Jennison Associates LLC Sells 231,192 Shares of PENN Entertainment, Inc. $PENN

Key Points

• Jennison Associates LLC cut its stake in PENN Entertainment by 25% in the first quarter, selling 231,192 shares and leaving it with 693,172 shares worth about $10.4 million.
• PENN reported better-than-expected quarterly results, posting EPS of $0.11 versus a $0.05 estimate and revenue of $1.78 billion, up 6.4% year over year.
• Analyst sentiment is mostly positive, with several firms raising targets and the stock carrying a “Moderate Buy” consensus price target of $22.59.

Jennison Associates LLC lowered its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 25.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 693,172 shares of the company's stock after selling 231,192 shares during the period. Jennison Associates LLC owned approximately 0.52% of PENN Entertainment worth $10,418,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Quarry LP acquired a new stake in shares of PENN Entertainment during the 4th quarter worth approximately $36,000. IFP Advisors Inc increased its stake in shares of PENN Entertainment by 76.2% in the 4th quarter. IFP Advisors Inc now owns 2,766 shares of the company's stock valued at $41,000 after acquiring an additional 1,196 shares in the last quarter. Triumph Capital Management acquired a new position in shares of PENN Entertainment during the 3rd quarter valued at $54,000. Modus Advisors LLC acquired a new position in shares of PENN Entertainment during the 4th quarter valued at $47,000. Finally, Hantz Financial Services Inc. boosted its stake in PENN Entertainment by 385.1% during the fourth quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company's stock worth $55,000 after acquiring an additional 2,954 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.

PENN Entertainment Stock Performance

NASDAQ PENN opened at $21.23 on Wednesday. The company has a fifty day simple moving average of $19.89 and a 200 day simple moving average of $16.43. PENN Entertainment, Inc. has a 12-month low of $11.65 and a 12-month high of $22.36. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.94. The company has a market cap of $2.84 billion, a P/E ratio of -3.16, a PEG ratio of 0.65 and a beta of 1.42.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.06. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The firm had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter in the prior year, the company posted $0.68 earnings per share. The business's revenue was up 6.4% on a year-over-year basis. Sell-side analysts predict that PENN Entertainment, Inc. will post 1.07 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PENN shares. Susquehanna raised their price target on shares of PENN Entertainment from $24.00 to $28.00 and gave the stock a "positive" rating in a report on Wednesday, July 1st. Citigroup reiterated an "outperform" rating on shares of PENN Entertainment in a report on Thursday, July 16th. Zacks Research raised shares of PENN Entertainment from a "hold" rating to a "strong-buy" rating in a research report on Monday, July 13th. Mizuho raised their target price on PENN Entertainment from $23.00 to $25.00 and gave the company an "outperform" rating in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company decreased their target price on PENN Entertainment from $24.00 to $23.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $22.59.

PENN Entertainment Company Profile

PENN Entertainment, Inc NASDAQ: PENN is a leading operator of gaming and racing facilities in the United States. The company's business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company's portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.

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