Jennison Associates LLC Boosts Stock Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Jennison Associates LLC grew its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 0.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 770,028 shares of the company’s stock after buying an additional 1,525 shares during the period. Jennison Associates LLC owned 0.50% of PENN Entertainment worth $15,262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in PENN. Algert Global LLC acquired a new stake in shares of PENN Entertainment during the 2nd quarter worth about $267,000. Creative Planning raised its holdings in PENN Entertainment by 16.2% during the second quarter. Creative Planning now owns 14,775 shares of the company’s stock worth $286,000 after purchasing an additional 2,057 shares in the last quarter. Cetera Investment Advisers lifted its position in shares of PENN Entertainment by 7.8% during the 2nd quarter. Cetera Investment Advisers now owns 136,694 shares of the company’s stock worth $2,646,000 after buying an additional 9,887 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of PENN Entertainment in the 2nd quarter valued at $1,236,000. Finally, GAMMA Investing LLC grew its position in shares of PENN Entertainment by 88.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,716 shares of the company’s stock valued at $51,000 after buying an additional 1,275 shares during the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

PENN Entertainment Stock Performance

Shares of PENN stock opened at $20.86 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34. The stock has a 50 day simple moving average of $19.85 and a 200-day simple moving average of $19.43. The company has a market cap of $3.18 billion, a price-to-earnings ratio of -5.88, a price-to-earnings-growth ratio of 1.52 and a beta of 2.09. PENN Entertainment, Inc. has a 12-month low of $13.50 and a 12-month high of $23.81.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.04. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the business posted $1.21 earnings per share. PENN Entertainment’s revenue was up 1.2% compared to the same quarter last year. On average, equities analysts forecast that PENN Entertainment, Inc. will post -1.63 EPS for the current year.

Wall Street Analyst Weigh In

PENN has been the subject of a number of research reports. JPMorgan Chase & Co. raised shares of PENN Entertainment from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $19.00 to $27.00 in a research report on Friday, December 13th. Truist Financial decreased their target price on PENN Entertainment from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. Wells Fargo & Company lifted their price target on PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Susquehanna reduced their price objective on PENN Entertainment from $26.00 to $25.00 and set a “positive” rating for the company in a research note on Monday, November 4th. Finally, Mizuho reduced their price target on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $23.44.

PENN Entertainment Company 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.