Assenagon Asset Management S.A. Lowers Stock Holdings in PENN Entertainment, Inc. $PENN

Assenagon Asset Management S.A. lessened its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 86.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 122,136 shares of the company’s stock after selling 800,532 shares during the quarter. Assenagon Asset Management S.A. owned about 0.09% of PENN Entertainment worth $1,836,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of PENN. Treasurer of the State of North Carolina increased its stake in PENN Entertainment by 1.1% in the 2nd quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company’s stock valued at $1,245,000 after buying an additional 745 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of PENN Entertainment by 3.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,730 shares of the company’s stock valued at $394,000 after acquiring an additional 922 shares in the last quarter. IFP Advisors Inc increased its stake in shares of PENN Entertainment by 76.2% during the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock worth $41,000 after acquiring an additional 1,196 shares during the period. Tidal Investments LLC increased its stake in shares of PENN Entertainment by 8.1% during the second quarter. Tidal Investments LLC now owns 19,689 shares of the company’s stock worth $352,000 after acquiring an additional 1,483 shares during the period. Finally, Acorn Financial Advisory Services Inc. ADV raised its holdings in PENN Entertainment by 2.5% during the fourth quarter. Acorn Financial Advisory Services Inc. ADV now owns 75,044 shares of the company’s stock worth $1,107,000 after purchasing an additional 1,866 shares in the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PENN. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a report on Wednesday, June 24th. Wells Fargo & Company raised their price target on PENN Entertainment from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th. Susquehanna lifted their price target on PENN Entertainment from $24.00 to $28.00 and gave the company a “positive” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft upped their price objective on PENN Entertainment from $17.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, April 24th. Finally, Morgan Stanley increased their price objective on PENN Entertainment from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $21.75.

PENN Entertainment Stock Performance

PENN opened at $21.49 on Thursday. PENN Entertainment, Inc. has a 1-year low of $11.65 and a 1-year high of $22.36. The stock has a market cap of $2.88 billion, a P/E ratio of -3.20, a P/E/G ratio of 0.68 and a beta of 1.42. The stock’s 50 day simple moving average is $18.72 and its 200 day simple moving average is $15.81. The company has a debt-to-equity ratio of 3.94, a current ratio of 0.82 and a quick ratio of 0.82.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.06. The firm had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.PENN Entertainment’s revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.68 earnings per share. As a group, equities analysts anticipate that PENN Entertainment, Inc. will post 1.02 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.