Zacks Investment Research Lowers Caesars Entertainment (CZR) to Sell

Zacks Investment Research downgraded shares of Caesars Entertainment (NASDAQ:CZR) from a hold rating to a sell rating in a report issued on Thursday.

According to Zacks, “Caesars Entertainment Corporation is a gaming company engaged in providing casino entertainment services. The Company operates casino resorts on multiple continents and its casino entertainment facilities include land-based casinos, riverboat or dockside casinos, managed casinos, combination greyhound racetrack and casino, combination thoroughbred racetrack and casino, and harness racetrack and casino, hotel and convention space, restaurants, and non-gaming entertainment facilities. Its resorts operate primarily under the Harrah’s(TM), Caesars(TM) and Horseshoe(TM) brand names. Caesars Entertainment Corporation is based in Las Vegas, Nevada. “

CZR has been the topic of a number of other reports. BidaskClub downgraded shares of Caesars Entertainment from a hold rating to a sell rating in a report on Tuesday, October 9th. Sanford C. Bernstein began coverage on shares of Caesars Entertainment in a report on Thursday, November 15th. They set a market perform rating on the stock. Bank of America reaffirmed a buy rating and set a $11.00 price objective on shares of Caesars Entertainment in a report on Tuesday, October 16th. Deutsche Bank cut their price objective on shares of Caesars Entertainment from $13.00 to $11.00 and set a buy rating on the stock in a report on Monday, January 7th. Finally, Morgan Stanley began coverage on shares of Caesars Entertainment in a report on Tuesday, October 23rd. They set an overweight rating and a $12.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $12.60.

CZR opened at $8.71 on Thursday. The company has a current ratio of 1.16, a quick ratio of 1.14 and a debt-to-equity ratio of 5.93. The firm has a market cap of $5.21 billion, a price-to-earnings ratio of -2.58 and a beta of 0.94. Caesars Entertainment has a 1 year low of $5.84 and a 1 year high of $14.50.

Caesars Entertainment (NASDAQ:CZR) last posted its quarterly earnings data on Thursday, November 1st. The company reported ($0.03) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.03). The firm had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.19 billion. Caesars Entertainment had a net margin of 25.75% and a return on equity of 2.26%. On average, analysts expect that Caesars Entertainment will post 0.06 EPS for the current fiscal year.

In related news, insider Marco Roca sold 17,834 shares of the business’s stock in a transaction dated Tuesday, November 13th. The shares were sold at an average price of $8.21, for a total value of $146,417.14. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas M. Benninger purchased 41,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 20th. The stock was bought at an average cost of $7.79 per share, for a total transaction of $319,390.00. The disclosure for this purchase can be found here. Insiders purchased a total of 81,000 shares of company stock worth $585,190 over the last three months. 0.92% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the stock. Levin Capital Strategies L.P. bought a new stake in Caesars Entertainment in the 3rd quarter valued at about $102,000. Lehman Financial Resources Inc. bought a new stake in Caesars Entertainment in the 3rd quarter valued at about $123,000. Hsbc Holdings PLC raised its stake in Caesars Entertainment by 12.9% in the 3rd quarter. Hsbc Holdings PLC now owns 106,960 shares of the company’s stock valued at $1,097,000 after acquiring an additional 12,251 shares during the period. Oppenheimer Asset Management Inc. raised its stake in Caesars Entertainment by 96.7% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 25,401 shares of the company’s stock valued at $260,000 after acquiring an additional 12,490 shares during the period. Finally, Oakbrook Investments LLC bought a new stake in Caesars Entertainment in the 3rd quarter valued at about $148,000.

About Caesars Entertainment

Caesars Entertainment Corporation, through its subsidiaries, provides casino-entertainment and hospitality services in the United States and internationally. The company operates 36,000 slot machines and 2,700 table games, as well as other games comprising keno, poker, and race and sports books; and buffets, restaurants, bars, nightclubs, and lounges located throughout its casinos, as well as banquets and room service.

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