Victory Capital Management Inc. Increases Stake in PENN Entertainment, Inc. (NASDAQ:PENN)

Victory Capital Management Inc. boosted its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 2,612.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 773,938 shares of the company's stock after acquiring an additional 745,400 shares during the period. Victory Capital Management Inc. owned 0.51% of PENN Entertainment worth $12,623,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Signaturefd LLC lifted its position in PENN Entertainment by 1,371.6% during the 1st quarter. Signaturefd LLC now owns 7,211 shares of the company's stock valued at $118,000 after acquiring an additional 6,721 shares during the period. Edgestream Partners L.P. raised its holdings in PENN Entertainment by 1,080.3% in the first quarter. Edgestream Partners L.P. now owns 133,691 shares of the company's stock worth $2,180,000 after buying an additional 122,364 shares during the last quarter. Arizona State Retirement System raised its holdings in PENN Entertainment by 4.3% in the first quarter. Arizona State Retirement System now owns 41,433 shares of the company's stock worth $676,000 after buying an additional 1,707 shares during the last quarter. Axxcess Wealth Management LLC raised its holdings in PENN Entertainment by 19.6% in the first quarter. Axxcess Wealth Management LLC now owns 30,575 shares of the company's stock worth $499,000 after buying an additional 5,000 shares during the last quarter. Finally, Trek Financial LLC purchased a new position in PENN Entertainment in the first quarter worth about $246,000. 91.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other PENN Entertainment news, Director David A. Handler purchased 10,000 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average price of $14.83 per share, with a total value of $148,300.00. Following the completion of the purchase, the director directly 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jay A. Snowden bought 34,000 shares of PENN Entertainment stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average cost of $14.70 per share, for a total transaction of $499,800.00. Following the purchase, the chief executive officer owned 1,082,625 shares of the company's stock, valued at approximately $15,914,587.50. This trade represents a 3.24% increase in their position. The disclosure for this purchase can be found here. 2.67% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have issued reports on PENN shares. Truist Financial decreased 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. Benchmark reaffirmed a "hold" rating on shares of PENN Entertainment in a report on Monday, May 19th. Susquehanna reaffirmed a "positive" rating and issued a $25.00 target price (up from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. Citizens Jmp raised shares of PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective for the company in a report on Thursday, June 26th. Finally, JMP Securities raised shares of PENN Entertainment from a "market perform" rating to a "market outperform" rating and set a $24.00 price objective for the company in a report on Thursday, June 26th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $23.18.

PENN Entertainment Price Performance

Shares of PENN stock traded up $1.02 during mid-day trading on Friday, hitting $19.23. The company had a trading volume of 5,782,248 shares, compared to its average volume of 3,601,939. PENN Entertainment, Inc. has a 52-week low of $13.25 and a 52-week high of $23.08. The stock's 50 day moving average price is $16.96 and its 200-day moving average price is $17.61. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market capitalization of $2.90 billion, a P/E ratio of -31.02 and a beta of 1.61.

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

PENN Entertainment Company Profile

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.