Sequoia Financial Advisors LLC Sells 610,915 Shares of Caesars Entertainment, Inc. $CZR

Key Points

• Sequoia Financial Advisors LLC sold 610,915 shares of Caesars Entertainment, reducing its holdings by 50.7%, leaving it with approximately 0.29% of the company valued at $16.9 million.
• In the 1st quarter, several institutional investors significantly increased their stakes in Caesars Entertainment, with DAVENPORT & Co LLC boosting its position by over 1,051%.
• Caesars Entertainment reported a loss per share of ($0.39) for the last quarter, missing consensus estimates, though revenue increased by 2.7% from the same time last year.

Sequoia Financial Advisors LLC reduced its holdings in shares of Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 50.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 594,998 shares of the company's stock after selling 610,915 shares during the period. Sequoia Financial Advisors LLC owned about 0.29% of Caesars Entertainment worth $16,892,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in CZR. DAVENPORT & Co LLC boosted its position in shares of Caesars Entertainment by 1,051.1% during the 1st quarter. DAVENPORT & Co LLC now owns 3,495,915 shares of the company's stock valued at $87,399,000 after acquiring an additional 3,192,224 shares in the last quarter. Hein Park Capital Management LP acquired a new stake in shares of Caesars Entertainment during the 1st quarter valued at about $60,492,000. HG Vora Capital Management LLC boosted its position in shares of Caesars Entertainment by 73.3% during the 1st quarter. HG Vora Capital Management LLC now owns 3,900,000 shares of the company's stock valued at $97,500,000 after acquiring an additional 1,650,000 shares in the last quarter. Duquesne Family Office LLC acquired a new stake in shares of Caesars Entertainment during the 1st quarter valued at about $38,711,000. Finally, Royal Bank of Canada boosted its position in shares of Caesars Entertainment by 477.7% during the 1st quarter. Royal Bank of Canada now owns 1,833,567 shares of the company's stock valued at $45,839,000 after acquiring an additional 1,516,153 shares in the last quarter. 91.79% of the stock is currently owned by institutional investors and hedge funds.

Caesars Entertainment Price Performance

CZR opened at $21.86 on Monday. Caesars Entertainment, Inc. has a one year low of $21.40 and a one year high of $45.93. The company has a debt-to-equity ratio of 6.08, a current ratio of 0.82 and a quick ratio of 0.81. The company's 50 day simple moving average is $25.66 and its 200-day simple moving average is $26.98. The stock has a market capitalization of $4.55 billion, a P/E ratio of -23.76 and a beta of 2.38.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.46). Caesars Entertainment had a negative net margin of 1.71% and a negative return on equity of 4.55%. The company had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same period last year, the company earned ($0.56) earnings per share. Caesars Entertainment's revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts anticipate that Caesars Entertainment, Inc. will post -0.77 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CZR has been the topic of several recent research reports. Macquarie decreased their target price on shares of Caesars Entertainment from $45.00 to $40.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 30th. Citigroup restated a "market outperform" rating on shares of Caesars Entertainment in a research report on Friday, July 18th. Weiss Ratings restated a "sell (e+)" rating on shares of Caesars Entertainment in a research report on Wednesday, October 8th. Barclays reduced their price target on shares of Caesars Entertainment from $45.00 to $43.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 30th. Finally, Susquehanna reduced their price target on shares of Caesars Entertainment from $28.00 to $27.00 and set a "neutral" rating on the stock in a research report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Caesars Entertainment currently has a consensus rating of "Moderate Buy" and an average target price of $42.20.

Caesars Entertainment Profile

Caesars Entertainment, Inc operates as a gaming and hospitality company. The company owns, leases, or manages domestic properties in 18 states with slot machines, video lottery terminals and e-tables, and hotel rooms, as well as table games, including poker. It also operates and conducts retail and online sports wagering across 31 jurisdictions in North America and operates iGaming in five jurisdictions in North America; sports betting from our retail and online sportsbooks; and other games, such as keno.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.