Bank of New York Mellon Corp Sells 36,570 Shares of Caesars Entertainment, Inc. $CZR

Bank of New York Mellon Corp reduced its position in shares of Caesars Entertainment, Inc. (NASDAQ:CZR) by 2.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,661,683 shares of the company’s stock after selling 36,570 shares during the quarter. Bank of New York Mellon Corp owned about 0.82% of Caesars Entertainment worth $43,918,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in CZR. AQR Capital Management LLC lifted its position in Caesars Entertainment by 47.7% in the 1st quarter. AQR Capital Management LLC now owns 39,297 shares of the company’s stock valued at $953,000 after acquiring an additional 12,698 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Caesars Entertainment by 8.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,830 shares of the company’s stock worth $496,000 after purchasing an additional 1,623 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Caesars Entertainment by 106.9% during the first quarter. Goldman Sachs Group Inc. now owns 1,599,273 shares of the company’s stock worth $39,982,000 after purchasing an additional 826,356 shares during the last quarter. Woodline Partners LP grew its position in Caesars Entertainment by 40.7% in the 1st quarter. Woodline Partners LP now owns 17,952 shares of the company’s stock worth $449,000 after purchasing an additional 5,192 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Caesars Entertainment by 0.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 506,585 shares of the company’s stock worth $12,665,000 after purchasing an additional 3,198 shares in the last quarter. Institutional investors and hedge funds own 91.79% of the company’s stock.

Caesars Entertainment Stock Performance

Caesars Entertainment stock opened at $29.94 on Friday. Caesars Entertainment, Inc. has a fifty-two week low of $17.86 and a fifty-two week high of $30.88. The company has a debt-to-equity ratio of 3.25, a quick ratio of 0.83 and a current ratio of 0.85. The stock has a market cap of $6.10 billion, a P/E ratio of -12.63 and a beta of 1.76. The firm’s fifty day moving average price is $29.43 and its 200-day moving average price is $26.47.

Caesars Entertainment (NASDAQ:CZR) last announced its earnings results on Tuesday, April 28th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.24). Caesars Entertainment had a negative return on equity of 7.88% and a negative net margin of 4.19%.The company had revenue of $2.87 billion during the quarter, compared to analysts’ expectations of $2.85 billion. During the same quarter last year, the firm posted ($0.54) earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. On average, equities research analysts expect that Caesars Entertainment, Inc. will post -0.49 earnings per share for the current fiscal year.

Insider Activity

In other Caesars Entertainment news, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $29.35, for a total value of $2,393,962.10. Following the completion of the sale, the insider owned 18,263 shares of the company’s stock, valued at $536,019.05. This represents a 81.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael E. Pegram sold 55,000 shares of Caesars Entertainment stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $29.20, for a total transaction of $1,606,000.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 293,463 shares of company stock worth $8,609,241 over the last quarter. Corporate insiders own 1.18% of the company’s stock.

Analysts Set New Price Targets

CZR has been the topic of several recent analyst reports. Citizens Jmp lifted their target price on shares of Caesars Entertainment from $34.00 to $35.00 and gave the stock a “market outperform” rating in a research report on Wednesday, April 29th. Truist Financial downgraded Caesars Entertainment from a “buy” rating to a “hold” rating and decreased their price target for the company from $32.00 to $31.00 in a research report on Friday, May 29th. Texas Capital cut Caesars Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. Wall Street Zen raised Caesars Entertainment from a “sell” rating to a “hold” rating in a research report on Saturday, April 4th. Finally, Susquehanna upgraded Caesars Entertainment from a “positive” rating to a “positive” rating in a research note on Friday, May 29th. Three research analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $31.00.

About Caesars Entertainment

Caesars Entertainment Corporation is a leading integrated gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates a global portfolio of resorts, casinos, and entertainment venues designed to deliver comprehensive hospitality experiences. Its business activities span hotel accommodations, gaming operations, food and beverage services, live events, and convention services, with a focus on delivering luxury and entertainment to both leisure and business travelers.

The company traces its lineage to the founding of Harrah’s by William F.