DSC Meridian Capital LP Acquires Shares of 165,000 Caesars Entertainment, Inc. $CZR

Key Points

• DSC Meridian Capital initiated a position in Caesars Entertainment by buying 165,000 shares valued at approximately $4.98 million, representing 1.2% of its portfolio and about 0.08% of Caesars’ outstanding shares.
• Institutional investors own 91.79% of Caesars, while insiders sold 561,104 shares worth roughly $16.5 million over the past three months.
• Caesars reported quarterly revenue of $2.99 billion, up 3% year over year, but missed earnings expectations with a loss of $0.30 per share. Analysts maintain a consensus “Hold” rating with an average price target of $30.71.

DSC Meridian Capital LP bought a new position in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 165,000 shares of the company's stock, valued at approximately $4,980,000. Caesars Entertainment comprises 1.2% of DSC Meridian Capital LP's holdings, making the stock its 13th biggest position. DSC Meridian Capital LP owned approximately 0.08% of Caesars Entertainment as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in CZR. Allworth Financial LP purchased a new stake in Caesars Entertainment in the 2nd quarter worth about $25,000. Caitong International Asset Management Co. Ltd raised its stake in Caesars Entertainment by 456.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,119 shares of the company's stock valued at $26,000 after acquiring an additional 918 shares during the period. Sunbelt Securities Inc. lifted its holdings in Caesars Entertainment by 181.6% during the third quarter. Sunbelt Securities Inc. now owns 1,042 shares of the company's stock valued at $28,000 after purchasing an additional 672 shares during the last quarter. Hantz Financial Services Inc. boosted its position in Caesars Entertainment by 87.1% during the fourth quarter. Hantz Financial Services Inc. now owns 1,817 shares of the company's stock worth $42,000 after purchasing an additional 846 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Caesars Entertainment by 59.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,882 shares of the company's stock worth $50,000 after purchasing an additional 702 shares during the period. Hedge funds and other institutional investors own 91.79% of the company's stock.

Insider Transactions at Caesars Entertainment

In other Caesars Entertainment news, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the firm's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $29.35, for a total transaction of $2,393,962.10. Following the sale, the insider owned 18,263 shares in the company, valued at $536,019.05. This trade represents a 81.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Bret Yunker sold 208,134 shares of Caesars Entertainment stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $29.62, for a total value of $6,164,929.08. The disclosure for this sale is available in the SEC filing. Insiders sold 561,104 shares of company stock worth $16,542,718 in the last three months. Insiders own 1.18% of the company's stock.

Caesars Entertainment Stock Performance

Shares of CZR opened at $29.66 on Tuesday. The company has a market cap of $6.04 billion, a PE ratio of -13.01 and a beta of 1.77. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 3.70. The stock has a 50-day moving average price of $29.84 and a 200-day moving average price of $27.48. Caesars Entertainment, Inc. has a 12-month low of $17.86 and a 12-month high of $30.88.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 28th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.35). Caesars Entertainment had a negative return on equity of 7.64% and a negative net margin of 3.99%.The company had revenue of $2.99 billion during the quarter, compared to the consensus estimate of $2.98 billion. During the same quarter last year, the company posted ($0.39) earnings per share. The firm's revenue for the quarter was up 3.0% on a year-over-year basis. As a group, equities analysts forecast that Caesars Entertainment, Inc. will post -0.9 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CZR has been the topic of several research reports. Barclays reissued an "equal weight" rating and issued a $31.00 price target (down from $35.00) on shares of Caesars Entertainment in a research report on Thursday, July 9th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Caesars Entertainment in a research note on Thursday, August 13th. Stifel Nicolaus cut shares of Caesars Entertainment from a "buy" rating to a "hold" rating and set a $31.00 target price on the stock. in a report on Monday, June 15th. TD Cowen lowered Caesars Entertainment from a "buy" rating to a "hold" rating and set a $31.00 price target for the company. in a report on Wednesday, July 29th. Finally, Susquehanna upgraded Caesars Entertainment from a "positive" rating to a "positive" rating in a research report on Friday, May 29th. Two investment analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $30.71.

Caesars Entertainment 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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source