquired a new position in Caesars Entertainment during the fourth quarter valued at $76,050,000. Finally, MUFG Securities EMEA plc acquired a new stake in Caesars Entertainment during the 4th quarter worth about $65,492,000. Institutional investors and hedge funds own 91.79% of the company's stock.

Caesars Entertainment Trading Up 0.6%

Shares of NASDAQ:CZR opened at $29.60 on Thursday. The stock has a market capitalization of $6.03 billion, a PE ratio of -12.49 and a beta of 1.77. Caesars Entertainment, Inc. has a 1 year low of $17.86 and a 1 year high of $31.58. The firm has a fifty day moving average price of $28.31 and a 200 day moving average price of $25.55. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 3.25.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last posted its earnings results on Tuesday, April 28th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.24). Caesars Entertainment had a negative net margin of 4.19% and a negative return on equity of 7.88%. The company had revenue of $2.87 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same quarter last year, the business earned ($0.54) earnings per share. Caesars Entertainment's quarterly revenue was up 2.7% on a year-over-year basis. Analysts expect that Caesars Entertainment, Inc. will post -0.49 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CZR. Jefferies Financial Group increased their price target on shares of Caesars Entertainment from $24.00 to $26.00 and gave the stock a "hold" rating in a research report on Monday, April 6th. Stifel Nicolaus lowered shares of Caesars Entertainment from a "buy" rating to a "hold" rating and set a $31.00 price objective on the stock. in a research note on Monday, June 15th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and issued a $31.00 target price (down from $35.00) on shares of Caesars Entertainment in a research report on Monday, June 1st. Wells Fargo & Company lifted their target price on shares of Caesars Entertainment from $26.00 to $31.00 and gave the company an "equal weight" rating in a research note on Tuesday, June 2nd. Finally, Raymond James Financial cut shares of Caesars Entertainment from a "strong-buy" rating to a "market perform" rating in a report on Friday, May 29th. Four research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Caesars Entertainment presently has a consensus rating of "Hold" and a consensus price target of $32.53.

Insider Transactions at Caesars Entertainment

In related news, Director Michael E. Pegram sold 55,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $29.20, for a total value of $1,606,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $29.35, for a total value of $2,393,962.10. Following the completion of the sale, the insider owned 18,263 shares of the company's stock, valued at approximately $536,019.05. This trade represents a 81.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 293,463 shares of company stock worth $8,609,241. 1.18% of the stock is currently owned by insiders.

Caesars Entertainment Company Profile

Caesars Entertainment Corporation is a leading integrated gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates a global portfolio of resorts, casinos, and entertainment venues designed to deliver comprehensive hospitality experiences. Its business activities span hotel accommodations, gaming operations, food and beverage services, live events, and convention services, with a focus on delivering luxury and entertainment to both leisure and business travelers.

The company traces its lineage to the founding of Harrah's by William F.

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