Empowered Funds LLC Buys Shares of 586,714 PENN Entertainment, Inc. $PENN

Key Points

• Empowered Funds LLC acquired 586,714 shares of PENN Entertainment in the second quarter, valued at approximately $12.5 million and representing about 0.44% of the company. Institutional investors and hedge funds collectively own 91.69% of PENN.
• PENN reported quarterly revenue of $1.86 billion, up 5.2% year over year, while adjusted earnings of $0.44 per share exceeded analyst expectations of $0.37.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $23.53, compared with the stock’s reported price of $17.36.

Empowered Funds LLC purchased a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 586,714 shares of the company's stock, valued at approximately $12,532,000. Empowered Funds LLC owned approximately 0.44% of PENN Entertainment as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of PENN. Quarry LP bought a new stake in shares of PENN Entertainment during the 4th quarter valued at approximately $36,000. IFP Advisors Inc boosted its position in PENN Entertainment by 76.2% in the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company's stock valued at $41,000 after buying an additional 1,196 shares in the last quarter. Triumph Capital Management bought a new stake in shares of PENN Entertainment during the third quarter worth $54,000. Northwestern Mutual Wealth Management Co. acquired a new position in shares of PENN Entertainment during the second quarter worth $66,000. Finally, Modus Advisors LLC bought a new position in shares of PENN Entertainment in the 4th quarter valued at $47,000. 91.69% of the stock is owned by institutional investors and hedge funds.

PENN Entertainment Trading Up 0.2%

Shares of PENN stock opened at $17.36 on Friday. PENN Entertainment, Inc. has a 1-year low of $11.65 and a 1-year high of $22.36. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.79. The stock has a market cap of $2.33 billion, a price-to-earnings ratio of -2.73, a PEG ratio of 0.45 and a beta of 1.43. The stock has a 50-day moving average of $20.10 and a 200-day moving average of $17.49.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.37 by $0.07. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%.The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the previous year, the firm earned ($0.12) earnings per share. The firm's quarterly revenue was up 5.2% on a year-over-year basis. On average, equities research analysts forecast that PENN Entertainment, Inc. will post 1.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PENN. Stifel Nicolaus raised their price objective on PENN Entertainment from $23.00 to $25.00 and gave the company a "buy" rating in a report on Friday, June 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of PENN Entertainment in a research note on Wednesday, June 24th. Susquehanna boosted their price target on PENN Entertainment from $24.00 to $28.00 and gave the stock a "positive" rating in a report on Wednesday, July 1st. Zacks Research lowered shares of PENN Entertainment from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 11th. Finally, Bank of America boosted their target price on shares of PENN Entertainment from $18.00 to $22.00 and gave the stock a "neutral" rating in a report on Monday, July 20th. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, PENN Entertainment presently has an average rating of "Moderate Buy" and an average price target of $23.53.

PENN Entertainment Company Profile

PENN Entertainment, Inc NASDAQ: PENN is a leading operator of gaming and racing facilities in the United States. The company's business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company's portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.

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