MetLife Investment Management LLC recently made headlines with its disclosure to the Securities & Exchange Commission that it was cutting its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 4.1% during the fourth quarter. The institutional investor had owned 97,651 shares of the company’s stock, but subsequently sold 4,166 shares during this period. Consequently, MetLife Investment Management LLC ended up owning approximately 0.06% of PENN Entertainment worth $2,900,000 at the end of the most recent reporting period.
PENN Entertainment is a North American-based company that provides integrated entertainment, sports content and casino gaming experiences to customers across the continent. It operates through five segments: Northeast, South, West, Midwest and Interactive.
However, PENN Entertainment’s announcement of $0.31 earnings per share (EPS) for Q1 on Thursday May 4th has disappointed analysts who had expected higher returns for one of America’s leading gaming companies. This latest report missed consensus estimates of $0.38 by ($0.07). Despite making steady progress in recent years and experiencing a net margin of 10.52% and a return on equity of 5.92%, investors seem unsure about how to react to Penn’s mixed fortunes lately.
The firm had revenue worth $1.67 billion for Q1 compared to analysts’ projected estimate of $1.60 billion Nevertheless, as a group, research analyst insiders still expect that PENN Entertainment will post an encouraging EPS value of about 1.61 for the current fiscal year.
As online sports betting continues to grow in popularity across multiple jurisdictions as people stay inside throughout the pandemic season , PENN Entertainment remains relevant in as much as it provides various online betting services under different brand names like Hollywood Casino, L’Auberge Barstool Sportsbook , and theScore Bet Sportbook iCasino experience also helps maintain customer satisfaction and engagement. All these factors are critical as the industry continues to evolve technologically, which means that entertainment brands must reach a wider demographic of customers. For now, analysts will be keeping a closer eye on the developments surrounding PENN Entertainment in the coming months as they make new investment decisions.
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Institutional Investors Boost Stake in PENN Entertainment as Company Expands Sports Betting Operations in the US
PENN Entertainment, Inc. is a leading entertainment and casino gaming company in North America, providing integrated sports content and gaming experiences to its customers. The firm operates through five segments, which include Northeast, South, West, Midwest, and Interactive. In recent reports, it was revealed that other hedge funds and institutional investors had bought or sold the company’s stock during various periods.
Envestnet Asset Management Inc. grew its stake in PENN Entertainment by 22.2% during the third quarter to own 100,873 shares of the company’s stock valued at $2,775,000 after acquiring an additional 18,296 shares in that period. Van ECK Associates Corp lifted its holdings by 49.6% during the fourth quarter with 55,415 shares of the company’s stock worth $1,646,000 after acquiring an additional 18,384 shares during that period.
Fifth Third Bancorp boosted its position in PENN Entertainment by 8.8% in the fourth quarter to add up to 47,883 shares valued at $1,422milion after purchased an extra 3,877 shares within that quarter while Scotia Capital Inc increased their holdings on PENN Entertainment by about 5%, owning about 16,488 shares of the company’s stock valued at $490k after purchasing an additional 789 shares within the last quarter.
Additionally Boothbay Fund Management LLC bought a new stake in stocks of PENN Entertainment in Q3 worth $333k bringing institutional investors’ ownership level up to about 84.4% of the firm’s outstanding stocks.
Shares of NASDAQ PENN opened at $24.84 on Monday with a market cap of $3.83 billion recording a P/E ratio of 6:13 and a PEG ratio standing at 4:94 beta standing at 2:22 together with quick ratios and current ratios of 1.35 and 1.38 respectively.
PENN Entertainment, Inc. in the last twelve months has recorded a high of $39.35 and a low standing at $23.16 with fifty-day moving averages valued at $26.91 and 200-day moving averages valued at $29:69.
In news related to PENN Entertainment, Director Kohn Barbara Shattuck has made recent transactions by selling about 30,445 shares worth $810,445:90 on Tuesday, June 13th at an approximate price of $26.62 per share bringing the total value of her new shares down to about 28,541 shares worth about $759,761:42.
The company has also been subject to research analyst reports with Truist Financial raising their price objective on shares of the firm’s stock from $40.00 to $41 during April 2021 report while Roth Capital raised PENN Entertainment from “neutral” to “buy” in May 2017 report. Susquehanna dropped their price target on PENN Entertainment from $42 dollars to $40 during their May 2018 research report, Wells Fargo & Company lowered their target share price from $31 to $27 dollars during a similar period of research while StockNews.com registered its first coverage on PENN Entertainment giving it a “buy” rating in May21st.
In conclusion, Penn National Gaming is expanding its retail sports betting operation in the US through collaborations with three casino partners; offering online sports gambling platforms such as Barstool Sportsbook; and boasting future growth prospects with other sports franchises e.g NASCAR collaboration deal signed in partnership with Boom Sports accelerating its iGaming plans earlier this year as part of their mission to educate and engage audiences under age groups before they turn legal or seek entertainment beyond whatever legalization framework may offer after restrictions are lifted amidst greater demands for more regulated gaming models.
