PENN Entertainment, Inc. $PENN Shares Sold by Northwestern Mutual Wealth Management Co.

Key Points

• Northwestern Mutual Wealth Management Co. significantly reduced its stake in PENN Entertainment by 93.7%, dropping from over 1.3 million shares to 84,322 shares, now valued at approximately $1.375 million.
• Several hedge funds increased their investments in PENN, with Victory Capital Management boosting its position by 2,612%, now owning 773,938 shares valued at around $12.6 million.
• PENN Entertainment reported a quarterly earnings beat, posting an EPS of $0.10 against expectations of ($0.04), with revenues reaching $1.77 billion, an increase of 6.1% year-over-year.

Northwestern Mutual Wealth Management Co. lowered its position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 93.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 84,322 shares of the company's stock after selling 1,258,550 shares during the period. Northwestern Mutual Wealth Management Co. owned about 0.06% of PENN Entertainment worth $1,375,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in PENN. Invesco Ltd. lifted its position in PENN Entertainment by 54.6% in the first quarter. Invesco Ltd. now owns 6,002,749 shares of the company's stock valued at $97,905,000 after purchasing an additional 2,120,740 shares during the period. Benchstone Capital Management LP acquired a new stake in PENN Entertainment in the fourth quarter valued at about $16,613,000. Victory Capital Management Inc. lifted its position in PENN Entertainment by 2,612.0% in the first quarter. Victory Capital Management Inc. now owns 773,938 shares of the company's stock valued at $12,623,000 after purchasing an additional 745,400 shares during the period. Kettle Hill Capital Management LLC increased its holdings in PENN Entertainment by 43.1% in the fourth quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company's stock valued at $35,711,000 after buying an additional 542,585 shares in the last quarter. Finally, Man Group plc increased its holdings in PENN Entertainment by 25.0% in the fourth quarter. Man Group plc now owns 1,398,998 shares of the company's stock valued at $27,728,000 after buying an additional 279,726 shares in the last quarter. Institutional investors and hedge funds own 91.69% of the company's stock.

Insider Buying and Selling at PENN Entertainment

In other PENN Entertainment news, Director David A. Handler acquired 20,000 shares of the company's stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $16.96 per share, with a total value of $339,200.00. Following the purchase, the director directly owned 342,941 shares in the company, valued at approximately $5,816,279.36. This trade represents a 6.19% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 2.67% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PENN. Benchmark reaffirmed a "hold" rating on shares of PENN Entertainment in a report on Monday, May 19th. JMP Securities increased their target price on shares of PENN Entertainment from $24.00 to $25.00 and gave the company a "market outperform" rating in a report on Friday, August 8th. JPMorgan Chase & Co. began coverage on shares of PENN Entertainment in a report on Monday, June 23rd. They issued an "overweight" rating and a $24.00 target price for the company. Stifel Nicolaus increased their target price on shares of PENN Entertainment from $17.00 to $19.00 and gave the company a "hold" rating in a report on Friday, July 11th. Finally, Wall Street Zen cut shares of PENN Entertainment from a "hold" rating to a "sell" rating in a report 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.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.25.

PENN Entertainment Trading Up 0.2%

Shares of PENN opened at $20.23 on Friday. The company has a debt-to-equity ratio of 2.39, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a 50 day simple moving average of $18.28 and a 200-day simple moving average of $17.25. PENN Entertainment, Inc. has a 1-year low of $13.25 and a 1-year high of $23.08. The stock has a market cap of $2.95 billion, a price-to-earnings ratio of -36.12 and a beta of 1.60.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.14. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. The business had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same period last year, the company posted ($0.18) EPS. The company's revenue was up 6.1% on a year-over-year basis. Equities analysts forecast that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal 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.

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