Capital Research Global Investors Sells 5,402,705 Shares of Caesars Entertainment, Inc. $CZR

Key Points

• Capital Research Global Investors cut its Caesars Entertainment stake by 35.3% in the fourth quarter, selling 5.4 million shares and leaving it with about 9.9 million shares valued at roughly $231.9 million.
• Caesars recently reported mixed quarterly results: revenue of $2.87 billion topped estimates, but adjusted EPS of -$0.48 missed expectations and the company remains unprofitable.
• Institutional ownership remains high at 91.79%, while analysts are cautious overall with an average Hold rating and a consensus price target of $32.80.

Capital Research Global Investors lowered its stake in shares of Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 35.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,915,236 shares of the company's stock after selling 5,402,705 shares during the period. Capital Research Global Investors owned 4.86% of Caesars Entertainment worth $231,917,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Capital World Investors raised its position in shares of Caesars Entertainment by 29.8% during the third quarter. Capital World Investors now owns 16,193,070 shares of the company's stock valued at $437,622,000 after buying an additional 3,716,148 shares during the last quarter. State Street Corp raised its position in shares of Caesars Entertainment by 0.8% during the second quarter. State Street Corp now owns 7,569,822 shares of the company's stock valued at $214,907,000 after buying an additional 61,065 shares during the last quarter. DAVENPORT & Co LLC raised its position in shares of Caesars Entertainment by 0.4% during the fourth quarter. DAVENPORT & Co LLC now owns 4,339,172 shares of the company's stock valued at $101,797,000 after buying an additional 18,414 shares during the last quarter. Assenagon Asset Management S.A. raised its position in shares of Caesars Entertainment by 317.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 3,274,430 shares of the company's stock valued at $76,589,000 after buying an additional 2,490,924 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Caesars Entertainment during the fourth quarter valued at approximately $76,050,000. Institutional investors own 91.79% of the company's stock.

Caesars Entertainment Stock Performance

CZR stock opened at $29.20 on Monday. The company has a quick ratio of 0.83, a current ratio of 0.85 and a debt-to-equity ratio of 3.25. Caesars Entertainment, Inc. has a twelve month low of $17.86 and a twelve month high of $31.58. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of -12.32 and a beta of 1.77. The firm's fifty day simple moving average is $27.56 and its two-hundred day simple moving average is $24.88.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported ($0.48) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.24). Caesars Entertainment had a negative net margin of 4.19% and a negative return on equity of 7.88%. The firm had revenue of $2.87 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same quarter last year, the firm earned ($0.54) EPS. The company's revenue was up 2.7% on a year-over-year basis. As a group, analysts anticipate that Caesars Entertainment, Inc. will post -0.49 earnings per share for the current year.

Insiders Place Their Bets

In other Caesars Entertainment news, Director Michael E. Pegram sold 55,000 shares of the business's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $29.20, for a total transaction of $1,606,000.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.18% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CZR has been the topic of several recent analyst reports. Jefferies Financial Group lifted their price objective on shares of Caesars Entertainment from $24.00 to $26.00 and gave the company a "hold" rating in a research report on Monday, April 6th. Macquarie Infrastructure cut shares of Caesars Entertainment from an "outperform" rating to a "neutral" rating in a research report on Monday, June 1st. Citigroup lifted their price objective on shares of Caesars Entertainment from $23.00 to $30.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Stifel Nicolaus reduced their price objective on shares of Caesars Entertainment from $36.00 to $35.00 and set a "buy" rating on the stock in a research report on Wednesday, April 29th. Finally, Barclays decreased their price target on shares of Caesars Entertainment from $39.00 to $35.00 and set an "overweight" rating on the stock in a research note on Wednesday, February 18th. Four analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Caesars Entertainment has an average rating of "Hold" and an average price target of $32.80.

Caesars Entertainment Company Profile

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.

Want to see what other hedge funds are holding CZR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.