NewEdge Wealth LLC Lowers Position in PENN Entertainment, Inc. (NASDAQ:PENN)

NewEdge Wealth LLC decreased its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 2.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,494,224 shares of the company’s stock after selling 44,648 shares during the period. NewEdge Wealth LLC owned about 0.98% of PENN Entertainment worth $29,616,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Illinois Municipal Retirement Fund bought a new position in shares of PENN Entertainment in the 4th quarter worth about $1,757,000. Impax Asset Management Group plc purchased a new position in shares of PENN Entertainment during the fourth quarter valued at approximately $677,000. IFP Advisors Inc boosted its position in shares of PENN Entertainment by 201.5% in the 4th quarter. IFP Advisors Inc now owns 1,574 shares of the company’s stock worth $31,000 after purchasing an additional 1,052 shares in the last quarter. New World Advisors LLC grew its stake in shares of PENN Entertainment by 11.4% in the 4th quarter. New World Advisors LLC now owns 17,600 shares of the company’s stock worth $349,000 after buying an additional 1,800 shares during the last quarter. Finally, ING Groep NV bought a new position in PENN Entertainment during the 4th quarter valued at approximately $9,910,000. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Trading Up 0.2 %

Shares of NASDAQ:PENN opened at $20.41 on Thursday. The stock’s 50-day simple moving average is $20.19 and its two-hundred day simple moving average is $19.75. The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of -5.75, a PEG ratio of 1.55 and a beta of 2.09. PENN Entertainment, Inc. has a 52-week low of $13.50 and a 52-week high of $23.08. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94.

Wall Street Analysts Forecast Growth

PENN has been the topic of several analyst reports. JMP Securities reissued a “market perform” rating on shares of PENN Entertainment in a report on Thursday, January 16th. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 price target on shares of PENN Entertainment in a research note on Friday, November 8th. Benchmark restated a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 8th. Stifel Nicolaus lifted their target price on shares of PENN Entertainment from $20.00 to $21.00 and gave the stock a “hold” rating in a report on Tuesday, February 11th. Finally, JPMorgan Chase & Co. upgraded shares of PENN Entertainment from a “neutral” rating to an “overweight” rating and increased their price target for the company from $19.00 to $27.00 in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $23.50.

PENN Entertainment Profile

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.