Wellington Management Group LLP Acquires Shares of 406,352 PENN Entertainment, Inc. $PENN

Key Points

• Wellington Management Group LLP initiated a position in PENN Entertainment, purchasing 406,352 shares valued at approximately $8.68 million, or about 0.30% of the company.
• Several other institutional investors also added PENN shares, including Bank of America and Bamco; institutional investors collectively own 91.69% of the stock.
• PENN reported quarterly EPS of $0.44, exceeding the $0.37 consensus estimate, while revenue rose 5.2% year over year to $1.86 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $23.53.

Wellington Management Group LLP bought a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 406,352 shares of the company's stock, valued at approximately $8,680,000. Wellington Management Group LLP owned about 0.30% of PENN Entertainment at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of PENN. Empowered Funds LLC bought a new position in shares of PENN Entertainment in the 2nd quarter valued at $12,532,000. Jefferies Financial Group Inc. bought a new stake in shares of PENN Entertainment during the 2nd quarter worth $265,000. Corient Private Wealth LP bought a new stake in shares of PENN Entertainment during the 2nd quarter worth $923,000. Bamco Inc. NY acquired a new stake in PENN Entertainment in the second quarter valued at about $58,624,000. Finally, Bank of America Corp DE bought a new position in PENN Entertainment in the second quarter valued at about $108,919,000. Institutional investors and hedge funds own 91.69% of the company's stock.

PENN Entertainment Stock Down 0.7%

NASDAQ:PENN opened at $16.95 on Wednesday. PENN Entertainment, Inc. has a one year low of $11.65 and a one year high of $22.36. The company has a debt-to-equity ratio of 3.79, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market cap of $2.27 billion, a PE ratio of -2.67, a P/E/G ratio of 0.44 and a beta of 1.38. The firm's 50 day simple moving average is $19.50 and its 200 day simple moving average is $17.73.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the firm earned ($0.12) earnings per share. The company's revenue for the quarter was up 5.2% on a year-over-year basis. On average, research analysts anticipate that PENN Entertainment, Inc. will post 1.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have commented on PENN. Barclays boosted their target price on PENN Entertainment from $24.00 to $26.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. Truist Financial lifted their price target on shares of PENN Entertainment from $20.00 to $25.00 and gave the company a "buy" rating in a report on Friday, June 26th. Zacks Research cut shares of PENN Entertainment from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. Jefferies Financial Group reissued a "hold" rating and issued a $22.00 price objective on shares of PENN Entertainment in a research note on Friday, August 7th. Finally, The Goldman Sachs Group started coverage on shares of PENN Entertainment in a research report on Friday, June 26th. They issued a "buy" rating and a $26.00 target price on the stock. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $23.53.

PENN Entertainment Company Profile

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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