Caesars Entertainment (NASDAQ:CZR) Director Michael Pegram Sells 50,000 Shares

Caesars Entertainment, Inc. (NASDAQ:CZR) Director Michael Pegram sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $29.41, for a total transaction of $1,470,500.00. Following the transaction, the director directly owned 41,697 shares of the company’s stock, valued at $1,226,308.77. This represents a 54.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Caesars Entertainment Stock Performance

CZR traded up $0.02 during trading on Wednesday, reaching $29.47. 5,396,275 shares of the company’s stock were exchanged, compared to its average volume of 6,563,017. Caesars Entertainment, Inc. has a 1 year low of $17.86 and a 1 year high of $31.58. The company has a debt-to-equity ratio of 3.25, a current ratio of 0.85 and a quick ratio of 0.83. The stock has a market capitalization of $6.00 billion, a P/E ratio of -12.43 and a beta of 1.77. The company’s fifty day simple moving average is $27.68 and its 200-day simple moving average is $25.01.

Caesars Entertainment (NASDAQ:CZR) last posted its quarterly earnings results on Tuesday, April 28th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $2.87 billion for the quarter, compared to analysts’ expectations of $2.85 billion. During the same period in the prior year, the business posted ($0.54) earnings per share. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, research analysts predict that Caesars Entertainment, Inc. will post -0.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. ING Groep NV raised its holdings in shares of Caesars Entertainment by 80.2% during the third quarter. ING Groep NV now owns 599,854 shares of the company’s stock valued at $16,211,000 after acquiring an additional 266,917 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in Caesars Entertainment by 317.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 3,274,430 shares of the company’s stock worth $76,589,000 after purchasing an additional 2,490,924 shares during the last quarter. Capital World Investors boosted its stake in Caesars Entertainment by 29.8% during the 3rd quarter. Capital World Investors now owns 16,193,070 shares of the company’s stock worth $437,622,000 after purchasing an additional 3,716,148 shares during the last quarter. SG Americas Securities LLC boosted its stake in Caesars Entertainment by 61.9% during the 4th quarter. SG Americas Securities LLC now owns 1,097,763 shares of the company’s stock worth $25,677,000 after purchasing an additional 419,617 shares during the last quarter. Finally, HighVista Strategies LLC acquired a new stake in Caesars Entertainment during the 3rd quarter worth $1,162,000. 91.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CZR shares. Stifel Nicolaus decreased their target price on shares of Caesars Entertainment from $36.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, April 29th. Jefferies Financial Group boosted their target price on shares of Caesars Entertainment from $24.00 to $26.00 and gave the company a “hold” rating in a research note on Monday, April 6th. Wells Fargo & Company boosted their target price on shares of Caesars Entertainment from $26.00 to $31.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 2nd. Raymond James Financial cut shares of Caesars Entertainment from a “strong-buy” rating to a “market perform” rating in a research note on Friday, May 29th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $31.00 target price (down from $35.00) on shares of Caesars Entertainment in a research note on Monday, June 1st. Five analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $32.80.

Caesars Entertainment Company Profile

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.