DAVENPORT & Co LLC Raises Stock Position in Caesars Entertainment, Inc. $CZR

DAVENPORT & Co LLC lifted its holdings in Caesars Entertainment, Inc. (NASDAQ:CZR) by 20.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,196,893 shares of the company’s stock after buying an additional 700,978 shares during the period. DAVENPORT & Co LLC owned about 2.02% of Caesars Entertainment worth $120,199,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Hein Park Capital Management LP bought a new stake in Caesars Entertainment during the first quarter worth approximately $60,492,000. HG Vora Capital Management LLC boosted its holdings in shares of Caesars Entertainment by 73.3% in the 1st quarter. HG Vora Capital Management LLC now owns 3,900,000 shares of the company’s stock worth $97,500,000 after purchasing an additional 1,650,000 shares during the period. Duquesne Family Office LLC bought a new position in shares of Caesars Entertainment during the 1st quarter valued at approximately $38,711,000. Royal Bank of Canada raised its holdings in Caesars Entertainment by 477.7% during the 1st quarter. Royal Bank of Canada now owns 1,833,567 shares of the company’s stock valued at $45,839,000 after buying an additional 1,516,153 shares during the period. Finally, Invesco Ltd. lifted its position in Caesars Entertainment by 22.9% in the first quarter. Invesco Ltd. now owns 6,823,286 shares of the company’s stock worth $170,582,000 after buying an additional 1,269,911 shares during the last quarter. Institutional investors own 91.79% of the company’s stock.

Caesars Entertainment Stock Up 1.4%

Shares of NASDAQ:CZR opened at $27.27 on Monday. The business’s 50 day moving average is $26.04 and its 200 day moving average is $27.10. The stock has a market cap of $5.67 billion, a P/E ratio of -29.64 and a beta of 2.38. Caesars Entertainment, Inc. has a 52-week low of $21.40 and a 52-week high of $45.93. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 6.08.

Caesars Entertainment (NASDAQ:CZR) last issued its earnings results on Tuesday, July 29th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.46). The firm had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.85 billion. Caesars Entertainment had a negative return on equity of 4.55% and a negative net margin of 1.71%.Caesars Entertainment’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.56) earnings per share. Sell-side analysts predict that Caesars Entertainment, Inc. will post -0.77 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Citigroup reiterated a “market outperform” rating on shares of Caesars Entertainment in a research report on Friday, July 18th. Barclays reduced their price objective on shares of Caesars Entertainment from $45.00 to $43.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 30th. The Goldman Sachs Group started coverage on Caesars Entertainment in a research report on Monday, July 7th. They set a “buy” rating and a $36.00 target price for the company. Zacks Research upgraded Caesars Entertainment from a “strong sell” rating to a “hold” rating in a report on Monday, August 18th. Finally, Morgan Stanley dropped their price objective on Caesars Entertainment from $32.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.33.

Caesars Entertainment Profile

Caesars Entertainment, Inc operates as a gaming and hospitality company. The company owns, leases, or manages domestic properties in 18 states with slot machines, video lottery terminals and e-tables, and hotel rooms, as well as table games, including poker. It also operates and conducts retail and online sports wagering across 31 jurisdictions in North America and operates iGaming in five jurisdictions in North America; sports betting from our retail and online sportsbooks; and other games, such as keno.