Vanguard Group Inc. Sells 108,136 Shares of PENN Entertainment, Inc. $PENN

Vanguard Group Inc. lessened its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 0.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,249,162 shares of the company’s stock after selling 108,136 shares during the period. Vanguard Group Inc. owned about 10.77% of PENN Entertainment worth $265,024,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. GAMMA Investing LLC boosted its holdings in shares of PENN Entertainment by 38.7% during the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company’s stock worth $43,000 after buying an additional 736 shares during the period. Byrne Asset Management LLC raised its stake in PENN Entertainment by 201.1% in the 1st quarter. Byrne Asset Management LLC now owns 2,710 shares of the company’s stock worth $44,000 after purchasing an additional 1,810 shares in the last quarter. Signaturefd LLC raised its stake in PENN Entertainment by 1,371.6% in the 1st quarter. Signaturefd LLC now owns 7,211 shares of the company’s stock worth $118,000 after purchasing an additional 6,721 shares in the last quarter. KBC Group NV raised its stake in PENN Entertainment by 42.2% in the 1st quarter. KBC Group NV now owns 7,824 shares of the company’s stock worth $128,000 after purchasing an additional 2,323 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in PENN Entertainment by 56.0% in the 1st quarter. Blue Trust Inc. now owns 8,839 shares of the company’s stock worth $144,000 after purchasing an additional 3,174 shares in the last quarter. Institutional investors own 91.69% of the company’s stock.

PENN Entertainment Trading Up 2.4%

Shares of PENN opened at $18.67 on Tuesday. The firm’s 50 day simple moving average is $17.77 and its 200 day simple moving average is $17.33. The company has a market capitalization of $2.73 billion, a P/E ratio of -33.34 and a beta of 1.60. The company has a debt-to-equity ratio of 2.39, a current ratio of 0.79 and a quick ratio of 0.79. PENN Entertainment, Inc. has a 1-year low of $13.25 and a 1-year high of $23.08.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.14. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. PENN Entertainment’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the firm posted ($0.18) earnings per share. Sell-side analysts forecast that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Insider Activity at PENN Entertainment

In other PENN Entertainment news, CEO Jay A. Snowden purchased 34,000 shares of the firm’s stock in a transaction on Thursday, May 22nd. The shares were purchased at an average cost of $14.70 per share, with a total value of $499,800.00. Following the completion of the purchase, the chief executive officer owned 1,082,625 shares of the company’s stock, valued at $15,914,587.50. The trade was a 3.24% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David A. Handler purchased 20,000 shares of the firm’s stock in a transaction on Friday, August 8th. The shares were acquired at an average cost of $16.96 per share, for a total transaction of $339,200.00. Following the completion of the purchase, the director directly owned 342,941 shares of the company’s stock, valued at approximately $5,816,279.36. This represents a 6.19% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 64,000 shares of company stock worth $987,300 over the last three months. Insiders own 2.67% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Citizens Jmp upgraded shares of PENN Entertainment from a “market perform” rating to an “outperform” rating and set a $24.00 price objective for the company in a research note on Thursday, June 26th. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a research note on Monday, May 19th. Stifel Nicolaus lifted their price objective on shares of PENN Entertainment from $17.00 to $19.00 and gave the stock a “hold” rating in a research note on Friday, July 11th. 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 research report on Friday, July 18th. Finally, Canaccord Genuity Group dropped their target price on shares of PENN Entertainment from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, May 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, PENN Entertainment presently has an average rating of “Hold” and a consensus target price of $23.25.

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.