Adage Capital Partners GP L.L.C. Raises Stock Holdings in PENN Entertainment, Inc. $PENN

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in PENN Entertainment by 122.2% in the first quarter, owning approximately 0.34% of the company valued at around $8.4 million.
• Director David A. Handler purchased 20,000 shares of PENN stock for about $339,200, raising his ownership stake by 6.19%.
• Equities research analysts have generally rated PENN shares as a "Moderate Buy," with an average price target of $23.25, indicating potential appreciation from its current price levels.

Adage Capital Partners GP L.L.C. boosted its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 122.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 516,058 shares of the company's stock after acquiring an additional 283,805 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.34% of PENN Entertainment worth $8,417,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC boosted its holdings in PENN Entertainment by 38.7% during the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock valued at $43,000 after acquiring an additional 736 shares during the period. J.Safra Asset Management Corp boosted its holdings in PENN Entertainment by 6.7% during the 1st quarter. J.Safra Asset Management Corp now owns 13,877 shares of the company's stock valued at $226,000 after acquiring an additional 877 shares during the period. HighTower Advisors LLC boosted its holdings in PENN Entertainment by 5.2% during the 1st quarter. HighTower Advisors LLC now owns 19,327 shares of the company's stock valued at $315,000 after acquiring an additional 953 shares during the period. Arizona State Retirement System boosted its holdings in PENN Entertainment by 4.3% during the 1st quarter. Arizona State Retirement System now owns 41,433 shares of the company's stock valued at $676,000 after acquiring an additional 1,707 shares during the period. Finally, Tidal Investments LLC boosted its holdings in PENN Entertainment by 11.7% during the 4th quarter. Tidal Investments LLC now owns 16,626 shares of the company's stock valued at $330,000 after acquiring an additional 1,738 shares during the period. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Stock Down 2.1%

PENN stock traded down $0.42 during trading on Friday, hitting $19.61. 2,752,326 shares of the company's stock were exchanged, compared to its average volume of 3,158,877. The business has a 50-day moving average price of $18.67 and a two-hundred day moving average price of $17.16. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of -35.02 and a beta of 1.41. PENN Entertainment, Inc. has a 52-week low of $13.25 and a 52-week high of $23.08. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 2.39.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.14. The firm had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.73 billion. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%.The firm's revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.18) earnings per share. As a group, equities research analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

Insiders Place Their Bets

In other PENN Entertainment news, Director David A. Handler bought 20,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was purchased at an average price of $16.96 per share, for a total transaction of $339,200.00. Following the completion of the purchase, the director directly owned 342,941 shares in the company, valued at $5,816,279.36. This trade represents a 6.19% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.67% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PENN. Susquehanna restated a "positive" rating and set a $25.00 target price (up from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. Barclays decreased their price objective on PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating for the company in a research note on Friday, July 18th. Morgan Stanley reiterated a "sell" rating on shares of PENN Entertainment in a research note on Friday, July 11th. Citizens Jmp upgraded PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective for the company in a research note on Thursday, June 26th. Finally, Wall Street Zen cut PENN Entertainment from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Eleven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, PENN Entertainment has a consensus rating of "Moderate Buy" and a consensus target price of $23.25.

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.