Envestnet Asset Management Inc. Acquires 26,606 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Envestnet Asset Management Inc. boosted its holdings in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 8.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 341,361 shares of the company's stock after purchasing an additional 26,606 shares during the period. Envestnet Asset Management Inc. owned about 0.22% of PENN Entertainment worth $5,568,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Raymond James Financial Inc. bought a new stake in PENN Entertainment during the fourth quarter worth about $17,804,000. Principal Financial Group Inc. raised its position in PENN Entertainment by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 742,899 shares of the company's stock worth $12,117,000 after purchasing an additional 17,752 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in PENN Entertainment by 33.0% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 264,587 shares of the company's stock worth $5,244,000 after purchasing an additional 65,596 shares during the last quarter. Bryce Point Capital LLC bought a new position in shares of PENN Entertainment during the fourth quarter worth about $531,000. Finally, Headlands Technologies LLC raised its position in shares of PENN Entertainment by 1,406.7% during the fourth quarter. Headlands Technologies LLC now owns 38,993 shares of the company's stock worth $773,000 after acquiring an additional 36,405 shares during the last quarter. Institutional investors own 91.69% of the company's stock.

PENN Entertainment Stock Performance

NASDAQ PENN traded up $1.02 during trading hours on Friday, hitting $19.23. 5,782,248 shares of the company's stock traded hands, compared to its average volume of 3,601,939. PENN Entertainment, Inc. has a 52 week low of $13.25 and a 52 week high of $23.08. The business's fifty day moving average price is $16.96 and its two-hundred day moving average price is $17.61. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 2.35. The firm has a market capitalization of $2.90 billion, a P/E ratio of -31.02 and a beta of 1.61.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, topping analysts' consensus estimates of ($0.29) by $0.04. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the company posted ($0.76) earnings per share. The business's quarterly revenue was up 4.1% compared to the same quarter last year. Equities research analysts predict that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Stifel Nicolaus lifted their target price on PENN Entertainment from $17.00 to $19.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Citizens Jmp upgraded shares of PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective for the company in a research note on Thursday, June 26th. Barclays decreased their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. Susquehanna restated a "positive" rating and set a $25.00 price target (up previously from $24.00) on shares of PENN Entertainment in a research note on Tuesday, June 10th. Finally, Mizuho dropped their price target on PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $23.18.

Insider Buying and Selling

In related news, CEO Jay A. Snowden acquired 34,000 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was bought at an average price of $14.70 per share, for a total transaction of $499,800.00. Following the acquisition, the chief executive officer directly owned 1,082,625 shares of the company's stock, valued at $15,914,587.50. This represents a 3.24% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David A. Handler acquired 10,000 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average price of $14.83 per share, with a total value of $148,300.00. Following the acquisition, the director directly owned 322,941 shares in the company, valued at $4,789,215.03. This represents a 3.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by corporate insiders.

About PENN Entertainment

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.