PENN Entertainment, Inc. (NASDAQ:PENN) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 7.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 96,287 shares of the company’s stock after selling 7,510 shares during the period. State of New Jersey Common Pension Fund D owned 0.06% of PENN Entertainment worth $2,505,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PENN. Kettle Hill Capital Management LLC purchased a new stake in PENN Entertainment in the third quarter valued at $19,792,000. Assenagon Asset Management S.A. lifted its position in PENN Entertainment by 443.6% in the third quarter. Assenagon Asset Management S.A. now owns 714,900 shares of the company’s stock valued at $16,407,000 after buying an additional 583,388 shares during the last quarter. Source Financial Advisors LLC boosted its stake in PENN Entertainment by 1,061.1% during the third quarter. Source Financial Advisors LLC now owns 322,633 shares of the company’s stock worth $7,404,000 after buying an additional 294,845 shares during the period. Earnest Partners LLC increased its position in shares of PENN Entertainment by 11.1% during the third quarter. Earnest Partners LLC now owns 2,718,095 shares of the company’s stock valued at $62,380,000 after acquiring an additional 271,254 shares during the last quarter. Finally, Sei Investments Co. raised its stake in shares of PENN Entertainment by 13.9% in the 3rd quarter. Sei Investments Co. now owns 1,372,982 shares of the company’s stock valued at $31,510,000 after acquiring an additional 167,445 shares during the period. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on PENN. Benchmark initiated coverage on shares of PENN Entertainment in a research report on Tuesday, April 16th. They set a “hold” rating for the company. Truist Financial raised PENN Entertainment from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research note on Tuesday, April 23rd. Needham & Company LLC lowered their target price on PENN Entertainment from $33.00 to $32.00 and set a “buy” rating for the company in a report on Friday, February 16th. Canaccord Genuity Group reduced their price target on shares of PENN Entertainment from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Macquarie cut their target price on shares of PENN Entertainment from $35.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, PENN Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $29.13.

PENN Entertainment Stock Performance

PENN stock opened at $16.44 on Thursday. The business has a 50 day moving average price of $17.51 and a 200 day moving average price of $21.24. The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.11 and a current ratio of 1.11. PENN Entertainment, Inc. has a fifty-two week low of $15.88 and a fifty-two week high of $31.63.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, February 15th. The company reported ($1.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($1.18). PENN Entertainment had a negative net margin of 7.70% and a positive return on equity of 1.31%. The company had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.54 billion. As a group, research analysts predict that PENN Entertainment, Inc. will post -0.9 EPS for the current fiscal year.

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.