Mizuho Cuts PENN Entertainment (NASDAQ:PENN) Price Target to $24.00

PENN Entertainment (NASDAQ:PENN) had its target price cut by Mizuho from $25.00 to $24.00 in a research note released on Tuesday morning, Benzinga reports. They currently have an outperform rating on the stock.

PENN has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft increased their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Morgan Stanley decreased their price objective on shares of PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 4th. Raymond James lowered shares of PENN Entertainment from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. JMP Securities reissued a “market perform” rating on shares of PENN Entertainment in a report on Friday, October 4th. Finally, Wells Fargo & Company increased their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, PENN Entertainment presently has an average rating of “Hold” and a consensus target price of $23.11.

PENN Entertainment Stock Up 2.6 %

PENN opened at $18.88 on Tuesday. The firm’s 50-day simple moving average is $18.91 and its 200-day simple moving average is $18.10. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.03 and a current ratio of 1.03. PENN Entertainment has a twelve month low of $13.50 and a twelve month high of $27.20. The firm has a market cap of $2.88 billion, a price-to-earnings ratio of -2.33 and a beta of 2.10.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.09. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the prior year, the firm earned $0.48 EPS. The firm’s quarterly revenue was down .7% compared to the same quarter last year. Equities research analysts anticipate that PENN Entertainment will post -1.37 EPS for the current fiscal year.

Insider Buying and Selling

In other PENN Entertainment news, Director David A. Handler bought 10,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was acquired at an average cost of $17.51 per share, with a total value of $175,100.00. Following the purchase, the director now owns 293,450 shares in the company, valued at $5,138,309.50. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other PENN Entertainment news, Director Anuj Dhanda bought 15,000 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average cost of $18.40 per share, with a total value of $276,000.00. Following the purchase, the director now owns 31,523 shares in the company, valued at $580,023.20. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David A. Handler purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were acquired at an average cost of $17.51 per share, with a total value of $175,100.00. Following the completion of the purchase, the director now directly owns 293,450 shares in the company, valued at approximately $5,138,309.50. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 79,200 shares of company stock valued at $1,450,548. 2.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PENN Entertainment

Several hedge funds have recently made changes to their positions in PENN. GAMMA Investing LLC grew its stake in shares of PENN Entertainment by 233.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock worth $28,000 after acquiring an additional 1,009 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of PENN Entertainment by 1,634.8% during the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after acquiring an additional 3,057 shares in the last quarter. J.Safra Asset Management Corp bought a new position in shares of PENN Entertainment during the 2nd quarter worth approximately $83,000. Quarry LP grew its stake in shares of 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 acquiring an additional 1,862 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in PENN Entertainment by 18.3% during the second quarter. Blue Trust Inc. now owns 10,060 shares of the company’s stock worth $183,000 after buying an additional 1,555 shares during the last quarter. 91.69% of the stock is owned by 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.