PENN Entertainment (NASDAQ:PENN) Given New $20.00 Price Target at Morgan Stanley

PENN Entertainment (NASDAQ:PENN) had its target price cut by Morgan Stanley from $21.00 to $20.00 in a report issued on Wednesday, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other equities analysts have also weighed in on the company. Raymond James lowered PENN Entertainment from an outperform rating to a market perform rating in a research note on Tuesday, June 25th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the company a hold rating in a report on Friday, August 9th. Stifel Nicolaus raised their price objective on shares of PENN Entertainment from $19.00 to $20.00 and gave the stock a hold rating in a research report on Friday, August 9th. JMP Securities reiterated a market perform rating on shares of PENN Entertainment in a report on Tuesday, June 4th. Finally, Barclays raised their price target on shares of PENN Entertainment from $22.00 to $23.00 and gave the stock an overweight rating in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $23.77.

PENN Entertainment Trading Up 5.0 %

Shares of PENN opened at $19.16 on Wednesday. The firm’s fifty day moving average is $19.04 and its two-hundred day moving average is $17.86. The stock has a market cap of $2.92 billion, a PE ratio of -2.57 and a beta of 2.10. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.35. PENN Entertainment has a 52-week low of $13.50 and a 52-week high of $27.20.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.09. The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.65 billion. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. PENN Entertainment’s revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.48 EPS. Research analysts forecast that PENN Entertainment will post -1.32 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Jay A. Snowden bought 54,200 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the purchase, the chief executive officer now owns 853,045 shares of the company’s stock, valued at $15,730,149.80. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.19% of the company’s stock.

Institutional Investors Weigh In On PENN Entertainment

Large investors have recently modified their holdings of the company. Cetera Investment Advisers grew its stake in shares of PENN Entertainment by 7.8% during the second quarter. Cetera Investment Advisers now owns 136,694 shares of the company’s stock worth $2,646,000 after purchasing an additional 9,887 shares in the last quarter. Quarry LP lifted its holdings in PENN Entertainment by 76.7% during the 2nd quarter. Quarry LP now owns 4,291 shares of the company’s stock worth $83,000 after buying an additional 1,862 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of PENN Entertainment by 4,624.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company’s stock worth $28,183,000 after acquiring an additional 1,425,274 shares in the last quarter. Creative Planning increased its holdings in shares of PENN Entertainment by 16.2% in the 2nd quarter. Creative Planning now owns 14,775 shares of the company’s stock valued at $286,000 after acquiring an additional 2,057 shares during the last quarter. Finally, Algert Global LLC acquired a new stake in shares of PENN Entertainment during the 2nd quarter worth about $267,000. 91.69% of the stock is owned by hedge funds and other institutional investors.

About PENN Entertainment

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.