PENN Entertainment, Inc. (NASDAQ:PENN) Receives $23.25 Consensus Price Target from Brokerages

Shares of PENN Entertainment, Inc. (NASDAQ:PENN) have been assigned an average rating of “Moderate Buy” from the eighteen research firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have given a buy rating to the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $23.25.

A number of research firms have recently weighed in on PENN. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a report on Monday, May 19th. Morgan Stanley reiterated a “sell” rating on shares of PENN Entertainment in a report on Friday, July 11th. Citizens Jmp upgraded shares of PENN Entertainment from a “market perform” rating to an “outperform” rating and set a $24.00 target price for the company in a report on Thursday, June 26th. Barclays dropped their target price on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Friday, July 18th. Finally, Mizuho dropped their target price on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Monday, May 12th.

PENN Entertainment Stock Down 0.9%

Shares of NASDAQ:PENN opened at $16.80 on Friday. The stock’s 50-day moving average price is $17.55 and its 200-day moving average price is $17.42. PENN Entertainment has a 12-month low of $13.25 and a 12-month high of $23.08. The stock has a market capitalization of $2.45 billion, a P/E ratio of -30.00 and a beta of 1.60. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 2.39.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.14. The firm had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.18) earnings per share. On average, equities analysts anticipate that PENN Entertainment will post -1.61 earnings per share for the current year.

Insider Activity at PENN Entertainment

In other PENN Entertainment news, CEO Jay A. Snowden bought 34,000 shares of the stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average cost of $14.70 per share, for a total transaction of $499,800.00. Following the completion of the acquisition, the chief executive officer owned 1,082,625 shares of the company’s stock, valued at approximately $15,914,587.50. This trade represents a 3.24% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David A. Handler bought 10,000 shares of the stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average price of $14.83 per share, with a total value of $148,300.00. Following the completion of the acquisition, the director directly owned 322,941 shares of the company’s stock, valued at approximately $4,789,215.03. The trade was a 3.20% increase in their position. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PENN Entertainment

Large investors have recently made changes to their positions in the business. Trek Financial LLC bought a new stake in shares of PENN Entertainment during the first quarter valued at approximately $246,000. Raymond James Financial Inc. bought a new stake in shares of PENN Entertainment during the fourth quarter valued at approximately $17,804,000. Principal Financial Group Inc. increased its position in shares of PENN Entertainment by 2.4% during the first quarter. Principal Financial Group Inc. now owns 742,899 shares of the company’s stock valued at $12,117,000 after acquiring an additional 17,752 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of PENN Entertainment by 33.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 264,587 shares of the company’s stock valued at $5,244,000 after acquiring an additional 65,596 shares in the last quarter. Finally, LMR Partners LLP increased its position in shares of PENN Entertainment by 608.9% during the fourth quarter. LMR Partners LLP now owns 41,026 shares of the company’s stock valued at $813,000 after acquiring an additional 35,239 shares in the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

About PENN Entertainment

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.