On June 19, 2023, Voya Investment Management LLC announced a reduction in its stake in Caesars Entertainment, Inc. The firm lowered its position in the shares of the gaming and hospitality company by 5.8% during Q4 2022. As per the latest 13F filing with the U.S. Securities and Exchange Commission (SEC), Voya owned 1,139,259 shares of Caesars Entertainment worth $47,393,000 after selling 70,004 shares during the quarter.
Caesars Entertainment is a renowned gaming company that operates several properties across sixteen states in America. The brand runs hotel rooms and offers slot machines, video lottery terminals and e-tables along with table games such as poker to its customers. Moreover, it conducts sports wagering in twenty-eight jurisdictions across North America which includes retail and online gaming and sports betting as well.
In related news, it was disclosed that CEO Thomas Reeg had acquired 7,500 shares of the firm’s stock on June 14th for $49.43 per share amounting to a total value of $370,725.00. Following this acquisition transaction, Reeg currently owns 17,500 shares of Caesars Entertainment valued at $865,025 as reported through a legal filing with SEC.
Furthermore, Director Michael E. Pegram also purchased shares of Caesars Entertainment from the market recently on May 5th where he acquired 25,000 shares at an average cost of $45.02 per share totaling up to $1,125,500.00.
The recent acquisition by both executives indicates their confidence in the company’s financial outlooks or business strategies; however one can not certainly affirm that their purchase will mark positive results for the casino giant.
Overall investors should always consider important statements issued by regulatory authorities when making investment decisions as well as assess any new financial data regarding companies to build a better understanding of their economic performance.
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Caesars Entertainment Sees Increased Holdings from Institutional Investors
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”CZR” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]US’s Caesars Entertainment sees rise in institutional investors’ holdings
Caesars Entertainment, Inc, a gaming and hospitality company operating in the US, has seen an increase in its institutional investors’ holdings. Raymond James Financial Services Advisors and American Century Companies have both boosted their shares during this year’s first quarter by 6.9% and 10.8%, respectively. Meanwhile, Cetera Advisor Networks has bought a new position worth $268k. This came after PNC Financial Services Group Inc increased its stake by 32.8% to $351k; Panagora Asset Management also grew its stake by 2.4% to $764k.
According to the report released on June 19th, hedge funds and other institutional investors own almost 94% of Caesars Entertainment’s stock.
Several brokerages gave their insight into CZR’s performance recently. Morgan Stanley offered a neutral rating with a target price increase from $52 to $57; B.Riley showed a buy-rating with a price objective rise from $102 to $111; Deutsche Bank Aktiengesellschaft decreased their target price from $70 to $68. However, StockNews.com lowered Caesars Entertainment from ‘buy” to “hold.” At present, analysts’ ratings on Bloomberg.com show that CZR has ten ratings: five hold ratings, six buy ratings and one sell rating with an average consensus of “Hold” and an average price target of $66.54.
Caesars Entertainment operates across North America with slot machines, video lottery terminals and e-tables in hotel rooms plus table games such as poker including regulated online real money gaming in six jurisdictions.
CZR opened at Monday’s trading at $48.84 per share and shows a fifty-day moving average of $44.70 per share and a two-hundred day moving average of $47.03 per share. With a market cap of $10.51bn, the earnings report released on May 2nd indicated that Caesars Entertainment beat the consensus EPS estimate of $0.06 by $0.03 with total revenue of $2.83bn against predictions of $2.74bn, suggesting it will post an EPS of $0.94 for the current fiscal year.
Considering the growth in institutional investors’ holdings, a detailed study of CZR’s long-term prospects could be appropriate for interested parties looking to have robust investment portfolios.
