Jennison Associates LLC Lowers Position in PENN Entertainment, Inc. $PENN

Jennison Associates LLC lessened its stake in PENN Entertainment, Inc. (NASDAQ:PENN) by 25.0% during the first quarter, Holdings Channel reports. The firm owned 693,172 shares of the company’s stock after selling 231,192 shares during the period. Jennison Associates LLC’s holdings in PENN Entertainment were worth $10,418,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PENN. Shapiro Capital Management LLC grew its holdings in PENN Entertainment by 6.6% during the third quarter. Shapiro Capital Management LLC now owns 6,856,778 shares of the company’s stock worth $132,062,000 after buying an additional 425,190 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in PENN Entertainment by 74.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock valued at $75,697,000 after acquiring an additional 1,679,953 shares in the last quarter. AQR Capital Management LLC boosted its holdings in PENN Entertainment by 824.3% during the 4th quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock worth $51,341,000 after acquiring an additional 3,121,051 shares during the last quarter. Armistice Capital LLC boosted its holdings in PENN Entertainment by 47.2% during the 4th quarter. Armistice Capital LLC now owns 3,096,000 shares of the company’s stock worth $45,666,000 after acquiring an additional 992,334 shares during the last quarter. Finally, Kettle Hill Capital Management LLC grew its stake in shares of PENN Entertainment by 129.5% in the 4th quarter. Kettle Hill Capital Management LLC now owns 1,773,390 shares of the company’s stock worth $26,158,000 after acquiring an additional 1,000,830 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PENN. Truist Financial increased their target price 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. Susquehanna boosted their price target on shares of PENN Entertainment from $24.00 to $28.00 and gave the stock a “positive” rating in a report on Wednesday, July 1st. Barclays upped their price objective on shares of PENN Entertainment from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Morgan Stanley increased their price objective on shares of PENN Entertainment from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of PENN Entertainment in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.59.

PENN Entertainment Stock Performance

Shares of PENN Entertainment stock opened at $21.23 on Wednesday. The firm has a market cap of $2.84 billion, a PE ratio of -3.16, a P/E/G ratio of 0.65 and a beta of 1.42. PENN Entertainment, Inc. has a 1 year low of $11.65 and a 1 year high of $22.36. 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 has a fifty day moving average price of $19.89 and a 200-day moving average price of $16.43.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.06. The company had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.74 billion. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 EPS. Equities research analysts anticipate that PENN Entertainment, Inc. will post 1.07 EPS for the current year.

PENN Entertainment 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.