67,264 Shares in PENN Entertainment, Inc. $PENN Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company acquired a new stake in PENN Entertainment, Inc. (NASDAQ:PENN) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 67,264 shares of the company’s stock, valued at approximately $1,437,000. The Manufacturers Life Insurance Company owned about 0.05% of PENN Entertainment at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Algert Global LLC increased its position in PENN Entertainment by 22.1% in the second quarter. Algert Global LLC now owns 341,060 shares of the company’s stock worth $7,285,000 after buying an additional 61,670 shares during the last quarter. Cibc World Market Inc. purchased a new position in shares of PENN Entertainment during the 2nd quarter valued at $755,000. Sanctuary Advisors LLC bought a new position in shares of PENN Entertainment during the 2nd quarter worth $1,274,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of PENN Entertainment during the 2nd quarter worth $21,460,000. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in PENN Entertainment in the 2nd quarter worth about $66,000. 91.69% of the stock is owned by institutional investors.

PENN Entertainment Stock Up 1.8%

PENN stock opened at $17.20 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.79. The firm has a market capitalization of $2.31 billion, a PE ratio of -2.70, a PEG ratio of 0.44 and a beta of 1.38. PENN Entertainment, Inc. has a twelve month low of $11.65 and a twelve month high of $22.36. The stock has a 50-day simple moving average of $19.78 and a two-hundred day simple moving average of $17.63.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.37 by $0.07. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the previous year, the company earned ($0.12) earnings per share. PENN Entertainment’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, equities analysts predict that PENN Entertainment, Inc. will post 1.19 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a report on Wednesday, June 24th. The Goldman Sachs Group started coverage on shares of PENN Entertainment in a research report on Friday, June 26th. They issued a “buy” rating and a $26.00 price target on the stock. Morgan Stanley restated an “underperform” rating on shares of PENN Entertainment in a research note on Wednesday, August 12th. Citigroup reiterated a “market outperform” rating on shares of PENN Entertainment in a research note on Tuesday, August 18th. Finally, Wells Fargo & Company lowered their target price on shares of PENN Entertainment from $24.00 to $23.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 14th. Twelve equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $23.53.

About PENN Entertainment

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.