Raymond James Financial Inc. Invests $17.80 Million in PENN Entertainment, Inc. (NASDAQ:PENN)

Raymond James Financial Inc. bought a new position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 898,295 shares of the company's stock, valued at approximately $17,804,000. Raymond James Financial Inc. owned 0.59% of PENN Entertainment as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Invesco Ltd. boosted its position in PENN Entertainment by 28.0% during the 4th quarter. Invesco Ltd. now owns 3,882,009 shares of the company's stock worth $76,941,000 after acquiring an additional 848,066 shares during the period. Geode Capital Management LLC boosted its holdings in shares of PENN Entertainment by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company's stock worth $49,572,000 after purchasing an additional 152,791 shares during the period. Contrarius Group Holdings Ltd purchased a new position in PENN Entertainment during the fourth quarter valued at approximately $34,994,000. Norges Bank acquired a new position in PENN Entertainment in the 4th quarter valued at approximately $27,901,000. Finally, SG Americas Securities LLC purchased a new stake in PENN Entertainment in the 4th quarter worth approximately $27,805,000. Hedge funds and other institutional investors own 91.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PENN shares. Truist Financial dropped their price target on shares of PENN Entertainment from $23.00 to $20.00 and set a "hold" rating on the stock in a research note on Wednesday. Needham & Company LLC decreased their price objective on shares of PENN Entertainment from $26.00 to $25.00 and set a "buy" rating for the company in a report on Friday, February 28th. Wells Fargo & Company increased their price objective on PENN Entertainment from $20.00 to $24.00 and gave the company an "equal weight" rating in a report on Monday, March 3rd. Susquehanna reduced their target price on PENN Entertainment from $26.00 to $23.00 and set a "positive" rating for the company in a report on Tuesday, April 15th. Finally, JMP Securities reiterated a "market perform" rating on shares of PENN Entertainment in a report on Thursday, January 16th. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, PENN Entertainment currently has an average rating of "Hold" and a consensus target price of $23.09.

PENN Entertainment Stock Performance

PENN traded up $0.21 during trading on Wednesday, reaching $15.20. 3,801,482 shares of the company's stock were exchanged, compared to its average volume of 4,481,238. PENN Entertainment, Inc. has a fifty-two week low of $13.25 and a fifty-two week high of $23.08. The company has a market capitalization of $2.32 billion, a P/E ratio of -4.28, a PEG ratio of 1.55 and a beta of 1.96. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. The business has a 50 day moving average price of $17.43 and a 200 day moving average price of $19.05.

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.