PENN Entertainment, Inc. $PENN Shares Acquired by Invesco Ltd.

Key Points

• Invesco Ltd. increased its ownership in PENN Entertainment by 54.6% in Q1, holding approximately 3.98% of the company, valued at nearly $97.9 million.
• Insider trading activity included Director David A. Handler purchasing 20,000 shares and CEO Jay A. Snowden buying 34,000 shares, indicating strong confidence in the company's future.
• Various analysts have adjusted their price targets for PENN Entertainment, with JMP Securities raising it from $24.00 to $25.00, while Needham & Company LLC lowered it to $22.00, reflecting mixed sentiments about the stock's performance.

Invesco Ltd. lifted its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 54.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,002,749 shares of the company's stock after buying an additional 2,120,740 shares during the quarter. Invesco Ltd. owned about 3.98% of PENN Entertainment worth $97,905,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Swiss National Bank lifted its position in shares of PENN Entertainment by 4.0% during the 1st quarter. Swiss National Bank now owns 280,084 shares of the company's stock worth $4,568,000 after buying an additional 10,800 shares during the last quarter. Deutsche Bank AG raised its position in PENN Entertainment by 4.7% in the 1st quarter. Deutsche Bank AG now owns 58,125 shares of the company's stock valued at $948,000 after purchasing an additional 2,584 shares during the last quarter. Headlands Technologies LLC raised its position in PENN Entertainment by 101.0% in the 1st quarter. Headlands Technologies LLC now owns 78,358 shares of the company's stock valued at $1,278,000 after purchasing an additional 39,365 shares during the last quarter. Federated Hermes Inc. raised its position in PENN Entertainment by 1.6% in the 1st quarter. Federated Hermes Inc. now owns 578,059 shares of the company's stock valued at $9,428,000 after purchasing an additional 8,920 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in PENN Entertainment by 9.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,971 shares of the company's stock valued at $456,000 after purchasing an additional 2,346 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company's stock.

Insider Transactions at PENN Entertainment

In other PENN Entertainment news, Director David A. Handler acquired 20,000 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average cost of $16.96 per share, with a total value of $339,200.00. Following the purchase, the director owned 342,941 shares in the company, valued at approximately $5,816,279.36. The trade was a 6.19% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jay A. Snowden acquired 34,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was acquired at an average cost of $14.70 per share, for a total transaction of $499,800.00. Following the completion of the purchase, the chief executive officer owned 1,082,625 shares in the company, valued at $15,914,587.50. The trade was a 3.24% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 64,000 shares of company stock worth $987,300. 2.67% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on PENN. Needham & Company LLC reduced their price target on shares of PENN Entertainment from $25.00 to $22.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Truist Financial reduced their price target on shares of PENN Entertainment from $23.00 to $20.00 and set a "hold" rating for the company in a research report on Wednesday, April 23rd. JMP Securities upped their price target on shares of PENN Entertainment from $24.00 to $25.00 and gave the company a "market outperform" rating in a research report on Friday, August 8th. JPMorgan Chase & Co. began coverage on shares of PENN Entertainment in a research report on Monday, June 23rd. They issued an "overweight" rating and a $24.00 price target for the company. Finally, Morgan Stanley reiterated a "sell" rating on shares of PENN Entertainment in a research report on Friday, July 11th. Eleven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $23.25.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN traded up $0.1840 on Wednesday, reaching $18.7040. 1,680,502 shares of the company were exchanged, compared to its average volume of 4,315,283. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 2.39. PENN Entertainment, Inc. has a 1-year low of $13.25 and a 1-year high of $23.08. The firm has a market cap of $2.73 billion, a price-to-earnings ratio of -33.38 and a beta of 1.60. The company has a 50-day moving average of $17.81 and a 200-day moving average of $17.34.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.14. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. The business had revenue of $1.77 billion for the quarter, compared to analysts' expectations of $1.73 billion. During the same period in the prior year, the company posted ($0.18) EPS. The business's revenue for the quarter was up 6.1% on a year-over-year basis. Equities analysts forecast that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

PENN Entertainment Company Profile

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.