Jennison Associates LLC Purchases 391,640 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Jennison Associates LLC increased its position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 103.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 768,503 shares of the company's stock after buying an additional 391,640 shares during the quarter. Jennison Associates LLC owned 0.50% of PENN Entertainment worth $14,494,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PENN. GAMMA Investing LLC grew its position in PENN Entertainment by 233.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company's stock valued at $28,000 after purchasing an additional 1,009 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of PENN Entertainment during the 3rd quarter valued at approximately $45,000. Quest Partners LLC bought a new stake in shares of PENN Entertainment during the 3rd quarter valued at $56,000. International Assets Investment Management LLC lifted its position in shares of PENN Entertainment by 1,634.8% in the third quarter. International Assets Investment Management LLC now owns 3,244 shares of the company's stock valued at $61,000 after acquiring an additional 3,057 shares in the last quarter. Finally, J.Safra Asset Management Corp bought a new stake in shares of PENN Entertainment during the second quarter valued at approximately $83,000. Institutional investors own 91.69% of the company's stock.

Insider Transactions at PENN Entertainment

In related news, CEO Jay A. Snowden bought 54,200 shares of PENN Entertainment stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the acquisition, the chief executive officer now directly owns 853,045 shares of the company's stock, valued at approximately $15,730,149.80. The trade was a 6.78 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David A. Handler bought 10,000 shares of the stock in a transaction on Tuesday, September 10th. The stock was acquired at an average price of $17.51 per share, with a total value of $175,100.00. Following the completion of the acquisition, the director now owns 293,450 shares of the company's stock, valued at $5,138,309.50. This represents a 3.53 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders purchased 79,200 shares of company stock worth $1,450,548. 2.19% of the stock is owned by insiders.

PENN Entertainment Stock Up 1.5 %

Shares of PENN Entertainment stock traded up $0.30 on Friday, hitting $20.52. The company had a trading volume of 1,920,649 shares, compared to its average volume of 2,741,248. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94. PENN Entertainment, Inc. has a twelve month low of $13.50 and a twelve month high of $27.20. The firm has a market capitalization of $3.13 billion, a P/E ratio of -5.78 and a beta of 2.09. The stock has a 50-day moving average of $19.47 and a 200-day moving average of $18.62.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period last year, the business posted $1.21 EPS. PENN Entertainment's revenue was up 1.2% on a year-over-year basis. Research analysts predict that PENN Entertainment, Inc. will post -1.53 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Mizuho decreased their price target on shares of PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 22nd. Macquarie upped their target price on PENN Entertainment from $26.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Benchmark reissued a "hold" rating on shares of PENN Entertainment in a report on Friday, November 8th. Susquehanna lowered their price objective on PENN Entertainment from $26.00 to $25.00 and set a "positive" rating on the stock in a report on Monday, November 4th. Finally, Barclays reduced their target price on shares of PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $23.29.

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.