Sanctuary Advisors LLC Takes Position in PENN Entertainment, Inc. $PENN

Key Points

• Sanctuary Advisors initiated a position in PENN Entertainment during the second quarter, buying 59,653 shares valued at approximately $1.27 million. Institutional investors collectively own 91.69% of the company.
• PENN reported quarterly earnings of $0.44 per share, beating estimates of $0.37, while revenue reached $1.86 billion, up 5.2% year over year. Despite the earnings beat, the company posted a negative net margin of 12.66%.
• The stock recently traded at $17.33, down 2.9%, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $23.53.

Sanctuary Advisors LLC purchased a new position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 59,653 shares of the company's stock, valued at approximately $1,274,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PENN. Ieq Capital LLC purchased a new stake in PENN Entertainment during the second quarter worth $3,190,000. Assenagon Asset Management S.A. increased its holdings in shares of PENN Entertainment by 47.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 180,310 shares of the company's stock valued at $3,851,000 after acquiring an additional 58,174 shares during the period. Whitebox Advisors LLC purchased a new position in shares of PENN Entertainment in the 1st quarter valued at $737,000. Deutsche Bank AG bought a new position in shares of PENN Entertainment in the 2nd quarter worth $3,911,000. Finally, Sequoia Financial Advisors LLC bought a new position in shares of PENN Entertainment in the 4th quarter worth $6,376,000. 91.69% of the stock is currently owned by institutional investors.

PENN Entertainment Trading Down 2.9%

PENN Entertainment stock opened at $17.33 on Friday. The stock has a 50-day moving average price of $20.17 and a 200 day moving average price of $17.49. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of -2.72, a price-to-earnings-growth ratio of 0.46 and a beta of 1.43. PENN Entertainment, Inc. has a 52 week low of $11.65 and a 52 week high of $22.36. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.79.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.07. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the prior year, the company earned ($0.12) EPS. PENN Entertainment's quarterly revenue was up 5.2% on a year-over-year basis. Sell-side analysts anticipate that PENN Entertainment, Inc. will post 1.19 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PENN. Capital One Financial upgraded shares of PENN Entertainment from an "equal weight" rating to an "overweight" rating and set a $26.00 target price for the company in a research note on Thursday, July 23rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of PENN Entertainment in a research report on Wednesday, June 24th. Wells Fargo & Company decreased their price objective on PENN Entertainment from $24.00 to $23.00 and set an "equal weight" rating for the company in a report on Tuesday, July 14th. Zacks Research cut PENN Entertainment from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. boosted their target price on PENN Entertainment from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Twelve analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.53.

About PENN Entertainment

PENN Entertainment, Inc NASDAQ: PENN is a leading operator of gaming and racing facilities in the United States. The company's business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company's portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.

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