The Manufacturers Life Insurance Company Invests $1.44 Million in PENN Entertainment, Inc. $PENN

The Manufacturers Life Insurance Company purchased a new stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) during the second quarter, Holdings Channel reports. The firm purchased 67,264 shares of the company’s stock, valued at approximately $1,437,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PENN. BlackRock Inc. purchased a new position in shares of PENN Entertainment during the 2nd quarter valued at about $410,579,000. AQR Capital Management LLC raised its stake in shares of PENN Entertainment by 824.3% during the fourth quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock worth $51,341,000 after acquiring an additional 3,121,051 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of PENN Entertainment by 74.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock worth $75,697,000 after acquiring an additional 1,679,953 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of PENN Entertainment by 57.9% in the 1st quarter. Bank of America Corp DE now owns 4,351,310 shares of the company’s stock worth $65,400,000 after acquiring an additional 1,595,502 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of PENN Entertainment in the 2nd quarter valued at $21,460,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Price Performance

Shares of PENN Entertainment stock opened at $17.20 on Friday. The firm has a market cap of $2.31 billion, a PE ratio of -2.70, a price-to-earnings-growth ratio of 0.44 and a beta of 1.38. PENN Entertainment, Inc. has a 12-month low of $11.65 and a 12-month high of $22.36. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.79. The company’s fifty day simple moving average is $19.78 and its two-hundred day simple moving average is $17.63.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.37 by $0.07. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.12) earnings per share. As a group, equities analysts expect that PENN Entertainment, Inc. will post 1.19 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PENN. Zacks Research cut shares of PENN Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Capital One Financial raised PENN Entertainment from an “equal weight” rating to an “overweight” rating and set a $26.00 price objective on the stock in a research note on Thursday, July 23rd. Bank of America lifted their price objective on PENN Entertainment from $18.00 to $22.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Citigroup restated a “market outperform” rating on shares of PENN Entertainment in a report on Tuesday, August 18th. Finally, Citizens Jmp raised their price target on PENN Entertainment from $24.00 to $26.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 16th. Twelve equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $23.53.

PENN Entertainment Company Profile

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.