1,407,720 Shares in PENN Entertainment, Inc. (NASDAQ:PENN) Acquired by Norges Bank

Norges Bank purchased a new stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 1,407,720 shares of the company’s stock, valued at approximately $27,901,000.

Other institutional investors also recently bought and sold shares of the company. Contrarius Group Holdings Ltd acquired a new stake in shares of PENN Entertainment in the fourth quarter valued at about $34,994,000. SG Americas Securities LLC purchased a new position in PENN Entertainment in the 4th quarter worth approximately $27,805,000. Charles Schwab Investment Management Inc. grew its position in PENN Entertainment by 4.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,337,162 shares of the company’s stock valued at $26,503,000 after acquiring an additional 55,138 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of PENN Entertainment during the fourth quarter valued at approximately $17,804,000. Finally, Principal Financial Group Inc. lifted its position in shares of PENN Entertainment by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 725,147 shares of the company’s stock worth $14,372,000 after purchasing an additional 20,662 shares in the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Price Performance

PENN opened at $14.29 on Monday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. The company’s 50-day moving average price is $19.25 and its 200 day moving average price is $19.49. PENN Entertainment, Inc. has a fifty-two week low of $13.25 and a fifty-two week high of $23.08. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of -4.03, a price-to-earnings-growth ratio of 1.55 and a beta of 1.96.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PENN shares. StockNews.com raised shares of PENN Entertainment from a “sell” rating to a “hold” rating in a report on Monday, March 3rd. Wells Fargo & Company lifted their target price on PENN Entertainment from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Jefferies Financial Group increased their price target on PENN Entertainment from $21.00 to $22.00 and gave the company a “hold” rating in a report on Friday, January 3rd. Stifel Nicolaus dropped their price objective on PENN Entertainment from $22.00 to $19.00 and set a “hold” rating on the stock in a report on Tuesday, March 18th. Finally, Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research report on Monday, March 3rd. Ten equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $23.56.

PENN Entertainment Profile

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.