DG Capital Management LLC Acquires 696,437 Shares of Caesars Entertainment, Inc. $CZR

Key Points

• DG Capital Management LLC increased its stake in Caesars Entertainment by an impressive 2,725.1%, now owning nearly 722,000 shares valued at approximately $18 million.
• Several major investors also boosted their holdings, including Penn Capital Management (up 101.9%) and Jump Financial (up 468.2%), contributing to a high level of institutional ownership at 91.79%.
• Caesars Entertainment's stock has a current consensus rating of "Moderate Buy" with a target price of around $42.47, despite analysts adjusting their price targets downward recently.

DG Capital Management LLC raised its holdings in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 2,725.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 721,993 shares of the company's stock after purchasing an additional 696,437 shares during the period. Caesars Entertainment accounts for approximately 6.4% of DG Capital Management LLC's portfolio, making the stock its 7th largest holding. DG Capital Management LLC owned approximately 0.35% of Caesars Entertainment worth $18,050,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of Caesars Entertainment by 0.8% in the first quarter. Vanguard Group Inc. now owns 23,548,822 shares of the company's stock valued at $588,721,000 after purchasing an additional 183,963 shares in the last quarter. Invesco Ltd. raised its position in shares of Caesars Entertainment by 22.9% in the first quarter. Invesco Ltd. now owns 6,823,286 shares of the company's stock valued at $170,582,000 after buying an additional 1,269,911 shares during the last quarter. Frontier Capital Management Co. LLC raised its position in shares of Caesars Entertainment by 41.1% in the fourth quarter. Frontier Capital Management Co. LLC now owns 3,658,694 shares of the company's stock valued at $122,274,000 after buying an additional 1,065,506 shares during the last quarter. DAVENPORT & Co LLC raised its position in shares of Caesars Entertainment by 1,051.1% in the first quarter. DAVENPORT & Co LLC now owns 3,495,915 shares of the company's stock valued at $87,399,000 after buying an additional 3,192,224 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Caesars Entertainment by 3.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,935,141 shares of the company's stock valued at $48,379,000 after buying an additional 58,170 shares during the last quarter. Hedge funds and other institutional investors own 91.79% of the company's stock.

Caesars Entertainment Trading Down 1.2%

CZR traded down $0.34 during trading on Friday, hitting $26.91. 2,216,929 shares of the company's stock were exchanged, compared to its average volume of 5,561,697. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 6.08. Caesars Entertainment, Inc. has a 1 year low of $21.40 and a 1 year high of $45.93. The stock has a 50 day moving average price of $27.82 and a 200 day moving average price of $28.32. The firm has a market cap of $5.60 billion, a P/E ratio of -29.20 and a beta of 2.40.

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on CZR. Barclays cut their price objective on shares of Caesars Entertainment from $45.00 to $43.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. JPMorgan Chase & Co. boosted their price objective on shares of Caesars Entertainment from $47.00 to $48.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Morgan Stanley dropped their price target on shares of Caesars Entertainment from $32.00 to $31.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 6th. The Goldman Sachs Group started coverage on shares of Caesars Entertainment in a research report on Monday, July 7th. They set a "buy" rating and a $36.00 price target for the company. Finally, JMP Securities dropped their price target on shares of Caesars Entertainment from $45.00 to $43.00 and set a "market outperform" rating for the company in a research report on Wednesday, July 30th. One equities research 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 company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $42.47.

About Caesars Entertainment

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.