Baron Wealth Management LLC Buys New Position in PENN Entertainment, Inc. $PENN

Key Points

• Baron Wealth Management LLC has acquired 36,363 shares of PENN Entertainment, Inc. for roughly $650,000, marking it as a significant new position in the second quarter.
• PENN Entertainment's stock has an average price target of $23.25, with most analysts rating it as a "Moderate Buy" based on recent performance and earnings results.
• Insider transactions have increased, with Director David A. Handler purchasing 20,000 shares at an average price of $16.96, showcasing confidence in the company's potential growth.

Baron Wealth Management LLC purchased a new position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 36,363 shares of the company's stock, valued at approximately $650,000.

A number of other large investors also recently added to or reduced their stakes in PENN. BNP Paribas Financial Markets lifted its holdings in PENN Entertainment by 233.1% in the 4th quarter. BNP Paribas Financial Markets now owns 54,645 shares of the company's stock worth $1,083,000 after purchasing an additional 38,238 shares in the last quarter. Focus Partners Wealth bought a new stake in PENN Entertainment in the 4th quarter worth approximately $215,000. Tidal Investments LLC increased its stake in PENN Entertainment by 11.7% in the 4th quarter. Tidal Investments LLC now owns 16,626 shares of the company's stock worth $330,000 after acquiring an additional 1,738 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in PENN Entertainment by 33.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 264,587 shares of the company's stock worth $5,244,000 after acquiring an additional 65,596 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in PENN Entertainment by 2,162.8% in the 1st quarter. GAMMA Investing LLC now owns 42,993 shares of the company's stock worth $701,000 after acquiring an additional 41,093 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Stock Down 0.6%

Shares of PENN stock traded down $0.12 during mid-day trading on Friday, hitting $19.09. The stock had a trading volume of 4,629,445 shares, compared to its average volume of 2,934,778. PENN Entertainment, Inc. has a 12-month low of $13.25 and a 12-month high of $23.08. The firm has a market capitalization of $2.79 billion, a P/E ratio of -34.09 and a beta of 1.41. The firm's 50-day moving average is $18.72 and its two-hundred day moving average is $17.09. The company has a debt-to-equity ratio of 2.39, a current ratio of 0.79 and a quick ratio of 0.79.

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

Analysts Set New Price Targets

A number of research firms have issued reports on PENN. Susquehanna reaffirmed a "positive" rating and issued a $25.00 price objective (up previously from $24.00) on shares of PENN Entertainment in a research note on Tuesday, June 10th. Needham & Company LLC reduced their price objective on PENN Entertainment from $25.00 to $22.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. JPMorgan Chase & Co. began coverage on PENN Entertainment in a research note on Monday, June 23rd. They issued an "overweight" rating and a $24.00 price objective on the stock. Citigroup reaffirmed an "outperform" rating on shares of PENN Entertainment in a research note on Friday, August 8th. Finally, Citizens Jmp raised PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 target price on the stock in a research report on Thursday, June 26th. Eleven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $23.25.

Insider Buying and Selling at PENN Entertainment

In related 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 purchased at an average cost of $16.96 per share, for a total transaction of $339,200.00. Following the purchase, the director directly owned 342,941 shares of the company's stock, valued at $5,816,279.36. This trade represents a 6.19% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 2.67% of the stock is owned by company insiders.

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.