Pentwater Capital Management LP Takes $346.01 Million Position in Caesars Entertainment, Inc. $CZR

Pentwater Capital Management LP purchased a new position in shares of Caesars Entertainment, Inc. (NASDAQ:CZR) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 11,465,000 shares of the company’s stock, valued at approximately $346,014,000. Caesars Entertainment accounts for approximately 2.1% of Pentwater Capital Management LP’s investment portfolio, making the stock its 11th biggest holding. Pentwater Capital Management LP owned approximately 5.63% of Caesars Entertainment at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CZR. Healthcare of Ontario Pension Plan Trust Fund lifted its position in Caesars Entertainment by 246,899,900.0% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,938,000 shares of the company’s stock valued at $115,500,000 after purchasing an additional 4,937,998 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in shares of Caesars Entertainment in the fourth quarter valued at $65,492,000. Janus Henderson Group PLC grew its stake in shares of Caesars Entertainment by 5.8% in the 1st quarter. Janus Henderson Group PLC now owns 6,529,700 shares of the company’s stock worth $172,582,000 after purchasing an additional 355,760 shares during the last quarter. 1492 Capital Management LLC acquired a new stake in shares of Caesars Entertainment during the 1st quarter valued at $1,020,000. Finally, Cyrus Capital Partners L.P. acquired a new position in shares of Caesars Entertainment in the 1st quarter valued at $37,795,000. 91.79% of the stock is owned by institutional investors and hedge funds.

Caesars Entertainment Price Performance

NASDAQ CZR opened at $29.66 on Thursday. Caesars Entertainment, Inc. has a twelve month low of $17.86 and a twelve month high of $30.88. The company has a debt-to-equity ratio of 3.70, a quick ratio of 0.83 and a current ratio of 0.85. The stock has a market capitalization of $6.04 billion, a PE ratio of -13.01 and a beta of 1.77. The stock has a 50-day simple moving average of $29.86 and a 200 day simple moving average of $27.60.

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

Analyst Ratings Changes

CZR has been the subject of a number of analyst reports. Citizens Jmp upped their price objective on shares of Caesars Entertainment from $34.00 to $35.00 and gave the company a “market outperform” rating in a research note on Wednesday, April 29th. Zacks Research lowered shares of Caesars Entertainment from a “hold” rating to a “strong sell” rating in a research note on Monday, August 17th. Wells Fargo & Company boosted their target price on shares of Caesars Entertainment from $26.00 to $31.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $31.00 target price (down from $35.00) on shares of Caesars Entertainment in a research report on Friday, May 29th. Finally, Stifel Nicolaus downgraded Caesars Entertainment from a “buy” rating to a “hold” rating and set a $31.00 price objective for the company. in a research note on Monday, June 15th. Two investment analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $30.71.

Insider Activity

In related news, Director Michael E. Pegram sold 16,897 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $29.46, for a total transaction of $497,785.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the 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 completion of the transaction, the insider owned 18,263 shares in the company, valued at $536,019.05. This represents a 81.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 561,104 shares of company stock worth $16,542,718. Corporate insiders own 1.18% of the company’s stock.

Caesars Entertainment Company Profile

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.