PENN Entertainment, Inc. (NASDAQ:PENN) Holdings Increased by Principal Financial Group Inc.

Principal Financial Group Inc. increased its holdings in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 2.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 742,899 shares of the company's stock after purchasing an additional 17,752 shares during the quarter. Principal Financial Group Inc. owned 0.49% of PENN Entertainment worth $12,117,000 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 PENN. Contrarius Group Holdings Ltd bought a new stake in PENN Entertainment in the fourth quarter worth approximately $34,994,000. Norges Bank acquired a new position in shares of PENN Entertainment in the 4th quarter valued at $27,901,000. Raymond James Financial Inc. bought a new stake in shares of PENN Entertainment in the 4th quarter worth about $17,804,000. Invesco Ltd. grew its holdings in shares of PENN Entertainment by 28.0% in the 4th quarter. Invesco Ltd. now owns 3,882,009 shares of the company's stock worth $76,941,000 after purchasing an additional 848,066 shares during the last quarter. Finally, Benchstone Capital Management LP bought a new stake in PENN Entertainment during the 4th quarter worth about $16,613,000. Institutional investors and hedge funds own 91.69% of the company's stock.

Insider Buying and Selling at PENN Entertainment

In related news, CEO Jay A. Snowden bought 34,000 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was acquired at an average price of $14.70 per share, for a total transaction of $499,800.00. Following the purchase, the chief executive officer directly owned 1,082,625 shares in the company, valued at $15,914,587.50. This trade represents a 3.24% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David A. Handler bought 10,000 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was bought at an average price of $14.83 per share, with a total value of $148,300.00. Following the purchase, the director owned 322,941 shares in the company, valued at $4,789,215.03. This trade represents a 3.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by corporate insiders.

PENN Entertainment Price Performance

Shares of PENN opened at $17.83 on Monday. PENN Entertainment, Inc. has a 52-week low of $13.25 and a 52-week high of $23.08. The business's 50 day moving average price is $16.49 and its two-hundred day moving average price is $17.67. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.74 and a current ratio of 0.74. The firm has a market cap of $2.69 billion, a PE ratio of -28.76 and a beta of 1.61.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.25) EPS for the quarter, beating analysts' consensus estimates of ($0.29) by $0.04. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the prior year, the firm posted ($0.76) EPS. PENN Entertainment's quarterly revenue was up 4.1% compared to the same quarter last year. On average, equities analysts anticipate that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Susquehanna reaffirmed a "positive" rating and issued a $25.00 target price (up previously from $24.00) on shares of PENN Entertainment in a research note on Tuesday, June 10th. Benchmark reissued a "hold" rating on shares of PENN Entertainment in a research note on Monday, May 19th. JPMorgan Chase & Co. started coverage on shares of PENN Entertainment in a research report on Monday, June 23rd. They set an "overweight" rating and a $24.00 price objective for the company. Mizuho dropped their target price on PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a report on Monday, May 12th. Finally, Morgan Stanley boosted their target price on PENN Entertainment from $16.00 to $17.00 and gave the stock an "equal weight" rating in a research note on Friday. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $23.18.

About PENN Entertainment

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.

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