National Bank of Canada FI Buys 448,551 Shares of Caesars Entertainment, Inc. (NASDAQ:CZR)

Key Points

• National Bank of Canada FI increased its stake in Caesars Entertainment by 112.6% during the first quarter, holding approximately 846,950 shares valued at $21.17 million.
• Major institutional investors like Deutsche Bank and Vanguard have also raised their stakes in Caesars, contributing to 91.79% of the company's stock being owned by these investors.
• Despite reporting a revenue increase of 2.7% year-over-year, Caesars Entertainment missed earnings per share estimates, reporting a loss of ($0.39) in its latest quarterly results.

National Bank of Canada FI raised its holdings in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 112.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 846,950 shares of the company's stock after buying an additional 448,551 shares during the quarter. National Bank of Canada FI owned 0.41% of Caesars Entertainment worth $21,174,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Deutsche Bank AG boosted its stake in Caesars Entertainment by 9.0% in the 1st quarter. Deutsche Bank AG now owns 1,315,354 shares of the company's stock valued at $32,884,000 after buying an additional 108,919 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Caesars Entertainment by 3.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,935,141 shares of the company's stock valued at $48,379,000 after buying an additional 58,170 shares in the last quarter. Vanguard Group Inc. boosted its stake in Caesars Entertainment by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 23,548,822 shares of the company's stock valued at $588,721,000 after buying an additional 183,963 shares in the last quarter. Wealthspire Advisors LLC acquired a new stake in Caesars Entertainment in the 1st quarter valued at $248,000. Finally, ING Groep NV boosted its stake in Caesars Entertainment by 69.6% in the 1st quarter. ING Groep NV now owns 1,816,931 shares of the company's stock valued at $45,423,000 after buying an additional 745,793 shares in the last quarter. Institutional investors and hedge funds own 91.79% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CZR. Morgan Stanley decreased their price target on Caesars Entertainment from $32.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. Macquarie cut their price objective on Caesars Entertainment from $45.00 to $40.00 and set an "outperform" rating for the company in a research report on Wednesday, July 30th. Susquehanna cut their price objective on Caesars Entertainment from $28.00 to $27.00 and set a "neutral" rating for the company in a research report on Friday, August 1st. Citigroup reiterated a "market outperform" rating on shares of Caesars Entertainment in a research report on Friday, July 18th. Finally, JPMorgan Chase & Co. lifted their price objective on Caesars Entertainment from $47.00 to $48.00 and gave the company an "overweight" rating in a research report on Tuesday, July 22nd. Four equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $42.47.

Caesars Entertainment Price Performance

Shares of Caesars Entertainment stock traded up $1.10 during trading on Wednesday, hitting $25.74. The stock had a trading volume of 7,182,761 shares, compared to its average volume of 5,594,800. The firm has a market cap of $5.35 billion, a price-to-earnings ratio of -27.98 and a beta of 2.40. Caesars Entertainment, Inc. has a 12 month low of $21.40 and a 12 month high of $45.93. The business's 50-day moving average is $28.01 and its 200 day moving average is $29.09. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 6.08.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.46). The business had revenue of $2.91 billion for the quarter, compared to analysts' expectations of $2.85 billion. Caesars Entertainment had a negative net margin of 1.71% and a negative return on equity of 4.55%. The business's quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.56) earnings per share. As a group, sell-side analysts anticipate that Caesars Entertainment, Inc. will post -0.77 earnings per share 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.