Hsbc Holdings PLC Sells 22,312 Shares of Caesars Entertainment, Inc. $CZR

Key Points

• HSBC Holdings PLC reduced its stake in Caesars Entertainment by 7.2%, now holding 286,074 shares valued at approximately $7.15 million.
• Several institutional investors, including Vanguard Group and Invesco Ltd., have increased their holdings in Caesars Entertainment during the first quarter.
• Analysts have mixed views on Caesars Entertainment, with target prices ranging from $27.00 to $50.00, reflecting a consensus rating of "Moderate Buy."

Hsbc Holdings PLC cut its stake in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 7.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 286,074 shares of the company's stock after selling 22,312 shares during the quarter. Hsbc Holdings PLC owned approximately 0.14% of Caesars Entertainment worth $7,149,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of CZR. DAVENPORT & Co LLC increased its position in Caesars Entertainment by 1,051.1% during the first quarter. DAVENPORT & Co LLC now owns 3,495,915 shares of the company's stock worth $87,399,000 after buying an additional 3,192,224 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in Caesars Entertainment during the fourth quarter worth $57,629,000. Jefferies Financial Group Inc. increased its position in Caesars Entertainment by 3,673.9% during the fourth quarter. Jefferies Financial Group Inc. now owns 1,388,067 shares of the company's stock worth $46,389,000 after buying an additional 1,351,286 shares during the last quarter. Invesco Ltd. increased its position in Caesars Entertainment by 22.9% during the first quarter. Invesco Ltd. now owns 6,823,286 shares of the company's stock worth $170,582,000 after buying an additional 1,269,911 shares during the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new position in Caesars Entertainment during the first quarter worth $30,148,000. 91.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CZR has been the topic of several analyst reports. Truist Financial lowered their target price on shares of Caesars Entertainment from $38.00 to $37.00 and set a "buy" rating on the stock in a research report on Wednesday, July 30th. Macquarie decreased their price target on shares of Caesars Entertainment from $45.00 to $40.00 and set an "outperform" rating for the company in a report on Wednesday, July 30th. Cfra restated a "hold" rating and set a $50.00 price target on shares of Caesars Entertainment in a report on Friday, July 11th. JMP Securities decreased their price target on shares of Caesars Entertainment from $45.00 to $43.00 and set a "market outperform" rating for the company in a report on Wednesday, July 30th. Finally, The Goldman Sachs Group began coverage on shares of Caesars Entertainment in a report on Monday, July 7th. They set a "buy" rating and a $36.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.47.

Caesars Entertainment Price Performance

Shares of Caesars Entertainment stock traded down $0.48 during midday trading on Friday, reaching $26.77. The company had a trading volume of 5,572,627 shares, compared to its average volume of 6,110,991. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 6.08. The company has a market capitalization of $5.57 billion, a price-to-earnings ratio of -29.10 and a beta of 2.40. The stock has a fifty day simple moving average of $27.79 and a 200 day simple moving average of $28.26. Caesars Entertainment, Inc. has a 1-year low of $21.40 and a 1-year high of $45.93.

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