Royal Bank of Canada Acquires 1,516,153 Shares of Caesars Entertainment, Inc. $CZR

Key Points

• Royal Bank of Canada significantly increased its stake in Caesars Entertainment by 477.7%, now owning approximately 1.83 million shares valued at $45.8 million.
• Institutional investors hold 91.79% of Caesars Entertainment's stock, with notable increases from firms like Vanguard and DAVENPORT & Co LLC during the first quarter.
• Analysts have mixed predictions for the company's stock, with a consensus rating of "Moderate Buy" and an average target price of $42.47, although some analysts have recently lowered their price targets.

Royal Bank of Canada increased its position in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 477.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 1,833,567 shares of the company's stock after acquiring an additional 1,516,153 shares during the quarter. Royal Bank of Canada owned about 0.88% of Caesars Entertainment worth $45,839,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. DAVENPORT & Co LLC increased its holdings in Caesars Entertainment by 1,051.1% in the 1st quarter. DAVENPORT & Co LLC now owns 3,495,915 shares of the company's stock worth $87,399,000 after acquiring an additional 3,192,224 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Caesars Entertainment by 14.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,495 shares of the company's stock worth $261,000 after acquiring an additional 1,360 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Caesars Entertainment in the 1st quarter worth about $540,000. Sequoia Financial Advisors LLC purchased a new stake in Caesars Entertainment in the 1st quarter worth about $30,148,000. Finally, Penn Capital Management Company LLC increased its holdings in Caesars Entertainment by 101.9% in the 1st quarter. Penn Capital Management Company LLC now owns 45,207 shares of the company's stock worth $1,154,000 after acquiring an additional 22,812 shares during the last quarter. Hedge funds and other institutional investors own 91.79% of the company's stock.

Wall Street Analyst Weigh In

CZR has been the subject of several recent research reports. The Goldman Sachs Group started coverage on Caesars Entertainment in a report on Monday, July 7th. They issued a "buy" rating and a $36.00 price objective for the company. Truist Financial cut their target price on Caesars Entertainment from $38.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, July 30th. Zacks Research upgraded Caesars Entertainment from a "strong sell" rating to a "hold" rating in a research note on Monday, August 18th. JPMorgan Chase & Co. raised their target price on Caesars Entertainment from $47.00 to $48.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 22nd. Finally, JMP Securities cut their target price on Caesars Entertainment from $45.00 to $43.00 and set a "market outperform" rating for the company in a research note on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $42.47.

Caesars Entertainment Price Performance

Shares of CZR traded down $0.99 during trading hours on Tuesday, reaching $25.39. 6,788,102 shares of the company's stock traded hands, compared to its average volume of 5,610,324. The stock has a market cap of $5.28 billion, a PE ratio of -27.60 and a beta of 2.24. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 6.08. The firm's 50 day simple moving average is $27.46 and its 200-day simple moving average is $27.62. Caesars Entertainment, Inc. has a 12 month low of $21.40 and a 12 month high of $45.93.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.46). The business had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.85 billion. Caesars Entertainment had a negative net margin of 1.71% and a negative return on equity of 4.55%. The business's revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.56) EPS. Equities analysts expect that Caesars Entertainment, Inc. will post -0.77 EPS for the current year.

Caesars Entertainment Profile

Caesars Entertainment, Inc operates as a gaming and hospitality company. The company owns, leases, or manages domestic properties in 18 states with slot machines, video lottery terminals and e-tables, and hotel rooms, as well as table games, including poker. It also operates and conducts retail and online sports wagering across 31 jurisdictions in North America and operates iGaming in five jurisdictions in North America; sports betting from our retail and online sportsbooks; and other games, such as keno.