Jennison Associates LLC Boosts Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Jennison Associates LLC raised its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 15.9% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 892,193 shares of the company's stock after purchasing an additional 122,165 shares during the quarter. Jennison Associates LLC owned about 0.59% of PENN Entertainment worth $14,552,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in shares of PENN Entertainment by 38.7% in the first quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock valued at $43,000 after purchasing an additional 736 shares in the last quarter. J.Safra Asset Management Corp grew its position in shares of PENN Entertainment by 6.7% in the first quarter. J.Safra Asset Management Corp now owns 13,877 shares of the company's stock valued at $226,000 after purchasing an additional 877 shares during the last quarter. Swiss National Bank grew its position in shares of PENN Entertainment by 0.6% in the fourth quarter. Swiss National Bank now owns 269,284 shares of the company's stock valued at $5,337,000 after purchasing an additional 1,500 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of PENN Entertainment by 4.3% in the first quarter. Arizona State Retirement System now owns 41,433 shares of the company's stock valued at $676,000 after buying an additional 1,707 shares during the period. Finally, Tidal Investments LLC lifted its stake in shares of PENN Entertainment by 11.7% in the fourth quarter. Tidal Investments LLC now owns 16,626 shares of the company's stock valued at $330,000 after buying an additional 1,738 shares during the period. 91.69% of the stock is owned by institutional investors.

Insider Activity

In other PENN Entertainment news, Director David A. Handler purchased 10,000 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average price of $14.83 per share, for a total transaction of $148,300.00. Following the acquisition, the director owned 322,941 shares in the company, valued at $4,789,215.03. This represents a 3.20% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jay A. Snowden purchased 34,000 shares of the business's stock in a transaction that occurred 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 acquisition, the chief executive officer owned 1,082,625 shares in the company, valued at $15,914,587.50. This trade represents a 3.24% increase in their position. The disclosure for this purchase can be found here. Insiders own 2.67% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Stifel Nicolaus raised their price target on shares of PENN Entertainment from $17.00 to $19.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Barclays dropped their price objective on shares of PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Friday. Truist Financial lowered their target price on shares of PENN Entertainment from $23.00 to $20.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Mizuho decreased their price target on shares of PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a report on Monday, May 12th. Finally, Canaccord Genuity Group reduced their target price on shares of PENN Entertainment from $28.00 to $26.00 and set a "buy" rating for the company in a research note on Monday, May 5th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $23.18.

PENN Entertainment Trading Up 1.6%

NASDAQ PENN traded up $0.28 during trading on Monday, hitting $18.33. The company had a trading volume of 2,593,131 shares, compared to its average volume of 3,823,474. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 2.35. PENN Entertainment, Inc. has a one year low of $13.25 and a one year high of $23.08. The company's fifty day moving average is $16.71 and its 200-day moving average is $17.62.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.04. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.71 billion. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. PENN Entertainment's revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.76) EPS. Equities research analysts expect that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

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.