PENN Entertainment (PENN)

• Market cap: $3.06B
• 1 day: -2.15%
• 5 days: 3.89%
• 1 month: 4.49%
• 3 months: 6.60%
• 6 months: 2.98%
• Year to date: 4.05%
• 1 year: -12.65%
• 5 years: -23.00%
• 10 years: 32.50%
• Sector: Consumer Discretionary
• Industry: Hotels & Motels

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 Q3 regulatory filings by fund managers ($100M+ AUM)

57% more call options, than puts

Call options by funds: $295M | Put options by funds: $188M

26% more first-time investments, than exits

New positions opened: 67 | Existing positions closed: 53

13% more funds holding in top 10

Funds holding in top 10: 8 [Q2] → 9 (+1) [Q3]

2% more funds holding

Funds holding: 379 [Q2] → 388 (+9) [Q3]

8.09% less ownership

Funds ownership: 107.39% [Q2] → 99.29% (-8.09%) [Q3]

10% less capital invested

Capital invested by funds: $3.17B [Q2] → $2.86B (-$309M) [Q3]

21% less repeat investments, than reductions

Existing positions increased: 97 | Existing positions reduced: 123

Research analyst outlook

8 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $19 5% downside
• Avg. target: $24 21% upside
• High target: $27 35% upside

8 analyst ratings

• positive: 6 75%
• neutral: 2 25%
• negative: 0 0%

Jefferies David Katz 50% 1-year accuracy 11 / 22 met price target	10% upside $22	Hold Maintained	3 Jan 2025
JP Morgan Joseph Greff 28% 1-year accuracy 8 / 29 met price target	35% upside $27	Overweight Upgraded	13 Dec 2024
Macquarie Chad Beynon 56% 1-year accuracy 22 / 39 met price target	35% upside $27	Outperform Maintained	8 Nov 2024
Needham Bernie McTernan 70% 1-year accuracy 94 / 135 met price target	30% upside $26	Buy Reiterated	8 Nov 2024
Susquehanna Joseph Stauff 54% 1-year accuracy 15 / 28 met price target	25% upside $25	Positive Maintained	4 Nov 2024