Hsbc Holdings PLC Buys 60,982 Shares of PENN Entertainment, Inc. $PENN

Hsbc Holdings PLC raised its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 817.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 68,439 shares of the company’s stock after purchasing an additional 60,982 shares during the period. Hsbc Holdings PLC owned 0.05% of PENN Entertainment worth $1,031,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Treasurer of the State of North Carolina lifted its position in PENN Entertainment by 1.1% in the second quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company’s stock worth $1,245,000 after buying an additional 745 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position in PENN Entertainment by 3.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,730 shares of the company’s stock valued at $394,000 after acquiring an additional 922 shares during the last quarter. IFP Advisors Inc increased its position in PENN Entertainment by 76.2% during the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after acquiring an additional 1,196 shares during the last quarter. Tidal Investments LLC raised its stake in shares of PENN Entertainment by 8.1% in the second quarter. Tidal Investments LLC now owns 19,689 shares of the company’s stock valued at $352,000 after acquiring an additional 1,483 shares during the period. Finally, Acorn Financial Advisory Services Inc. ADV raised its stake in shares of PENN Entertainment by 2.5% in the fourth quarter. Acorn Financial Advisory Services Inc. ADV now owns 75,044 shares of the company’s stock valued at $1,107,000 after acquiring an additional 1,866 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Wall Street Analyst Weigh In

PENN has been the subject of a number of recent analyst reports. Morgan Stanley lifted their price target on shares of PENN Entertainment from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Citigroup raised shares of PENN Entertainment from a “hold” rating to an “overweight” rating in a research report on Thursday, July 23rd. JPMorgan Chase & Co. raised their price objective on shares of PENN Entertainment from $23.00 to $26.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Truist Financial boosted their target price on PENN Entertainment from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on PENN Entertainment from $17.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $22.78.

PENN Entertainment Stock Down 0.5%

Shares of PENN opened at $21.08 on Wednesday. The firm has a market capitalization of $2.82 billion, a P/E ratio of -3.14, a P/E/G ratio of 0.40 and a beta of 1.42. PENN Entertainment, Inc. has a 12-month low of $11.65 and a 12-month high of $22.36. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.94. The firm has a fifty day moving average price of $20.36 and a 200-day moving average price of $16.65.

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.