Legal & General Group Plc Takes Position in PENN Entertainment, Inc. $PENN

Legal & General Group Plc acquired a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 299,874 shares of the company’s stock, valued at approximately $6,405,000.

Several other large investors have also made changes to their positions in the company. Treasurer of the State of North Carolina grew its position in PENN Entertainment by 1.1% during 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 acquiring an additional 745 shares during the period. GAMMA Investing LLC raised its holdings in shares of PENN Entertainment by 19.4% in the 2nd quarter. GAMMA Investing LLC now owns 5,506 shares of the company’s stock worth $118,000 after purchasing an additional 895 shares during the period. Northwestern Mutual Wealth Management Co. lifted its stake 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 valued at $394,000 after purchasing an additional 922 shares in the last quarter. IFP Advisors Inc grew its holdings in shares of PENN Entertainment by 76.2% during the 4th quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock worth $41,000 after purchasing an additional 1,196 shares during the period. Finally, Tidal Investments LLC increased 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 purchasing an additional 1,483 shares in the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on PENN. Stifel Nicolaus raised their price target on shares of PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, June 12th. Bank of America increased their price objective on shares of PENN Entertainment from $18.00 to $22.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. Wells Fargo & Company cut their target price on shares of PENN Entertainment from $24.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 14th. Susquehanna lifted their target price on shares of PENN Entertainment from $24.00 to $28.00 and gave the company a “positive” rating in a report on Wednesday, July 1st. Finally, Mizuho set a $28.00 price target on PENN Entertainment in a report on Friday, August 7th. Twelve research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.53.

PENN Entertainment Stock Up 3.0%

NASDAQ PENN opened at $16.89 on Thursday. The stock has a market cap of $2.26 billion, a PE ratio of -2.66, a P/E/G ratio of 0.42 and a beta of 1.38. PENN Entertainment, Inc. has a fifty-two week low of $11.65 and a fifty-two week high of $22.36. The business has a 50 day moving average price of $19.86 and a two-hundred day moving average price of $17.59. 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) last posted its quarterly earnings data on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.07. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The business’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.12) earnings per share. As a group, sell-side analysts predict that PENN Entertainment, Inc. will post 1.19 EPS for the current fiscal 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.