Connor Clark & Lunn Investment Management Ltd. Invests $25.14 Million in Caesars Entertainment, Inc. $CZR

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Caesars Entertainment, Inc. (NASDAQ:CZR) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 833,074 shares of the company’s stock, valued at approximately $25,142,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Pictet Asset Management Holding SA boosted its holdings in Caesars Entertainment by 1.2% in the first quarter. Pictet Asset Management Holding SA now owns 31,307 shares of the company’s stock worth $827,000 after acquiring an additional 363 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Caesars Entertainment by 1.0% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 52,133 shares of the company’s stock valued at $1,220,000 after acquiring an additional 493 shares in the last quarter. Corient Private Wealth LLC increased its holdings in shares of Caesars Entertainment by 3.5% during the second quarter. Corient Private Wealth LLC now owns 16,155 shares of the company’s stock valued at $459,000 after acquiring an additional 549 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Caesars Entertainment by 1.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,008 shares of the company’s stock worth $959,000 after purchasing an additional 562 shares during the period. Finally, Sunbelt Securities Inc. lifted its holdings in shares of Caesars Entertainment by 181.6% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,042 shares of the company’s stock worth $28,000 after purchasing an additional 672 shares in the last quarter. 91.79% of the stock is owned by institutional investors.

Caesars Entertainment Price Performance

Shares of NASDAQ CZR opened at $29.66 on Tuesday. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 3.70. The stock has a fifty day simple moving average of $29.84 and a two-hundred day simple moving average of $27.48. Caesars Entertainment, Inc. has a 1-year low of $17.86 and a 1-year high of $30.88. The firm has a market cap of $6.04 billion, a price-to-earnings ratio of -13.01 and a beta of 1.77.

Caesars Entertainment (NASDAQ:CZR) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($0.30) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.35). Caesars Entertainment had a negative net margin of 3.99% and a negative return on equity of 7.64%. The firm had revenue of $2.99 billion for the quarter, compared to analysts’ expectations of $2.98 billion. During the same period in the prior year, the company earned ($0.39) EPS. The firm’s quarterly revenue was up 3.0% on a year-over-year basis. Analysts anticipate that Caesars Entertainment, Inc. will post -0.9 earnings per share for the current year.

Insider Buying and Selling at Caesars Entertainment

In other news, CFO Bret Yunker sold 208,134 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $29.62, for a total value of $6,164,929.08. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $29.35, for a total transaction of $2,393,962.10. Following the sale, the insider owned 18,263 shares in the company, valued at $536,019.05. The trade was a 81.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 561,104 shares of company stock valued at $16,542,718 in the last three months. 1.18% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CZR shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Caesars Entertainment in a research report on Thursday, August 13th. Truist Financial cut Caesars Entertainment from a “buy” rating to a “hold” rating and lowered their target price for the stock from $32.00 to $31.00 in a research note on Friday, May 29th. Susquehanna raised shares of Caesars Entertainment from a “positive” rating to a “positive” rating in a report on Friday, May 29th. Barclays restated an “equal weight” rating and set a $31.00 price target (down from $35.00) on shares of Caesars Entertainment in a research report on Thursday, July 9th. Finally, Capital One Financial downgraded shares of Caesars Entertainment from a “strong-buy” rating to a “hold” rating in a report on Thursday, July 23rd. Two investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Caesars Entertainment has an average rating of “Hold” and a consensus price target of $30.71.

About Caesars Entertainment

Caesars Entertainment Corporation is a leading integrated gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates a global portfolio of resorts, casinos, and entertainment venues designed to deliver comprehensive hospitality experiences. Its business activities span hotel accommodations, gaming operations, food and beverage services, live events, and convention services, with a focus on delivering luxury and entertainment to both leisure and business travelers.

The company traces its lineage to the founding of Harrah’s by William F.