PENN Entertainment (NASDAQ:PENN) Given New $20.00 Price Target at Wells Fargo & Company

PENN Entertainment (NASDAQ:PENN) had its target price lifted by Wells Fargo & Company from $18.00 to $20.00 in a research note released on Thursday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other brokerages also recently weighed in on PENN. Barclays reduced their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday. Susquehanna reissued a “positive” rating and issued a $26.00 target price on shares of PENN Entertainment in a report on Friday, June 21st. Deutsche Bank Aktiengesellschaft upped their price target on PENN Entertainment from $18.00 to $20.00 and gave the company a “hold” rating in a report on Friday, August 9th. Stifel Nicolaus lifted their price objective on PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, JMP Securities reissued a “market perform” rating on shares of PENN Entertainment in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $23.75.

PENN Entertainment Stock Up 0.2 %

Shares of NASDAQ:PENN opened at $18.78 on Thursday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35. The stock has a fifty day simple moving average of $18.90 and a two-hundred day simple moving average of $18.07. PENN Entertainment has a 12-month low of $13.50 and a 12-month high of $27.20. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of -2.52 and a beta of 2.10.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.09. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. PENN Entertainment’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.48 EPS. On average, research analysts anticipate that PENN Entertainment will post -1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director David A. Handler acquired 10,000 shares of PENN Entertainment stock in a transaction dated Tuesday, September 10th. The stock was purchased at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the purchase, the director now directly owns 293,450 shares of the company’s stock, valued at approximately $5,138,309.50. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director David A. Handler purchased 10,000 shares of PENN Entertainment stock in a transaction on Tuesday, September 10th. The stock was acquired at an average price of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the transaction, the director now directly owns 293,450 shares in the company, valued at $5,138,309.50. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Jay A. Snowden acquired 54,200 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the transaction, the chief executive officer now owns 853,045 shares in the company, valued at approximately $15,730,149.80. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 79,200 shares of company stock worth $1,450,548. Company insiders own 2.19% of the company’s stock.

Hedge Funds Weigh In On PENN Entertainment

A number of hedge funds have recently modified their holdings of PENN. Wellington Management Group LLP bought a new position in PENN Entertainment in the 4th quarter worth $16,341,000. Vanguard Group Inc. boosted its stake in shares of PENN Entertainment by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 14,729,920 shares of the company’s stock worth $383,273,000 after acquiring an additional 97,945 shares during the period. B. Riley Wealth Advisors Inc. grew its position in shares of PENN Entertainment by 7.0% during the fourth quarter. B. Riley Wealth Advisors Inc. now owns 9,674 shares of the company’s stock worth $252,000 after purchasing an additional 632 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in PENN Entertainment by 12.3% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,942 shares of the company’s stock valued at $363,000 after purchasing an additional 1,522 shares during the period. Finally, CWM LLC lifted its holdings in PENN Entertainment by 80.3% in the 1st quarter. CWM LLC now owns 13,614 shares of the company’s stock worth $248,000 after purchasing an additional 6,063 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.

About PENN Entertainment

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.