PENN EntertainmentPENN
Market Cap: $2.75B
About: Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 89% of total sales in 2023; 11% was from the interactive segment, which includes sports, iGaming, and media revenue. The retail portfolio generates mid-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch in November 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
Employees: 23,333
Fund manager confidence
Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)
173% more call options, than puts
Call options by funds: $331M | Put options by funds: $121M
33% more funds holding in top 10
Funds holding in top 10: 6 [Q1] → 8 (+2) [Q2]
10% more capital invested
Capital invested by funds: $2.74B [Q1] → $3.02B (+$277M) [Q2]
3.43% more ownership
Funds ownership: 98.81% [Q1] → 102.24% (+3.43%) [Q2]
9% less repeat investments, than reductions
Existing positions increased: 106 | Existing positions reduced: 116
6% less funds holding
Funds holding: 398 [Q1] → 375 (-23) [Q2]
29% less first-time investments, than exits
New positions opened: 57 | Existing positions closed: 80
Research analyst outlook
11 Wall Street Analysts provided 1 year price targets over the past 3 months
11 analyst ratings
Morgan Stanley Stephen Grambling 50% 1-year accuracy 10 / 20 met price target | 11%upside $20 | Equal-Weight Maintained | 4 Sept 2024 |
Macquarie Chad Beynon 58% 1-year accuracy 15 / 26 met price target | 44%upside $26 | Outperform Maintained | 9 Aug 2024 |
Deutsche Bank Carlo Santarelli 25% 1-year accuracy 2 / 8 met price target | 11%upside $20 | Hold Maintained | 9 Aug 2024 |
Barclays Brandt Montour 44% 1-year accuracy 24 / 54 met price target | 27%upside $23 | Overweight Maintained | 9 Aug 2024 |
Stifel Steven Wieczynski 47% 1-year accuracy 16 / 34 met price target | 11%upside $20 | Hold Maintained | 9 Aug 2024 |
Financial journalist opinion
Based on 4 articles about PENN published over the past 30 days