California Public Employees Retirement System Sells 18,479 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

California Public Employees Retirement System lowered its stake in PENN Entertainment, Inc. (NASDAQ:PENN) by 6.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 262,665 shares of the company’s stock after selling 18,479 shares during the quarter. California Public Employees Retirement System’s holdings in PENN Entertainment were worth $6,835,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Kettle Hill Capital Management LLC bought a new stake in PENN Entertainment during the 3rd quarter valued at $19,792,000. Source Financial Advisors LLC grew its stake in PENN Entertainment by 1,061.1% in the third quarter. Source Financial Advisors LLC now owns 322,633 shares of the company’s stock worth $7,404,000 after purchasing an additional 294,845 shares during the period. Fred Alger Management LLC bought a new position in PENN Entertainment in the third quarter worth $1,750,000. Sei Investments Co. lifted its position in PENN Entertainment by 13.9% during the third quarter. Sei Investments Co. now owns 1,372,982 shares of the company’s stock valued at $31,510,000 after buying an additional 167,445 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of PENN Entertainment by 20.0% during the 4th quarter. Blue Trust Inc. now owns 5,374 shares of the company’s stock valued at $140,000 after buying an additional 896 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on PENN. JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a research note on Tuesday, April 23rd. Canaccord Genuity Group lowered their target price on shares of PENN Entertainment from $32.00 to $28.00 and set a “buy” rating for the company in a report on Monday, April 29th. Macquarie cut their price target on PENN Entertainment from $35.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. Wells Fargo & Company lowered their price objective on PENN Entertainment from $21.00 to $18.00 and set an “equal weight” rating for the company in a research note on Friday. Finally, Craig Hallum cut their target price on PENN Entertainment from $25.00 to $20.00 and set a “hold” rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, PENN Entertainment presently has a consensus rating of “Hold” and a consensus price target of $26.93.

PENN Entertainment Price Performance

PENN opened at $15.13 on Friday. The company’s 50-day simple moving average is $17.44 and its two-hundred day simple moving average is $21.16. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market capitalization of $2.30 billion, a P/E ratio of -4.16 and a beta of 2.06. PENN Entertainment, Inc. has a 52-week low of $13.50 and a 52-week high of $29.38.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, February 15th. The company reported ($1.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($1.18). PENN Entertainment had a negative net margin of 7.70% and a positive return on equity of 1.31%. The company had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.54 billion. As a group, analysts predict that PENN Entertainment, Inc. will post -0.9 EPS for the current year.

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.