BlackRock Inc. Makes New Investment in PENN Entertainment, Inc. $PENN

Key Points

• BlackRock acquired 19.22 million shares of PENN Entertainment in the second quarter, worth approximately $410.6 million and representing about 14.36% of the company. Institutional investors collectively own 91.69% of PENN.
• Analyst sentiment is generally favorable, with 12 Buy, seven Hold and one Sell rating. The stock has an average “Moderate Buy” rating and a consensus price target of $23.53.
• PENN reported quarterly EPS of $0.44, beating estimates by $0.07, while revenue rose 5.2% year over year to $1.86 billion. Shares opened at $17.75, below the consensus price target, but the company continues to carry significant leverage with a 3.79 debt-to-equity ratio.

BlackRock Inc. purchased a new stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 19,221,848 shares of the company's stock, valued at approximately $410,579,000. BlackRock Inc. owned about 14.36% of PENN Entertainment at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Treasurer of the State of North Carolina raised its holdings in shares of PENN Entertainment by 1.1% in the 2nd quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company's stock worth $1,245,000 after purchasing an additional 745 shares in the last quarter. GAMMA Investing LLC boosted its holdings in PENN Entertainment by 19.4% during the second quarter. GAMMA Investing LLC now owns 5,506 shares of the company's stock worth $118,000 after buying an additional 895 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position in PENN Entertainment by 3.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,730 shares of the company's stock worth $394,000 after buying an additional 922 shares during the last quarter. IFP Advisors Inc grew its position in PENN Entertainment by 76.2% in the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company's stock worth $41,000 after buying an additional 1,196 shares during the last quarter. Finally, Tidal Investments LLC increased its holdings in shares of PENN Entertainment by 8.1% in the second quarter. Tidal Investments LLC now owns 19,689 shares of the company's stock valued at $352,000 after buying an additional 1,483 shares in the last quarter. Institutional investors own 91.69% of the company's stock.

Analysts Set New Price Targets

PENN has been the subject of several research reports. Weiss Ratings reissued a "sell (d-)" rating on shares of PENN Entertainment in a research note on Wednesday, June 24th. Citigroup reaffirmed a "market outperform" rating on shares of PENN Entertainment in a research report on Tuesday, August 18th. The Goldman Sachs Group assumed coverage on PENN Entertainment in a report on Friday, June 26th. They set a "buy" rating and a $26.00 target price for the company. Wells Fargo & Company decreased their price target on PENN Entertainment from $24.00 to $23.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 14th. Finally, JPMorgan Chase & Co. lifted their price target on PENN Entertainment from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $23.53.

PENN Entertainment Trading Down 2.8%

NASDAQ PENN opened at $17.75 on Wednesday. PENN Entertainment, Inc. has a twelve month low of $11.65 and a twelve month high of $22.36. The company has a debt-to-equity ratio of 3.79, a quick ratio of 0.89 and a current ratio of 0.89. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of -2.79, a PEG ratio of 0.47 and a beta of 1.43. The firm's 50 day moving average price is $20.32 and its two-hundred day moving average price is $17.42.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.07. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The company's revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the business earned ($0.12) EPS. Equities analysts anticipate that PENN Entertainment, Inc. will post 1.19 EPS for the current year.

About PENN Entertainment

PENN Entertainment, Inc NASDAQ: PENN is a leading operator of gaming and racing facilities in the United States. The company's business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company's portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.

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