Legal & General Group Plc Invests $6.41 Million in PENN Entertainment, Inc. $PENN

Legal & General Group Plc purchased a new stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 299,874 shares of the company's stock, valued at approximately $6,405,000. Legal & General Group Plc owned approximately 0.22% of PENN Entertainment at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Treasurer of the State of North Carolina lifted its holdings in PENN Entertainment by 1.1% during the 2nd quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company's stock worth $1,245,000 after buying an additional 745 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of PENN Entertainment by 19.4% during the second quarter. GAMMA Investing LLC now owns 5,506 shares of the company's stock worth $118,000 after buying an additional 895 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of PENN Entertainment by 3.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,730 shares of the company's stock worth $394,000 after buying an additional 922 shares during the period. IFP Advisors Inc grew its holdings in shares of PENN Entertainment by 76.2% during the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company's stock worth $41,000 after buying an additional 1,196 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of PENN Entertainment by 8.1% during the second quarter. Tidal Investments LLC now owns 19,689 shares of the company's stock worth $352,000 after buying an additional 1,483 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on PENN shares. Morgan Stanley reaffirmed an "underperform" rating on shares of PENN Entertainment in a research note on Wednesday, August 12th. Citizens Jmp lifted their target price on PENN Entertainment from $24.00 to $26.00 and gave the company a "market outperform" rating in a research note on Thursday, July 16th. Citigroup restated a "market outperform" rating on shares of PENN Entertainment in a research note on Tuesday, August 18th. JPMorgan Chase & Co. lifted their price objective on shares of PENN Entertainment from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Finally, Barclays lifted their price objective on PENN Entertainment from $24.00 to $26.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Twelve investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $23.53.

PENN Entertainment Trading Up 3.0%

Shares of PENN opened at $16.89 on Thursday. The company has a debt-to-equity ratio of 3.79, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a 50 day simple moving average of $19.86 and a 200-day simple moving average of $17.59. The stock has a market cap of $2.26 billion, a price-to-earnings ratio of -2.66, a price-to-earnings-growth ratio of 0.42 and a beta of 1.38. PENN Entertainment, Inc. has a 1-year low of $11.65 and a 1-year high of $22.36.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.07. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%.The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the prior year, the business earned ($0.12) earnings per share. The business's revenue was up 5.2% on a year-over-year basis. Equities analysts forecast that PENN Entertainment, Inc. will post 1.19 EPS for the current fiscal year.

PENN Entertainment 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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