Hsbc Holdings PLC Sells 567,987 Shares of Caesars Entertainment, Inc. $CZR

Hsbc Holdings PLC cut its stake in shares of Caesars Entertainment, Inc. (NASDAQ:CZR) by 90.9% in the 1st quarter, HoldingsChannel reports. The fund owned 56,555 shares of the company’s stock after selling 567,987 shares during the quarter. Hsbc Holdings PLC’s holdings in Caesars Entertainment were worth $1,494,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in CZR. Pictet Asset Management Holding SA grew its position in shares of Caesars Entertainment by 1.2% in the first quarter. Pictet Asset Management Holding SA now owns 31,307 shares of the company’s stock valued at $827,000 after purchasing an additional 363 shares during the last quarter. CoreCap Advisors LLC lifted its holdings in Caesars Entertainment by 44.6% during the 4th quarter. CoreCap Advisors LLC now owns 1,581 shares of the company’s stock worth $37,000 after purchasing an additional 488 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in Caesars Entertainment by 1.0% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 52,133 shares of the company’s stock valued at $1,220,000 after purchasing an additional 493 shares during the period. Corient Private Wealth LLC boosted its stake in Caesars Entertainment by 3.5% in the 2nd quarter. Corient Private Wealth LLC now owns 16,155 shares of the company’s stock valued at $459,000 after purchasing an additional 549 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Caesars Entertainment by 1.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,008 shares of the company’s stock valued at $959,000 after buying an additional 562 shares in the last quarter. Institutional investors own 91.79% of the company’s stock.

Analyst Upgrades and Downgrades

CZR has been the topic of several recent research reports. Truist Financial cut Caesars Entertainment from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $32.00 to $31.00 in a research report on Friday, May 29th. Citigroup boosted their target price on shares of Caesars Entertainment from $23.00 to $30.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Barclays restated an “equal weight” rating and issued a $31.00 price target (down from $35.00) on shares of Caesars Entertainment in a research note on Thursday, July 9th. Susquehanna raised shares of Caesars Entertainment from a “positive” rating to a “positive” rating in a research report on Friday, May 29th. Finally, Texas Capital cut shares of Caesars Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Three research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Caesars Entertainment presently has an average rating of “Hold” and an average price target of $31.00.

Caesars Entertainment Price Performance

Caesars Entertainment stock opened at $29.97 on Tuesday. The stock’s fifty day moving average price is $29.48 and its two-hundred day moving average price is $26.54. Caesars Entertainment, Inc. has a one year low of $17.86 and a one year high of $30.88. The company has a debt-to-equity ratio of 3.25, a current ratio of 0.85 and a quick ratio of 0.83. The firm has a market cap of $6.10 billion, a PE ratio of -12.65 and a beta of 1.76.

Caesars Entertainment (NASDAQ:CZR) last announced its quarterly earnings data on Tuesday, April 28th. The company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.24). The company had revenue of $2.87 billion during the quarter, compared to analyst estimates of $2.85 billion. Caesars Entertainment had a negative net margin of 4.19% and a negative return on equity of 7.88%. Caesars Entertainment’s revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.54) earnings per share. As a group, research analysts expect that Caesars Entertainment, Inc. will post -0.49 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Michael E. Pegram sold 55,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $29.20, for a total value of $1,606,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the business’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $29.35, for a total value of $2,393,962.10. Following the completion of the transaction, the insider directly owned 18,263 shares of the company’s stock, valued at approximately $536,019.05. This trade represents a 81.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 293,463 shares of company stock worth $8,609,241 in the last 90 days. 1.18% of the stock is owned by company insiders.

Caesars Entertainment Profile

Caesars Entertainment Corporation is a leading integrated gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates a global portfolio of resorts, casinos, and entertainment venues designed to deliver comprehensive hospitality experiences. Its business activities span hotel accommodations, gaming operations, food and beverage services, live events, and convention services, with a focus on delivering luxury and entertainment to both leisure and business travelers.

The company traces its lineage to the founding of Harrah’s by William F.