Charles Schwab Investment Management Inc. Cuts Position in PENN Entertainment, Inc. $PENN

Key Points

• Charles Schwab Investment Management has reduced its stake in PENN Entertainment by 2.3% in Q1, owning 1,306,573 shares valued at approximately $21.31 million.
• Various hedge funds have increased their stakes in PENN, with some notable increases including GAMMA Investing LLC (up 38.7%) and Byrne Asset Management LLC (up 201.1%).
• PENN Entertainment reported earnings of $0.10 per share for the last quarter, exceeding analysts' expectations, and had a revenue increase of 6.1% compared to the previous year.

Charles Schwab Investment Management Inc. cut its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 2.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,306,573 shares of the company's stock after selling 30,589 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.87% of PENN Entertainment worth $21,310,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its stake in PENN Entertainment by 38.7% in the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock valued at $43,000 after purchasing an additional 736 shares in the last quarter. J.Safra Asset Management Corp boosted its position in PENN Entertainment by 6.7% during the first quarter. J.Safra Asset Management Corp now owns 13,877 shares of the company's stock worth $226,000 after purchasing an additional 877 shares in the last quarter. Arizona State Retirement System grew its holdings in PENN Entertainment by 4.3% in the first quarter. Arizona State Retirement System now owns 41,433 shares of the company's stock valued at $676,000 after purchasing an additional 1,707 shares during the last quarter. Tidal Investments LLC increased its position in shares of PENN Entertainment by 11.7% in the fourth quarter. Tidal Investments LLC now owns 16,626 shares of the company's stock valued at $330,000 after buying an additional 1,738 shares in the last quarter. Finally, Byrne Asset Management LLC raised its stake in shares of PENN Entertainment by 201.1% during the 1st quarter. Byrne Asset Management LLC now owns 2,710 shares of the company's stock worth $44,000 after buying an additional 1,810 shares during the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

PENN Entertainment Trading Up 2.6%

PENN traded up $0.49 during trading on Friday, hitting $19.49. The company's stock had a trading volume of 2,787,353 shares, compared to its average volume of 4,009,454. PENN Entertainment, Inc. has a twelve month low of $13.25 and a twelve month high of $23.08. The stock has a market cap of $2.85 billion, a PE ratio of -34.80 and a beta of 1.60. The firm's 50 day moving average price is $17.97 and its 200-day moving average price is $17.28. The company has a debt-to-equity ratio of 2.39, a current ratio of 0.79 and a quick ratio of 0.79.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.10 EPS 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 the consensus estimate of $1.73 billion. During the same quarter in the previous year, the business earned ($0.18) earnings per share. The business's revenue for the quarter was up 6.1% on a year-over-year basis. On average, analysts expect that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on PENN shares. JMP Securities increased their price objective on shares of PENN Entertainment from $24.00 to $25.00 and gave the company a "market outperform" rating in a research note on Friday, August 8th. Citigroup reaffirmed an "outperform" rating on shares of PENN Entertainment in a report on Friday, August 8th. Stifel Nicolaus lifted their price objective on PENN Entertainment from $17.00 to $19.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Morgan Stanley reaffirmed a "sell" rating on shares of PENN Entertainment in a research note on Friday, July 11th. Finally, Citizens Jmp raised PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price target for the company in a research report on Thursday, June 26th. Eleven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.25.

Insider Transactions at PENN Entertainment

In related news, Director David A. Handler purchased 20,000 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average price of $16.96 per share, with a total value of $339,200.00. Following the completion of the transaction, the director owned 342,941 shares of the company's stock, valued at approximately $5,816,279.36. This trade represents a 6.19% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.67% of the company's stock.

PENN Entertainment 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.