PENN Entertainment, Inc. $PENN Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its holdings in PENN Entertainment by 0.7%, selling 108,136 shares, and currently owns approximately 10.77% of the company valued at $265 million.
• Institutional ownership remains high, with 91.69% of the stock held by various hedge funds, including significant increases from firms like GAMMA Investing LLC and Byrne Asset Management LLC.
• PENN Entertainment reported earnings of $0.10 per share, exceeding expectations and showing a year-over-year revenue growth of 6.1%, despite negative net margins.

Vanguard Group Inc. reduced its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 0.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,249,162 shares of the company's stock after selling 108,136 shares during the quarter. Vanguard Group Inc. owned about 10.77% of PENN Entertainment worth $265,024,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Federated Hermes Inc. grew its stake in shares of PENN Entertainment by 1.6% during the first quarter. Federated Hermes Inc. now owns 578,059 shares of the company's stock valued at $9,428,000 after buying an additional 8,920 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of PENN Entertainment by 9.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,971 shares of the company's stock valued at $456,000 after buying an additional 2,346 shares during the last quarter. Neo Ivy Capital Management bought a new position in shares of PENN Entertainment during the first quarter valued at approximately $1,522,000. Cetera Investment Advisers grew its stake in shares of PENN Entertainment by 9.4% during the first quarter. Cetera Investment Advisers now owns 70,894 shares of the company's stock valued at $1,156,000 after buying an additional 6,101 shares during the last quarter. Finally, Avantax Advisory Services Inc. grew its stake in shares of PENN Entertainment by 30.0% during the first quarter. Avantax Advisory Services Inc. now owns 56,660 shares of the company's stock valued at $924,000 after buying an additional 13,061 shares during the last quarter. 91.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PENN has been the topic of a number of analyst reports. Needham & Company LLC cut their target price on PENN Entertainment from $25.00 to $22.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Citigroup reiterated an "outperform" rating on shares of PENN Entertainment in a report on Friday, August 8th. Stifel Nicolaus boosted their price target on PENN Entertainment from $17.00 to $19.00 and gave the company a "hold" rating in a report on Friday, July 11th. Barclays lowered their price target on PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Finally, Susquehanna reiterated a "positive" rating and issued a $25.00 price target (up previously from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. Eleven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, PENN Entertainment presently has a consensus rating of "Moderate Buy" and an average target price of $23.25.

PENN Entertainment Stock Up 0.8%

PENN Entertainment stock traded up $0.15 during mid-day trading on Wednesday, reaching $18.67. 3,542,922 shares of the company were exchanged, compared to its average volume of 4,329,310. The business has a fifty day moving average of $17.84 and a 200 day moving average of $17.35. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market cap of $2.73 billion, a P/E ratio of -33.34 and a beta of 1.60. PENN Entertainment, Inc. has a 12-month low of $13.25 and a 12-month high of $23.08.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its earnings results 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. The company had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.73 billion. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%.PENN Entertainment's revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.18) earnings per share. Research analysts anticipate that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other PENN Entertainment news, CEO Jay A. Snowden purchased 34,000 shares of PENN Entertainment stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average cost of $14.70 per share, with a total value of $499,800.00. Following the completion of the transaction, the chief executive officer owned 1,082,625 shares in the company, valued at approximately $15,914,587.50. This trade represents a 3.24% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David A. Handler purchased 20,000 shares of PENN Entertainment stock in a transaction dated Friday, August 8th. The shares were acquired at an average cost of $16.96 per share, for a total transaction of $339,200.00. Following the completion of the transaction, the director owned 342,941 shares of the company's stock, valued at approximately $5,816,279.36. This represents a 6.19% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 64,000 shares of company stock worth $987,300. Insiders own 2.67% of the company's stock.

PENN Entertainment Profile

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.