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

PENN Entertainment (NASDAQ:PENN) had its price target reduced by equities researchers at Mizuho from $25.00 to $24.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s price target would suggest a potential upside of 28.89% from the stock’s previous close.

PENN has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft lifted their price target 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. JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a research report on Friday, October 4th. Raymond James downgraded shares of PENN Entertainment from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. Morgan Stanley cut their price objective on PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 4th. Finally, Macquarie reissued an “outperform” rating and issued a $26.00 target price on shares of PENN Entertainment in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PENN Entertainment presently has a consensus rating of “Hold” and a consensus price target of $22.96.

PENN Entertainment Trading Down 1.4 %

Shares of PENN opened at $18.62 on Tuesday. The stock has a market capitalization of $2.84 billion, a P/E ratio of -2.50 and a beta of 2.10. PENN Entertainment has a twelve month low of $13.50 and a twelve month high of $27.20. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.35. The firm has a fifty day simple moving average of $18.92 and a two-hundred day simple moving average of $18.10.

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

Insider Activity

In other news, CEO Jay A. Snowden bought 54,200 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $18.44 per share, with a total value of $999,448.00. Following the completion of the acquisition, the chief executive officer now owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other PENN Entertainment news, Director David A. Handler acquired 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were bought at an average cost of $17.51 per share, with a total value of $175,100.00. Following the completion of the transaction, the director now directly owns 293,450 shares of the company’s stock, valued at approximately $5,138,309.50. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jay A. Snowden acquired 54,200 shares of PENN Entertainment stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $18.44 per share, with a total value of $999,448.00. Following the completion of the acquisition, the chief executive officer now directly owns 853,045 shares in the company, valued at $15,730,149.80. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 79,200 shares of company stock worth $1,450,548 over the last three months. 2.19% of the stock is currently owned by corporate insiders.

Institutional Trading of PENN Entertainment

A number of large investors have recently made changes to their positions in the stock. Wellington Management Group LLP bought a new stake in PENN Entertainment in the 4th quarter worth approximately $16,341,000. Vanguard Group Inc. grew its holdings in shares of PENN Entertainment by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 14,729,920 shares of the company’s stock worth $383,273,000 after acquiring an additional 97,945 shares during the period. B. Riley Wealth Advisors Inc. increased its position in PENN Entertainment by 7.0% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 9,674 shares of the company’s stock valued at $252,000 after acquiring an additional 632 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in PENN Entertainment by 12.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,942 shares of the company’s stock worth $363,000 after purchasing an additional 1,522 shares during the last quarter. Finally, Westside Investment Management Inc. boosted its position in PENN Entertainment by 27.5% in the first quarter. Westside Investment Management Inc. now owns 17,274 shares of the company’s stock worth $315,000 after purchasing an additional 3,722 shares during the last quarter. 91.69% of the stock is currently 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.