Contrarius Group Holdings Ltd Invests $34.99 Million in PENN Entertainment, Inc. (NASDAQ:PENN)

Contrarius Group Holdings Ltd bought a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,765,598 shares of the company’s stock, valued at approximately $34,994,000. PENN Entertainment makes up 2.1% of Contrarius Group Holdings Ltd’s holdings, making the stock its 15th largest position. Contrarius Group Holdings Ltd owned about 1.16% of PENN Entertainment at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. SG Americas Securities LLC acquired a new stake in PENN Entertainment during the 4th quarter valued at $27,805,000. Raymond James Financial Inc. purchased a new position in shares of PENN Entertainment in the 4th quarter worth $17,804,000. ING Groep NV purchased a new position in PENN Entertainment in the fourth quarter valued at about $9,910,000. Jennison Associates LLC raised its position in PENN Entertainment by 103.9% in the third quarter. Jennison Associates LLC now owns 768,503 shares of the company’s stock valued at $14,494,000 after purchasing an additional 391,640 shares during the period. Finally, Verition Fund Management LLC raised its position in 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 during the period. Institutional investors and hedge funds own 91.69% of the company’s stock.

Wall Street Analyst Weigh In

PENN has been the topic of several research reports. JMP Securities reissued a “market perform” rating on shares of PENN Entertainment in a research report on Thursday, January 16th. Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research report on Monday, March 3rd. Mizuho lifted their target price on PENN Entertainment from $24.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 4th. Stifel Nicolaus decreased their price target on PENN Entertainment from $22.00 to $19.00 and set a “hold” rating for the company in a research note on Tuesday. Finally, Jefferies Financial Group lifted their price target on PENN Entertainment from $21.00 to $22.00 and gave the stock a “hold” rating in a research note on Friday, January 3rd. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, PENN Entertainment has a consensus rating of “Hold” and an average price target of $23.56.

PENN Entertainment Stock Performance

PENN opened at $17.40 on Thursday. The business’s 50 day moving average is $20.04 and its 200-day moving average is $19.66. The stock has a market cap of $2.66 billion, a PE ratio of -4.90, a price-to-earnings-growth ratio of 1.55 and a beta of 2.19. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34. PENN Entertainment, Inc. has a twelve month low of $13.50 and a twelve month high of $23.08.

PENN Entertainment Company 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.