Principal Financial Group Inc. Increases Stake in PENN Entertainment, Inc.

Principal Financial Group Inc. has raised its investment in PENN Entertainment, Inc. (NASDAQ:PENN) by 2.9% during the fourth quarter, according to a recent 13F filing with the Securities and Exchange Commission. At the end of the reporting period, the firm held 725,147 shares after adding 20,662 shares during the quarter. As reported, the value of Principal Financial Group Inc.’s holdings in PENN Entertainment was approximately $14,372,000.

Several other hedge funds have also adjusted their positions in PENN Entertainment. For instance, DekaBank Deutsche Girozentrale acquired a new position in the company valued at $45,000 during the third quarter. Similarly, Quest Partners LLC bought a new stake in PENN worth $56,000 and Modus Advisors LLC joined in by investing $63,000 in the fourth quarter. Notably, International Assets Investment Management LLC significantly increased their stake by 1,634.8% during the third quarter and now owns 3,244 shares valued at $61,000 after purchasing an additional 3,057 shares. KBC Group NV also raised its position in the company by 36.5% in the fourth quarter, owning 5,501 shares worth $109,000 after acquiring an extra 1,470 shares. In total, institutional investors and hedge funds own about 91.69% of PENN's stock.

PENN Entertainment Stock Overview

On Thursday, PENN Entertainment shares opened at $20.41. The company has a market capitalization of $3.12 billion, a price-to-earnings ratio of -5.75, a PEG ratio of 1.55, and a beta of 2.09. The stock’s 50-day moving average stands at $20.19, while the 200-day moving average is $19.75. Over the past year, PENN Entertainment has seen a low of $13.50 and a high of $23.08. The company’s debt-to-equity ratio is reported at 2.34, with both the current and quick ratios at 0.94.

Analyst Ratings and Forecast

PENN has caught the attention of various research analysts. Jefferies Financial Group recently raised their price target on PENN shares from $21.00 to $22.00 and maintained a “hold” rating. Likewise, JMP Securities confirmed a “market perform” rating, while Macquarie increased their target from $26.00 to $27.00, giving the stock an “outperform” rating. Stifel Nicolaus also raised its target price from $20.00 to $21.00 with a “hold” rating. Needham & Company LLC reiterated their “buy” rating with a target price of $26.00. Overall, one analyst rates the stock as a sell, while nine have a hold rating and another nine give it a buy rating. According to MarketBeat.com, PENN Entertainment has an average rating of “Hold” and a consensus price target of $23.50.

PENN Entertainment Overview

PENN Entertainment, Inc. along with its subsidiaries provides a variety of gaming experiences, sports content, and entertainment options. The company operates through several segments, including Northeast, South, West, Midwest, and Interactive. They offer online sports betting across multiple jurisdictions and run iCasino platforms under several brands including Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino.

PENN, stocks, investment