Norges Bank Makes New Investment in Caesars Entertainment, Inc. $CZR

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Caesars Entertainment, buying 3.25 million shares worth about $76.1 million and ending with roughly 1.59% ownership.
• Other institutional investors also increased their positions, and hedge funds and institutions now own 91.79% of Caesars Entertainment’s stock.
• Wall Street sentiment is mostly cautious: the stock’s consensus rating is Hold with an average target price of $32.80, while the company recently reported a quarterly earnings miss despite revenue topping estimates.

Norges Bank bought a new stake in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 3,251,369 shares of the company's stock, valued at approximately $76,050,000. Norges Bank owned approximately 1.59% of Caesars Entertainment as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of CZR. Capital World Investors grew its stake in shares of Caesars Entertainment by 29.8% in the third quarter. Capital World Investors now owns 16,193,070 shares of the company's stock valued at $437,622,000 after buying an additional 3,716,148 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Caesars Entertainment by 317.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 3,274,430 shares of the company's stock valued at $76,589,000 after buying an additional 2,490,924 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Caesars Entertainment by 35,370.9% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,464,518 shares of the company's stock valued at $57,645,000 after buying an additional 2,457,570 shares in the last quarter. Ossiam grew its stake in shares of Caesars Entertainment by 7,760.9% in the third quarter. Ossiam now owns 1,883,007 shares of the company's stock valued at $50,888,000 after buying an additional 1,859,053 shares in the last quarter. Finally, Alyeska Investment Group L.P. grew its stake in shares of Caesars Entertainment by 315.1% in the third quarter. Alyeska Investment Group L.P. now owns 1,946,099 shares of the company's stock valued at $52,593,000 after buying an additional 1,477,284 shares in the last quarter. Institutional investors and hedge funds own 91.79% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on CZR. Truist Financial lowered Caesars Entertainment from a "buy" rating to a "hold" rating and lowered their target price for the company from $32.00 to $31.00 in a research note on Friday, May 29th. Macquarie Infrastructure lowered Caesars Entertainment from an "outperform" rating to a "neutral" rating in a research note on Monday, June 1st. Jefferies Financial Group raised their price objective on Caesars Entertainment from $24.00 to $26.00 and gave the company a "hold" rating in a research note on Monday, April 6th. Wall Street Zen upgraded Caesars Entertainment from a "sell" rating to a "hold" rating in a research note on Saturday, April 4th. Finally, Barclays lowered their price objective on Caesars Entertainment from $39.00 to $35.00 and set an "overweight" rating for the company in a research note on Wednesday, February 18th. Four equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $32.80.

Insider Buying and Selling

In other Caesars Entertainment news, Director Michael E. Pegram sold 55,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $29.20, for a total transaction of $1,606,000.00. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.18% of the stock is currently owned by corporate insiders.

Caesars Entertainment Trading Down 0.2%

NASDAQ:CZR opened at $29.20 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.85 and a debt-to-equity ratio of 3.25. The business's 50 day moving average is $27.56 and its two-hundred day moving average is $24.85. Caesars Entertainment, Inc. has a 52 week low of $17.86 and a 52 week high of $31.58. The company has a market cap of $5.95 billion, a PE ratio of -12.32 and a beta of 1.77.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last released its earnings results on Tuesday, April 28th. The company reported ($0.48) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.24). Caesars Entertainment had a negative return on equity of 7.88% and a negative net margin of 4.19%.The firm had revenue of $2.87 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same period in the prior year, the business earned ($0.54) EPS. The company's quarterly revenue was up 2.7% on a year-over-year basis. On average, analysts predict that Caesars Entertainment, Inc. will post -0.49 EPS for the current year.

Caesars Entertainment Company Profile

Caesars Entertainment Corporation is a leading integrated gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates a global portfolio of resorts, casinos, and entertainment venues designed to deliver comprehensive hospitality experiences. Its business activities span hotel accommodations, gaming operations, food and beverage services, live events, and convention services, with a focus on delivering luxury and entertainment to both leisure and business travelers.

The company traces its lineage to the founding of Harrah's by William F.

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