Canada Pension Plan Investment Board Invests $2.86 Million in PENN Entertainment, Inc. $PENN

Key Points

• The Canada Pension Plan Investment Board acquired a new stake in PENN Entertainment, purchasing 175,300 shares valued at approximately $2.86 million, bringing its total ownership to about 0.12% of the company.
• Several institutional investors significantly increased their holdings in PENN Entertainment during the first quarter, resulting in 91.69% of the stock now being owned by institutional investors.
• PENN Entertainment reported $0.10 EPS for the last quarter, exceeding analysts' expectations, with revenue growing 6.1% year-over-year to $1.77 billion.

Canada Pension Plan Investment Board purchased a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 175,300 shares of the company's stock, valued at approximately $2,859,000. Canada Pension Plan Investment Board owned 0.12% of PENN Entertainment as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently added to or reduced their stakes in the company. Trek Financial LLC bought a new position in shares of PENN Entertainment in the first quarter valued at approximately $246,000. Banco Bilbao Vizcaya Argentaria S.A. acquired a new position in PENN Entertainment during the 1st quarter worth about $289,000. Principal Financial Group Inc. lifted its position in PENN Entertainment by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 742,899 shares of the company's stock valued at $12,117,000 after purchasing an additional 17,752 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in PENN Entertainment by 33.0% during 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 valued at $5,244,000 after purchasing an additional 65,596 shares during the period. Finally, LMR Partners LLP increased its stake in shares of PENN Entertainment by 608.9% in the 4th quarter. LMR Partners LLP now owns 41,026 shares of the company's stock valued at $813,000 after acquiring an additional 35,239 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Stifel Nicolaus increased their target price on PENN Entertainment from $17.00 to $19.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Morgan Stanley reaffirmed a "sell" rating on shares of PENN Entertainment in a report on Friday, July 11th. Needham & Company LLC dropped their target price on PENN Entertainment from $25.00 to $22.00 and set a "buy" rating for the company in a report on Friday, August 8th. JPMorgan Chase & Co. initiated coverage on PENN Entertainment in a research note on Monday, June 23rd. They issued an "overweight" rating and a $24.00 price target for the company. Finally, Mizuho lowered their target price on PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a research note on Monday, May 12th. Eleven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $23.25.

PENN Entertainment Stock Performance

Shares of NASDAQ PENN traded up $0.82 during mid-day trading on Friday, reaching $20.47. 4,451,542 shares of the company's stock were exchanged, compared to its average volume of 3,281,163. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of -36.55 and a beta of 1.41. PENN Entertainment, Inc. has a 52 week low of $13.25 and a 52 week high of $23.08. The company has a debt-to-equity ratio of 2.39, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a 50-day moving average price of $18.51 and a two-hundred day moving average price of $17.17.

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

Insider Activity

In other PENN Entertainment news, Director David A. Handler bought 20,000 shares of PENN Entertainment stock in a transaction dated Friday, August 8th. The shares were purchased at an average cost of $16.96 per share, with a total value of $339,200.00. Following the completion of the purchase, the director owned 342,941 shares of the company's stock, valued at approximately $5,816,279.36. This represents a 6.19% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.67% of the company's stock.

PENN Entertainment Company 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.