Caesars Entertainment, Inc. (NASDAQ:CZR) Stock Position Boosted by ING Groep NV

Key Points

• ING Groep NV has increased its stake in Caesars Entertainment, Inc. by 69.6%, now holding 1,816,931 shares worth approximately $45.4 million.
• Other institutional investors, including Capital Research Global Investors and DAVENPORT & Co LLC, have also significantly raised their positions in Caesars Entertainment during the last quarter.
• Caesars reported a loss of ($0.39) EPS for the last quarter, missing estimates, but achieved revenues of $2.91 billion, surpassing expectations of $2.85 billion.

ING Groep NV raised its position in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 69.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,816,931 shares of the company's stock after purchasing an additional 745,793 shares during the period. ING Groep NV owned 0.87% of Caesars Entertainment worth $45,423,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of CZR. Blueshift Asset Management LLC purchased a new position in Caesars Entertainment during the 1st quarter worth $860,000. XTX Topco Ltd purchased a new position in Caesars Entertainment during the 1st quarter worth $1,915,000. GSA Capital Partners LLP purchased a new position in Caesars Entertainment during the 1st quarter worth $540,000. Mackenzie Financial Corp grew its position in Caesars Entertainment by 73.5% during the 1st quarter. Mackenzie Financial Corp now owns 19,019 shares of the company's stock worth $475,000 after purchasing an additional 8,060 shares during the last quarter. Finally, LPL Financial LLC lifted its stake in shares of Caesars Entertainment by 10.0% in the 1st quarter. LPL Financial LLC now owns 54,392 shares of the company's stock worth $1,360,000 after acquiring an additional 4,935 shares during the period. 91.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CZR has been the subject of several recent analyst reports. Cfra restated a "hold" rating and issued a $50.00 target price on shares of Caesars Entertainment in a research note on Friday, July 11th. Barclays reduced their price objective on shares of Caesars Entertainment from $45.00 to $43.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Morgan Stanley reduced their price objective on shares of Caesars Entertainment from $32.00 to $31.00 and set an "equal weight" rating for the company in a research note on Wednesday. Susquehanna dropped their target price on shares of Caesars Entertainment from $28.00 to $27.00 and set a "neutral" rating for the company in a report on Friday, August 1st. Finally, Macquarie dropped their target price 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. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $42.47.

Caesars Entertainment Stock Performance

Shares of NASDAQ:CZR traded down $0.29 on Wednesday, reaching $24.88. 5,905,107 shares of the company's stock were exchanged, compared to its average volume of 6,164,807. The firm has a market capitalization of $5.17 billion, a price-to-earnings ratio of -27.04 and a beta of 2.40. Caesars Entertainment, Inc. has a fifty-two week low of $21.40 and a fifty-two week high of $45.93. The business's 50-day moving average is $28.26 and its two-hundred day moving average is $29.43. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 6.08.

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 analysts' consensus estimates of $0.07 by ($0.46). The business had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.85 billion. Caesars Entertainment had a negative return on equity of 4.55% and a negative net margin of 1.71%. The firm's revenue for the quarter was up 2.7% on a year-over-year basis. During the same period last year, the company posted ($0.56) earnings per share. As a group, equities research analysts forecast that Caesars Entertainment, Inc. will post -0.77 EPS for the current year.

About Caesars Entertainment

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.