Principal Financial Group Inc. Cuts Stock Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Principal Financial Group Inc. lowered its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 4.0% in the third quarter, Holdings Channel.com reports. The firm owned 704,485 shares of the company’s stock after selling 29,355 shares during the quarter. Principal Financial Group Inc.’s holdings in PENN Entertainment were worth $13,287,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in PENN. State Board of Administration of Florida Retirement System lifted its holdings in shares of PENN Entertainment by 4.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 185,017 shares of the company’s stock valued at $3,369,000 after buying an additional 8,062 shares during the period. Blair William & Co. IL acquired a new stake in PENN Entertainment in the first quarter valued at $905,000. Vanguard Group Inc. boosted its position in shares of PENN Entertainment by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 14,789,817 shares of the company’s stock worth $269,323,000 after purchasing an additional 59,897 shares in the last quarter. Edgestream Partners L.P. increased its holdings in shares of PENN Entertainment by 28.5% in the 1st quarter. Edgestream Partners L.P. now owns 55,401 shares of the company’s stock valued at $1,009,000 after purchasing an additional 12,282 shares in the last quarter. Finally, National Bank of Canada FI lifted its stake in shares of PENN Entertainment by 284.6% in the first quarter. National Bank of Canada FI now owns 968,514 shares of the company’s stock valued at $17,637,000 after purchasing an additional 716,686 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Insider Activity

In related news, Director David A. Handler bought 10,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was bought at an average price of $17.51 per share, with a total value of $175,100.00. Following the transaction, the director now owns 293,450 shares of the company’s stock, valued at approximately $5,138,309.50. This trade represents a 3.53 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jay A. Snowden purchased 54,200 shares of PENN Entertainment stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the transaction, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. The trade was a 6.78 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 79,200 shares of company stock worth $1,450,548 over the last ninety days. Corporate insiders own 2.19% of the company’s stock.

Analysts Set New Price Targets

PENN has been the topic of several recent analyst reports. Truist Financial lowered their target price on shares of PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Stifel Nicolaus upped their price target on shares of PENN Entertainment from $19.00 to $20.00 and gave the company a “hold” rating in a report on Friday, August 9th. Needham & Company LLC restated a “buy” rating and set a $26.00 price objective on shares of PENN Entertainment in a research report on Friday, November 8th. Morgan Stanley reduced their price objective on PENN Entertainment from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 22nd. Finally, Benchmark reissued a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $23.29.

PENN Entertainment Stock Down 0.8 %

NASDAQ PENN opened at $20.78 on Friday. The stock has a market cap of $3.17 billion, a PE ratio of -5.85 and a beta of 2.09. The business has a 50 day moving average price of $19.26 and a two-hundred day moving average price of $18.47. PENN Entertainment, Inc. has a fifty-two week low of $13.50 and a fifty-two week high of $27.20. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the firm earned $1.21 earnings per share. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, sell-side analysts predict that PENN Entertainment, Inc. will post -1.53 EPS for the current fiscal 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.