Louisiana State Employees Retirement System Purchases New Position in PENN Entertainment, Inc. $PENN

Louisiana State Employees Retirement System purchased a new position in PENN Entertainment, Inc. (NASDAQ:PENN) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 56,500 shares of the company’s stock, valued at approximately $849,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP bought a new position in shares of PENN Entertainment in the 4th quarter worth approximately $36,000. IFP Advisors Inc boosted its position in shares of PENN Entertainment by 76.2% during the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after purchasing an additional 1,196 shares in the last quarter. Triumph Capital Management purchased a new stake in PENN Entertainment in the third quarter worth $54,000. Modus Advisors LLC purchased a new stake in PENN Entertainment in the fourth quarter worth $47,000. Finally, Hantz Financial Services Inc. raised its holdings in PENN Entertainment by 385.1% in the fourth quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock worth $55,000 after purchasing an additional 2,954 shares in the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Wells Fargo & Company boosted their target price on shares of PENN Entertainment from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PENN Entertainment in a research note on Wednesday, June 24th. Mizuho lifted their price target on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Susquehanna boosted their price objective on shares of PENN Entertainment from $24.00 to $28.00 and gave the stock a “positive” rating in a research note on Wednesday. Finally, Stifel Nicolaus upped their price objective on shares of PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, June 12th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $21.75.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN opened at $22.01 on Monday. The stock has a fifty day simple moving average of $19.00 and a two-hundred day simple moving average of $15.92. The stock has a market capitalization of $2.95 billion, a price-to-earnings ratio of -3.28, a PEG ratio of 0.70 and a beta of 1.42. PENN Entertainment, Inc. has a 12-month low of $11.65 and a 12-month high of $22.36. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.94.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.06. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The firm had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.74 billion. During the same period in the prior year, the firm posted $0.68 earnings per share. The company’s quarterly revenue was up 6.4% on a year-over-year basis. On average, research analysts anticipate that PENN Entertainment, Inc. will post 1.02 earnings per share for the current fiscal year.

About PENN Entertainment

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.