Jennison Associates LLC Increases Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Jennison Associates LLC boosted its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 0.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 770,028 shares of the company’s stock after buying an additional 1,525 shares during the period. Jennison Associates LLC’s holdings in PENN Entertainment were worth $15,262,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Assenagon Asset Management S.A. increased its position in shares of PENN Entertainment by 1,051.0% in the third quarter. Assenagon Asset Management S.A. now owns 1,421,471 shares of the company’s stock valued at $26,809,000 after buying an additional 1,297,976 shares in the last quarter. SG Americas Securities LLC acquired a new stake in PENN Entertainment in the 4th quarter valued at about $27,805,000. Charles Schwab Investment Management Inc. increased its holdings in PENN Entertainment by 12.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,282,024 shares of the company’s stock valued at $24,179,000 after acquiring an additional 146,645 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in PENN Entertainment by 8.4% during the fourth quarter. Harbor Capital Advisors Inc. now owns 597,942 shares of the company’s stock worth $11,851,000 after acquiring an additional 46,209 shares during the last quarter. Finally, Verition Fund Management LLC lifted its holdings in shares of PENN Entertainment by 367.2% in the third quarter. Verition Fund Management LLC now owns 452,988 shares of the company’s stock valued at $8,543,000 after purchasing an additional 356,029 shares in the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PENN shares. JMP Securities reissued a “market perform” rating on shares of PENN Entertainment in a research note on Thursday, January 16th. Truist Financial cut their price target on PENN Entertainment from $25.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. Macquarie increased their price objective on PENN Entertainment from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Benchmark reissued a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $23.44.

PENN Entertainment Stock Down 0.2 %

Shares of PENN opened at $20.86 on Thursday. PENN Entertainment, Inc. has a fifty-two week low of $13.50 and a fifty-two week high of $23.81. The company’s fifty day moving average is $19.85 and its two-hundred day moving average is $19.43. The firm has a market cap of $3.18 billion, a PE ratio of -5.88, a price-to-earnings-growth ratio of 1.52 and a beta of 2.09. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the firm earned $1.21 earnings per share. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. Analysts forecast that PENN Entertainment, Inc. will post -1.63 earnings per share for the current 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.