Bank of New York Mellon Corp Decreases Stake in PENN Entertainment, Inc. (NASDAQ:PENN)

Bank of New York Mellon Corp lowered its stake in PENN Entertainment, Inc. (NASDAQ:PENN) by 8.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 945,043 shares of the company’s stock after selling 86,569 shares during the period. Bank of New York Mellon Corp’s holdings in PENN Entertainment were worth $18,731,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. M&T Bank Corp raised its holdings in shares of PENN Entertainment by 4.2% in the third quarter. M&T Bank Corp now owns 12,460 shares of the company’s stock worth $235,000 after buying an additional 497 shares during the last quarter. Westside Investment Management Inc. raised its holdings in shares of PENN Entertainment by 3.2% in the fourth quarter. Westside Investment Management Inc. now owns 19,849 shares of the company’s stock worth $393,000 after buying an additional 620 shares during the last quarter. XTX Topco Ltd raised its holdings in shares of PENN Entertainment by 2.8% during the third quarter. XTX Topco Ltd now owns 23,362 shares of the company’s stock worth $441,000 after purchasing an additional 641 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of PENN Entertainment by 5.8% during the fourth quarter. CIBC Asset Management Inc now owns 14,774 shares of the company’s stock worth $293,000 after purchasing an additional 813 shares during the last quarter. Finally, IFP Advisors Inc raised its holdings in shares of PENN Entertainment by 201.5% during the fourth quarter. IFP Advisors Inc now owns 1,574 shares of the company’s stock worth $31,000 after purchasing an additional 1,052 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Trading Up 2.3 %

Shares of PENN stock opened at $16.93 on Wednesday. The firm’s 50 day moving average price is $20.31 and its two-hundred day moving average price is $19.75. PENN Entertainment, Inc. has a fifty-two week low of $13.50 and a fifty-two week high of $23.08. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of -4.77, a price-to-earnings-growth ratio of 1.55 and a beta of 2.19.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of PENN Entertainment from $20.00 to $24.00 and gave the stock an “equal weight” rating in a report on Monday, March 3rd. Benchmark reissued a “hold” rating on shares of PENN Entertainment in a report on Monday, March 3rd. Macquarie reissued an “outperform” rating and set a $26.00 target price on shares of PENN Entertainment in a report on Friday, February 28th. Jefferies Financial Group raised their target price on shares of PENN Entertainment from $21.00 to $22.00 and gave the stock a “hold” rating in a report on Friday, January 3rd. Finally, StockNews.com upgraded shares of PENN Entertainment from a “sell” rating to a “hold” rating in a research report on Monday, March 3rd. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $23.69.

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.