Caesars Entertainment (NASDAQ:CZR) Cut to “Hold” at TD Cowen

TD Cowen lowered shares of Caesars Entertainment (NASDAQ:CZR) from a buy rating to a hold rating in a research report sent to investors on Wednesday, MarketBeat Ratings reports. They currently have $31.00 price objective on the stock.

Other equities research analysts have also recently issued reports about the company. Zacks Research upgraded Caesars Entertainment from a “strong sell” rating to a “hold” rating in a research note on Thursday, July 16th. Truist Financial downgraded shares of Caesars Entertainment from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $32.00 to $31.00 in a report on Friday, May 29th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $31.00 price objective (down from $35.00) on shares of Caesars Entertainment in a research report on Friday, May 29th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $31.00 target price (down from $35.00) on shares of Caesars Entertainment in a research note on Monday, June 1st. Finally, Wells Fargo & Company increased 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 report on Tuesday, June 2nd. Two analysts have rated the stock with a Buy rating, sixteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $30.71.

Caesars Entertainment Stock Performance

NASDAQ CZR opened at $29.75 on Wednesday. The company has a market cap of $6.06 billion, a P/E ratio of -13.05 and a beta of 1.76. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 3.70. Caesars Entertainment has a 12-month low of $17.86 and a 12-month high of $30.88. The company has a fifty day simple moving average of $29.63 and a 200 day simple moving average of $26.68.

Caesars Entertainment (NASDAQ:CZR) last issued its quarterly earnings data on Tuesday, July 28th. The company reported ($0.30) EPS for the quarter, missing the consensus estimate of $0.05 by ($0.35). Caesars Entertainment had a negative return on equity of 7.64% and a negative net margin of 3.99%.The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $2.98 billion. During the same period last year, the company earned ($0.39) earnings per share. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. Sell-side analysts predict that Caesars Entertainment will post -0.62 earnings per share for the current fiscal year.

Insider Buying and Selling at Caesars Entertainment

In other news, Director Michael E. Pegram sold 16,897 shares of Caesars Entertainment stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $29.46, for a total value of $497,785.62. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were 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 directly owned 18,263 shares of the company’s stock, valued at approximately $536,019.05. This trade represents a 81.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 293,463 shares of company stock valued at $8,609,241 over the last three months. 1.18% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CZR. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Caesars Entertainment by 246,899,900.0% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,938,000 shares of the company’s stock worth $115,500,000 after acquiring an additional 4,937,998 shares during the last quarter. Morgan Stanley raised its stake in shares of Caesars Entertainment by 121.0% during the fourth quarter. Morgan Stanley now owns 7,141,899 shares of the company’s stock valued at $167,049,000 after acquiring an additional 3,910,430 shares during the last quarter. Norges Bank bought a new position in shares of Caesars Entertainment during the fourth quarter valued at about $76,050,000. MUFG Securities EMEA plc purchased a new stake in shares of Caesars Entertainment during the fourth quarter worth about $65,492,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Caesars Entertainment by 35,370.9% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,464,518 shares of the company’s stock worth $57,645,000 after purchasing an additional 2,457,570 shares during the period. Institutional investors own 91.79% of the company’s stock.

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.