Michael Pegram Sells 50,000 Shares of Caesars Entertainment (NASDAQ:CZR) Stock

Caesars Entertainment, Inc. (NASDAQ:CZR) Director Michael Pegram sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $29.41, for a total value of $1,470,500.00. Following the completion of the transaction, the director directly owned 41,697 shares of the company’s stock, valued at approximately $1,226,308.77. This represents a 54.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Caesars Entertainment Stock Performance

Shares of Caesars Entertainment stock opened at $29.51 on Friday. The business’s fifty day simple moving average is $27.82 and its 200 day simple moving average is $25.13. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 3.25. Caesars Entertainment, Inc. has a 12 month low of $17.86 and a 12 month high of $31.58. The firm has a market capitalization of $6.01 billion, a P/E ratio of -12.45 and a beta of 1.77.

Caesars Entertainment (NASDAQ:CZR) last announced its quarterly earnings data on Tuesday, April 28th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.24). Caesars Entertainment had a negative net margin of 4.19% and a negative return on equity of 7.88%. The business had revenue of $2.87 billion during the quarter, compared to the consensus estimate of $2.85 billion. During the same quarter last year, the company earned ($0.54) EPS. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, analysts anticipate that Caesars Entertainment, Inc. will post -0.49 EPS for the current year.

Hedge Funds Weigh In On Caesars Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Capital World Investors increased its stake in shares of Caesars Entertainment by 29.8% in the third quarter. Capital World Investors now owns 16,193,070 shares of the company’s stock worth $437,622,000 after purchasing an additional 3,716,148 shares in the last quarter. State Street Corp raised its position in shares of Caesars Entertainment by 0.8% in the second quarter. State Street Corp now owns 7,569,822 shares of the company’s stock valued at $214,907,000 after purchasing an additional 61,065 shares during the period. Morgan Stanley lifted its stake in shares of Caesars Entertainment by 121.0% during the 4th quarter. Morgan Stanley now owns 7,141,899 shares of the company’s stock valued at $167,049,000 after buying an additional 3,910,430 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Caesars Entertainment by 5.8% in the 1st quarter. Janus Henderson Group PLC now owns 6,529,700 shares of the company’s stock worth $172,582,000 after buying an additional 355,760 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Caesars Entertainment by 246,899,900.0% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,938,000 shares of the company’s stock worth $115,500,000 after buying an additional 4,937,998 shares during the period. Institutional investors own 91.79% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Barclays decreased their price objective on shares of Caesars Entertainment from $39.00 to $35.00 and set an “overweight” rating for the company in a report on Wednesday, February 18th. Wells Fargo & Company increased their target price on shares of Caesars Entertainment from $26.00 to $31.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. restated a “neutral” rating and set a $31.00 price target (down from $35.00) on shares of Caesars Entertainment in a research note on Friday, May 29th. Morgan Stanley lifted their price target on shares of Caesars Entertainment from $32.00 to $34.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 8th. Finally, Citizens Jmp upped their price objective on Caesars Entertainment from $34.00 to $35.00 and gave the company a “market outperform” rating in a research note on Wednesday, April 29th. Five research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $32.80.

Key Stories Impacting Caesars Entertainment

Here are the key news stories impacting Caesars Entertainment this week:

• Positive Sentiment: Caesars remains a takeover story after news that Fertitta Entertainment is proposing to buy Caesars Entertainment (CZR) for $31.00 per share in cash, which can support the stock by putting a potential floor under valuation. CZR Alert: Monsey Firm of Wohl & Fruchter Investigating Fairness of the Sale of Caesars Entertainment, Inc. to Fertitta Entertainment
• Neutral Sentiment: Director Michael Pegram’s earlier share purchase shows some insider confidence, but it is not enough to offset the broader negative signals. Insider Buying: Caesars Entertainment (NASDAQ:CZR) Director Buys 2,500 Shares of Stock
• Negative Sentiment: Caesars is facing a shareholder-rights investigation from Schall Law Firm over possible breaches of fiduciary duty, adding legal overhang and uncertainty around the deal process. CZR Investors Have the Opportunity to Join Investigation of Caesars Entertainment, Inc. with the Schall Law Firm
• Negative Sentiment: Recent large insider sales by executives and directors, including Edmund Quatmann, Jr. and Michael Pegram, may weigh on sentiment because they can signal reduced confidence at current levels. Caesars Entertainment (NASDAQ:CZR) Insider Edmund Quatmann, Jr. Sells 81,566 Shares
• Negative Sentiment: A separate investor notice about potential securities-law issues adds to the litigation risk surrounding CZR, which could keep investors cautious. Are CZR, RMAX, TBRG, SILA Obtaining Fair Deals for their Shareholders?

About Caesars Entertainment

Caesars Entertainment Corporation is a leading integrated gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates a global portfolio of resorts, casinos, and entertainment venues designed to deliver comprehensive hospitality experiences. Its business activities span hotel accommodations, gaming operations, food and beverage services, live events, and convention services, with a focus on delivering luxury and entertainment to both leisure and business travelers.

The company traces its lineage to the founding of Harrah’s by William F.