UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 71,337 Shares of PENN Entertainment, Inc. $PENN

Key Points

• UBS Asset Management reduced its PENN Entertainment position by 23.4% in the second quarter, selling 71,337 shares and retaining 233,881 shares valued at approximately $5.0 million.
• Institutional investors and hedge funds own 91.69% of PENN’s outstanding stock, with several other firms increasing their holdings during the period.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $23.53. PENN also exceeded quarterly EPS estimates, reporting $0.44 versus the $0.37 consensus.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 23.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 233,881 shares of the company's stock after selling 71,337 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.17% of PENN Entertainment worth $4,996,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in PENN. Treasurer of the State of North Carolina boosted its position in PENN Entertainment by 1.1% in the second quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company's stock valued at $1,245,000 after buying an additional 745 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of PENN Entertainment by 19.4% in the second quarter. GAMMA Investing LLC now owns 5,506 shares of the company's stock valued at $118,000 after acquiring an additional 895 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of PENN Entertainment by 3.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 26,730 shares of the company's stock worth $394,000 after acquiring an additional 922 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of PENN Entertainment by 76.2% in the 4th quarter. IFP Advisors Inc now owns 2,766 shares of the company's stock worth $41,000 after acquiring an additional 1,196 shares in the last quarter. Finally, Tidal Investments LLC grew its position in PENN Entertainment by 8.1% during the 2nd quarter. Tidal Investments LLC now owns 19,689 shares of the company's stock worth $352,000 after acquiring an additional 1,483 shares during the last quarter. Institutional investors and hedge funds own 91.69% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PENN. JPMorgan Chase & Co. lifted their price objective on PENN Entertainment from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Citizens Jmp raised their target price on PENN Entertainment from $24.00 to $26.00 and gave the company a "market outperform" rating in a research note on Thursday, July 16th. Stifel Nicolaus lifted their price target on PENN Entertainment from $23.00 to $25.00 and gave the company a "buy" rating in a report on Friday, June 12th. Benchmark upped their price target on shares of PENN Entertainment from $21.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, August 7th. Finally, Jefferies Financial Group reissued a "hold" rating and set a $22.00 price objective on shares of PENN Entertainment in a report on Friday, August 7th. Twelve equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, PENN Entertainment currently has an average rating of "Moderate Buy" and a consensus target price of $23.53.

PENN Entertainment Price Performance

PENN Entertainment stock opened at $16.95 on Wednesday. The business's 50-day simple moving average is $19.50 and its 200 day simple moving average is $17.73. The stock has a market cap of $2.27 billion, a price-to-earnings ratio of -2.67, a P/E/G ratio of 0.44 and a beta of 1.38. PENN Entertainment, Inc. has a 12-month low of $11.65 and a 12-month 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 announced its quarterly earnings data 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 positive return on equity of 2.93% and a negative net margin of 12.66%.The firm had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.86 billion. During the same period in the previous year, the business posted ($0.12) EPS. The company's quarterly revenue was up 5.2% compared to the same quarter last year. As a group, research analysts anticipate that PENN Entertainment, Inc. will post 1.19 earnings per share for the current year.

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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