Envestnet Asset Management Inc. Boosts Stake in Caesars Entertainment, Inc. (NASDAQ:CZR)

Key Points

• Envestnet Asset Management Inc. increased its stake in Caesars Entertainment by 33.6% in the first quarter, owning approximately 0.08% of the company, valued at $4.40 million.
• Brokerages have varying ratings on Caesars Entertainment, with 12 buy ratings, 4 hold ratings, and 1 strong buy, reflecting strong institutional interest in the stock.
• Caesars Entertainment reported a loss of $0.54 earnings per share for the last quarter, falling short of analysts' expectations, though revenues increased year-over-year.

Envestnet Asset Management Inc. boosted its holdings in shares of Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 33.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 176,160 shares of the company's stock after purchasing an additional 44,325 shares during the period. Envestnet Asset Management Inc. owned about 0.08% of Caesars Entertainment worth $4,404,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in shares of Caesars Entertainment by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 1,336,606 shares of the company's stock worth $33,415,000 after acquiring an additional 30,738 shares during the period. Calamos Advisors LLC raised its position in shares of Caesars Entertainment by 1.1% in the first quarter. Calamos Advisors LLC now owns 188,200 shares of the company's stock worth $4,705,000 after acquiring an additional 2,096 shares during the period. Teacher Retirement System of Texas acquired a new position in shares of Caesars Entertainment in the first quarter worth about $777,000. DAVENPORT & Co LLC raised its position in shares of Caesars Entertainment by 1,051.1% in the first quarter. DAVENPORT & Co LLC now owns 3,495,915 shares of the company's stock worth $87,399,000 after acquiring an additional 3,192,224 shares during the period. Finally, Mather Group LLC. raised its position in shares of Caesars Entertainment by 64.4% in the first quarter. Mather Group LLC. now owns 1,034 shares of the company's stock worth $26,000 after acquiring an additional 405 shares during the period. 91.79% of the stock is currently owned by institutional investors and hedge funds.

Caesars Entertainment Price Performance

NASDAQ CZR traded down $1.10 during trading hours on Tuesday, hitting $28.32. 1,287,023 shares of the company's stock traded hands, compared to its average volume of 5,359,289. Caesars Entertainment, Inc. has a 52-week low of $21.40 and a 52-week high of $45.93. The company has a market capitalization of $5.89 billion, a PE ratio of -25.98 and a beta of 2.29. The company has a debt-to-equity ratio of 5.84, a current ratio of 0.84 and a quick ratio of 0.82. The firm's 50-day moving average is $28.45 and its 200-day moving average is $29.69.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.35). Caesars Entertainment had a negative net margin of 2.08% and a negative return on equity of 2.60%. The firm had revenue of $2.79 billion during the quarter, compared to analysts' expectations of $2.82 billion. During the same period last year, the company earned ($0.73) EPS. The business's quarterly revenue was up 1.9% on a year-over-year basis. Equities analysts forecast that Caesars Entertainment, Inc. will post -0.77 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on CZR shares. Cfra reiterated a "hold" rating and issued a $50.00 price objective on shares of Caesars Entertainment in a research report on Friday, July 11th. JPMorgan Chase & Co. upped their price objective on shares of Caesars Entertainment from $47.00 to $48.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. Susquehanna upped their price target on shares of Caesars Entertainment from $23.00 to $28.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 30th. Morgan Stanley upped their price target on shares of Caesars Entertainment from $31.00 to $32.00 and gave the stock an "equal weight" rating in a research report on Friday, July 11th. Finally, Barclays upped their price target on shares of Caesars Entertainment from $44.00 to $45.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 30th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $43.13.

Caesars Entertainment Profile

Caesars Entertainment, Inc operates as a gaming and hospitality company. The company owns, leases, or manages domestic properties in 18 states with slot machines, video lottery terminals and e-tables, and hotel rooms, as well as table games, including poker. It also operates and conducts retail and online sports wagering across 31 jurisdictions in North America and operates iGaming in five jurisdictions in North America; sports betting from our retail and online sportsbooks; and other games, such as keno.