BlackRock Inc. acquired a new stake in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 27,501,706 shares of the company's stock, valued at approximately $830,001,000. BlackRock Inc. owned about 13.50% of Caesars Entertainment as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Caesars Entertainment by 456.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,119 shares of the company's stock valued at $26,000 after acquiring an additional 918 shares during the last quarter. Sunbelt Securities Inc. boosted its holdings in Caesars Entertainment by 181.6% in the third quarter. Sunbelt Securities Inc. now owns 1,042 shares of the company's stock valued at $28,000 after purchasing an additional 672 shares during the last quarter. Hantz Financial Services Inc. raised its stake in shares of Caesars Entertainment by 87.1% during the 4th quarter. Hantz Financial Services Inc. now owns 1,817 shares of the company's stock valued at $42,000 after buying an additional 846 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Caesars Entertainment by 59.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,882 shares of the company's stock valued at $50,000 after buying an additional 702 shares during the last quarter. Finally, Hilton Head Capital Partners LLC acquired a new position in shares of Caesars Entertainment in the 4th quarter valued at about $55,000. Institutional investors and hedge funds own 91.79% of the company's stock.
Insider Buying and Selling at Caesars Entertainment
In other news, CMO Josh Jones sold 59,507 shares of the firm's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $29.72, for a total value of $1,768,548.04. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Bret Yunker sold 208,134 shares of the business's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $29.62, for a total transaction of $6,164,929.08. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 561,104 shares of company stock worth $16,542,718. Company insiders own 1.18% of the company's stock.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on CZR shares. Zacks Research cut Caesars Entertainment from a "hold" rating to a "strong sell" rating in a research report on Monday, August 17th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $31.00 price objective (down from $35.00) on shares of Caesars Entertainment in a research report on Monday, June 1st. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $31.00 target price (down from $35.00) on shares of Caesars Entertainment in a report on Friday, May 29th. Capital One Financial cut shares of Caesars Entertainment from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 23rd. Finally, Truist Financial downgraded shares of Caesars Entertainment from a "buy" rating to a "hold" rating and lowered their price target for the stock from $32.00 to $31.00 in a report on Friday, May 29th. Two research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Caesars Entertainment currently has a consensus rating of "Hold" and a consensus price target of $30.71.
Read Our Latest Stock Report on CZR
Caesars Entertainment Stock Up 0.4%
Shares of NASDAQ CZR opened at $29.76 on Friday. The firm has a market cap of $6.06 billion, a price-to-earnings ratio of -13.05 and a beta of 1.77. The company's 50-day simple moving average is $29.84 and its 200-day simple moving average is $27.37. 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, Inc. has a 52-week low of $17.86 and a 52-week high of $30.88.
Caesars Entertainment (NASDAQ:CZR - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.35). The company had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.98 billion. Caesars Entertainment had a negative return on equity of 7.64% and a negative net margin of 3.99%.The firm's revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the company earned ($0.39) EPS. Equities analysts predict that Caesars Entertainment, Inc. will post -0.9 EPS for the current fiscal year.
About Caesars Entertainment
(
Free Report)
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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