EdgePoint Investment Group Inc. Reduces Stock Position in Caesars Entertainment, Inc. (NASDAQ:CZR)

EdgePoint Investment Group Inc. cut its stake in shares of Caesars Entertainment, Inc. (NASDAQ:CZR) by 15.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,926,529 shares of the company’s stock after selling 932,722 shares during the period. Caesars Entertainment comprises approximately 1.6% of EdgePoint Investment Group Inc.’s holdings, making the stock its 23rd largest position. EdgePoint Investment Group Inc. owned approximately 2.32% of Caesars Entertainment worth $205,633,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. Blue Trust Inc. boosted its position in shares of Caesars Entertainment by 525.3% during the second quarter. Blue Trust Inc. now owns 594 shares of the company’s stock worth $26,000 after acquiring an additional 499 shares during the last quarter. Huntington National Bank lifted its position in shares of Caesars Entertainment by 3,203.8% in the third quarter. Huntington National Bank now owns 859 shares of the company’s stock worth $36,000 after buying an additional 833 shares in the last quarter. UMB Bank n.a. bought a new position in Caesars Entertainment during the third quarter valued at approximately $51,000. GAMMA Investing LLC grew its holdings in Caesars Entertainment by 63.1% during the 2nd quarter. GAMMA Investing LLC now owns 1,607 shares of the company’s stock valued at $64,000 after buying an additional 622 shares in the last quarter. Finally, Quarry LP bought a new stake in Caesars Entertainment in the 3rd quarter worth approximately $68,000. Institutional investors own 91.79% of the company’s stock.

Caesars Entertainment Stock Performance

Caesars Entertainment stock opened at $37.60 on Friday. Caesars Entertainment, Inc. has a twelve month low of $31.74 and a twelve month high of $50.51. The company has a quick ratio of 0.82, a current ratio of 0.84 and a debt-to-equity ratio of 2.84. The stock’s fifty day simple moving average is $41.14 and its 200-day simple moving average is $38.49.

Caesars Entertainment (NASDAQ:CZR) last released its quarterly earnings results on Tuesday, October 29th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.25). The firm had revenue of $2.87 billion during the quarter, compared to analyst estimates of $2.93 billion. Caesars Entertainment had a negative return on equity of 4.44% and a negative net margin of 3.20%. The business’s revenue was down 4.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 EPS. On average, analysts expect that Caesars Entertainment, Inc. will post -0.56 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Caesars Entertainment from $54.00 to $58.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. Stifel Nicolaus upped their price objective on shares of Caesars Entertainment from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. JMP Securities cut their price target on Caesars Entertainment from $59.00 to $57.00 and set a “market outperform” rating on the stock in a report on Monday, November 25th. Barclays reduced their price objective on shares of Caesars Entertainment from $59.00 to $57.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Finally, Morgan Stanley raised their price objective on Caesars Entertainment from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $53.86.

Caesars Entertainment Profile

Caesars Entertainment, Inc operates as a gaming and hospitality company. The company owns, leases, or manages domestic properties in 18 states with slot machines, video lottery terminals and e-tables, and hotel rooms, as well as table games, including poker. It also operates and conducts retail and online sports wagering across 31 jurisdictions in North America and operates iGaming in five jurisdictions in North America; sports betting from our retail and online sportsbooks; and other games, such as keno.