Hsbc Holdings PLC Sells 567,987 Shares of Caesars Entertainment, Inc. $CZR

Key Points

• HSBC Holdings PLC cut its Caesars Entertainment stake by 90.9%, selling 567,987 shares and retaining 56,555 shares worth approximately $1.49 million. Institutional investors collectively own 91.79% of the company.
• Caesars shares opened at $29.97, near their 52-week high of $30.88. The company reported $2.87 billion in quarterly revenue, up 2.7% year over year, but missed earnings expectations with a loss of $0.48 per share.
• Analyst sentiment is broadly cautious, with the stock carrying a consensus “Hold” rating and a $31 target price. Company insiders also sold 293,463 shares worth $8.61 million over the past quarter.

Hsbc Holdings PLC decreased its holdings in shares of Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 90.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,555 shares of the company's stock after selling 567,987 shares during the quarter. Hsbc Holdings PLC's holdings in Caesars Entertainment were worth $1,494,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in CZR. Sunbelt Securities Inc. lifted its position in Caesars Entertainment by 181.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,042 shares of the company's stock worth $28,000 after buying an additional 672 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Caesars Entertainment by 456.7% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,119 shares of the company's stock valued at $26,000 after acquiring an additional 918 shares in the last quarter. CoreCap Advisors LLC increased its position in shares of Caesars Entertainment by 44.6% in the fourth quarter. CoreCap Advisors LLC now owns 1,581 shares of the company's stock valued at $37,000 after acquiring an additional 488 shares during the last quarter. Hantz Financial Services Inc. increased its position in shares of Caesars Entertainment by 87.1% in the fourth quarter. Hantz Financial Services Inc. now owns 1,817 shares of the company's stock valued at $42,000 after acquiring an additional 846 shares during the last quarter. Finally, Hilton Head Capital Partners LLC bought a new stake in Caesars Entertainment during the fourth quarter worth about $55,000. Institutional investors own 91.79% of the company's stock.

Caesars Entertainment Trading Up 0.1%

Shares of NASDAQ:CZR opened at $29.97 on Tuesday. Caesars Entertainment, Inc. has a 52-week low of $17.86 and a 52-week high of $30.88. The company has a debt-to-equity ratio of 3.25, a quick ratio of 0.83 and a current ratio of 0.85. The company has a market capitalization of $6.10 billion, a P/E ratio of -12.65 and a beta of 1.76. The company has a 50-day simple moving average of $29.48 and a 200 day simple moving average of $26.54.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported ($0.48) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.24). The business had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.85 billion. Caesars Entertainment had a negative return on equity of 7.88% and a negative net margin of 4.19%.Caesars Entertainment's quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the firm earned ($0.54) EPS. Sell-side analysts forecast that Caesars Entertainment, Inc. will post -0.49 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CZR. Texas Capital downgraded Caesars Entertainment from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 1st. Wall Street Zen upgraded Caesars Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, April 4th. Capital One Financial downgraded Caesars Entertainment from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 23rd. Weiss Ratings reissued a "sell (d-)" rating on shares of Caesars Entertainment in a research note on Monday, May 18th. Finally, Barclays restated an "equal weight" rating and set a $31.00 target price (down from $35.00) on shares of Caesars Entertainment in a report on Thursday, July 9th. Three analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $31.00.

Insider Activity at Caesars Entertainment

In related news, Director Michael E. Pegram sold 55,000 shares of the business's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $29.20, for a total transaction of $1,606,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $29.35, for a total value of $2,393,962.10. Following the completion of the sale, the insider owned 18,263 shares in the company, valued at approximately $536,019.05. This trade represents a 81.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 293,463 shares of company stock valued at $8,609,241 over the last quarter. 1.18% of the stock is currently owned by corporate insiders.

Caesars Entertainment Profile

Caesars Entertainment Corporation is a leading integrated gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates a global portfolio of resorts, casinos, and entertainment venues designed to deliver comprehensive hospitality experiences. Its business activities span hotel accommodations, gaming operations, food and beverage services, live events, and convention services, with a focus on delivering luxury and entertainment to both leisure and business travelers.

The company traces its lineage to the founding of Harrah's by William F.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.