Vanguard Group Inc. Sells 1,050,261 Shares of PENN Entertainment, Inc. $PENN

Key Points

• Vanguard Group reduced its PENN Entertainment stake by 6.8% in the fourth quarter, selling 1,050,261 shares and ending with 14.3 million shares valued at about $211 million.
• PENN Entertainment reported better-than-expected quarterly results, with EPS of $0.11 versus the $0.05 estimate and revenue of $1.78 billion, up 6.4% year over year.
• Analyst sentiment remains mixed: the stock has a consensus Hold rating and an average target price of $20.29, while the shares were trading at $16.74 and were down slightly on the day.

Vanguard Group Inc. lowered its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 6.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,302,633 shares of the company's stock after selling 1,050,261 shares during the period. Vanguard Group Inc. owned about 10.73% of PENN Entertainment worth $210,964,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Peregrine Capital Management LLC grew its position in PENN Entertainment by 4.8% during the 4th quarter. Peregrine Capital Management LLC now owns 329,896 shares of the company's stock worth $4,866,000 after acquiring an additional 15,208 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its position in PENN Entertainment by 12.3% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 47,544 shares of the company's stock worth $701,000 after acquiring an additional 5,207 shares during the last quarter. Evergreen Capital Management LLC bought a new stake in PENN Entertainment during the 4th quarter worth $276,000. Hedges Asset Management LLC grew its position in PENN Entertainment by 3.4% during the 4th quarter. Hedges Asset Management LLC now owns 182,150 shares of the company's stock worth $2,687,000 after acquiring an additional 6,000 shares during the last quarter. Finally, Lecap Asset Management Ltd. bought a new stake in PENN Entertainment during the 4th quarter worth $161,000. Institutional investors own 91.69% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on PENN. Deutsche Bank Aktiengesellschaft boosted their target price on shares of PENN Entertainment from $17.00 to $18.00 and gave the stock a "hold" rating in a report on Friday, April 24th. Susquehanna reduced their target price on shares of PENN Entertainment from $20.00 to $17.00 and set a "positive" rating on the stock in a report on Wednesday, February 11th. Canaccord Genuity Group reduced their price target on PENN Entertainment from $26.00 to $21.00 and set a "buy" rating on the stock in a research report on Tuesday, February 3rd. JPMorgan Chase & Co. upped their price target on PENN Entertainment from $22.00 to $23.00 and gave the company an "overweight" rating in a research report on Friday, April 24th. Finally, Mizuho upped their price target on PENN Entertainment from $22.00 to $23.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Eight investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $20.29.

PENN Entertainment Stock Down 0.2%

Shares of PENN Entertainment stock opened at $16.74 on Friday. PENN Entertainment, Inc. has a one year low of $11.65 and a one year high of $20.60. The company has a debt-to-equity ratio of 3.94, a current ratio of 0.82 and a quick ratio of 0.82. The stock's 50-day moving average is $15.26 and its 200 day moving average is $14.72. The firm has a market cap of $2.24 billion, a price-to-earnings ratio of -2.49, a PEG ratio of 0.54 and a beta of 1.43.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its earnings results on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.05 by $0.06. The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The firm's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.68 EPS. Equities research analysts anticipate that PENN Entertainment, Inc. will post 1 EPS 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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