Assenagon Asset Management S.A. Raises Stock Position in PENN Entertainment, Inc. $PENN

Key Points

• Assenagon Asset Management S.A. significantly increased its stake in PENN Entertainment by 6,920.2%, owning 906,234 shares worth $16.2 million after acquiring 893,325 shares in Q2.
• Several other hedge funds also raised their stakes in PENN Entertainment, with a total of 91.69% of the stock owned by institutional investors.
• PENN Entertainment reported a 0.10 EPS for the quarter, surpassing analysts' expectations, with a revenue of $1.77 billion, marking a 6.1% year-over-year increase.

Assenagon Asset Management S.A. raised its stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 6,920.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 906,234 shares of the company's stock after purchasing an additional 893,325 shares during the quarter. Assenagon Asset Management S.A. owned about 0.60% of PENN Entertainment worth $16,194,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in shares of PENN Entertainment by 38.7% during the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock valued at $43,000 after buying an additional 736 shares during the period. Parallel Advisors LLC raised its stake in shares of PENN Entertainment by 152.2% during the second quarter. Parallel Advisors LLC now owns 1,397 shares of the company's stock valued at $25,000 after purchasing an additional 843 shares during the period. J.Safra Asset Management Corp raised its stake in shares of PENN Entertainment by 6.7% during the first quarter. J.Safra Asset Management Corp now owns 13,877 shares of the company's stock valued at $226,000 after purchasing an additional 877 shares during the period. HighTower Advisors LLC raised its stake in shares of PENN Entertainment by 5.2% during the first quarter. HighTower Advisors LLC now owns 19,327 shares of the company's stock valued at $315,000 after purchasing an additional 953 shares during the period. Finally, Arizona State Retirement System raised its stake in shares of PENN Entertainment by 4.3% during the first quarter. Arizona State Retirement System now owns 41,433 shares of the company's stock valued at $676,000 after purchasing an additional 1,707 shares during the period. 91.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at PENN Entertainment

In other PENN Entertainment news, Director David A. Handler acquired 20,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average cost of $16.96 per share, with a total value of $339,200.00. Following the acquisition, the director directly owned 342,941 shares of the company's stock, valued at $5,816,279.36. This represents a 6.19% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.67% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Susquehanna reaffirmed a "positive" rating and set a $25.00 price target (up previously from $24.00) on shares of PENN Entertainment in a research note on Tuesday, June 10th. JPMorgan Chase & Co. initiated coverage on PENN Entertainment in a research report on Monday, June 23rd. They set an "overweight" rating and a $24.00 target price on the stock. Needham & Company LLC dropped their target price on PENN Entertainment from $25.00 to $22.00 and set a "buy" rating on the stock in a research report on Friday, August 8th. Morgan Stanley restated a "sell" rating on shares of PENN Entertainment in a report on Friday, July 11th. Finally, Citizens Jmp upgraded PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective on the stock in a report on Thursday, June 26th. Eleven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $23.25.

PENN Entertainment Stock Up 0.4%

PENN Entertainment stock opened at $19.17 on Tuesday. The company has a 50-day simple moving average of $18.75 and a 200-day simple moving average of $17.08. The firm has a market capitalization of $2.80 billion, a P/E ratio of -34.23 and a beta of 1.41. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.79 and a current ratio of 0.79. PENN Entertainment, Inc. has a one year low of $13.25 and a one year high of $23.08.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.14. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. The firm had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the prior year, the firm earned ($0.18) EPS. PENN Entertainment's quarterly revenue was up 6.1% on a year-over-year basis. As a group, equities analysts expect that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

PENN Entertainment Profile

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.

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