Caesars Entertainment, Inc. (NASDAQ:CZR) Shares Sold by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. reduced its stake in Caesars Entertainment by 54.5% in the first quarter, now holding 74,199 shares valued at approximately $1.86 million.
• Caesars reported a quarterly EPS of ($0.39), missing estimates by $0.46, but had a revenue of $2.91 billion, exceeding expectations.
• Analysts have varied price targets for Caesars, with a consensus average of $42.47 and most ratings leaning towards a “buy” recommendation.

Federated Hermes Inc. cut its holdings in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 54.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,199 shares of the company's stock after selling 88,781 shares during the period. Federated Hermes Inc.'s holdings in Caesars Entertainment were worth $1,855,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Mackenzie Financial Corp raised its holdings in shares of Caesars Entertainment by 73.5% in the first quarter. Mackenzie Financial Corp now owns 19,019 shares of the company's stock worth $475,000 after acquiring an additional 8,060 shares during the last quarter. LPL Financial LLC increased its position in Caesars Entertainment by 10.0% during the 1st quarter. LPL Financial LLC now owns 54,392 shares of the company's stock worth $1,360,000 after purchasing an additional 4,935 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Caesars Entertainment by 2.6% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,520 shares of the company's stock valued at $988,000 after purchasing an additional 1,016 shares during the last quarter. Cetera Investment Advisers raised its stake in Caesars Entertainment by 86.1% in the 1st quarter. Cetera Investment Advisers now owns 16,956 shares of the company's stock valued at $424,000 after purchasing an additional 7,847 shares during the last quarter. Finally, Avantax Advisory Services Inc. lifted its holdings in Caesars Entertainment by 89.1% in the 1st quarter. Avantax Advisory Services Inc. now owns 11,718 shares of the company's stock valued at $293,000 after purchasing an additional 5,521 shares in the last quarter. 91.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CZR. JMP Securities cut their price objective on shares of Caesars Entertainment from $45.00 to $43.00 and set a "market outperform" rating for the company in a research report on Wednesday, July 30th. Susquehanna cut their price target on Caesars Entertainment from $28.00 to $27.00 and set a "neutral" rating for the company in a report on Friday, August 1st. Macquarie reduced their price target on Caesars Entertainment from $45.00 to $40.00 and set an "outperform" rating on the stock in a research note on Wednesday, July 30th. Barclays lowered their price objective on Caesars Entertainment from $45.00 to $43.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Finally, Stifel Nicolaus upped their target price on Caesars Entertainment from $42.00 to $45.00 and gave the company a "buy" rating in a research note on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $42.47.

Caesars Entertainment Stock Down 0.4%

NASDAQ CZR traded down $0.10 during trading hours on Friday, hitting $24.04. The company had a trading volume of 7,491,287 shares, compared to its average volume of 6,279,028. The firm's 50 day moving average is $28.09 and its 200 day moving average is $29.26. The company has a debt-to-equity ratio of 6.08, a current ratio of 0.82 and a quick ratio of 0.81. Caesars Entertainment, Inc. has a fifty-two week low of $21.40 and a fifty-two week high of $45.93. The company has a market capitalization of $5.00 billion, a price-to-earnings ratio of -26.13 and a beta of 2.40.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last issued its earnings results on Tuesday, July 29th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.46). The company had revenue of $2.91 billion during the quarter, compared to analysts' expectations of $2.85 billion. Caesars Entertainment had a negative return on equity of 4.55% and a negative net margin of 1.71%. Caesars Entertainment's quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.56) EPS. Sell-side analysts anticipate that Caesars Entertainment, Inc. will post -0.77 earnings per share for the current fiscal year.

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.