Brokers release forecast for Caesars Entertainment, Inc. earnings in third quarter 2023 (NASDAQ: CZR)


Caesars Entertainment, Inc. (NASDAQ:CZRGet a rating) – Jefferies Financial Group cut its third quarter 2023 earnings per share estimate for Caesars Entertainment in a note to investors on Wednesday, August 3. Jefferies Financial Group analyst D. Katz now expects the company to earn $1.04 per share for the quarter, down from its previous estimate of $1.06. The consensus estimate of Caesars Entertainment’s current annual earnings is ($1.50) per share. Jefferies Financial Group also released estimates for Caesars Entertainment fourth quarter 2023 earnings at $1.19 EPS, fiscal year 2023 earnings at $2.97 EPS and fiscal year 2024 earnings at $2.37. $EPS.

Caesar Entertainment (NASDAQ:CZRGet a rating) last reported results on Tuesday, May 3. The company reported ($2.11) EPS for the quarter, beating the consensus estimate of ($2.15) by $0.04. The company posted revenue of $2.29 billion for the quarter, versus a consensus estimate of $2.35 billion. Caesars Entertainment recorded a negative return on equity of 19.99% and a negative net margin of 14.14%. The company’s revenue for the quarter increased 34.9% on an annual basis. In the same quarter of the previous year, the company had earned earnings per share of ($2.06).

A number of other equity research analysts have also recently published reports on the company. Cowen reduced his price target on Caesars Entertainment from $105.00 to $87.00 in a research report on Wednesday. Cowen reduced his price target on Caesars Entertainment from $105.00 to $87.00 in a research report on Wednesday. Truist Financial cut its price target on Caesars Entertainment from $105.00 to $70.00 and set a “buy” rating on the stock in a Wednesday, July 20 research report. JPMorgan Chase & Co. assumed coverage from Caesars Entertainment in a research report on Tuesday, June 21. They set an “overweight” rating and a price target of $59.00 on the stock. Finally, B. Riley cut his price target on Caesars Entertainment from $149.00 to $128.00 and set a “buy” rating on the stock in a Tuesday, June 28 report. Five research analysts gave the stock a hold rating and twelve gave the company’s stock a buy rating. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.00.

Caesars Entertainment is trading down 1.1%

Shares of NASDAQ:CZR opened at $47.67 on Thursday. The company has a market capitalization of $10.22 billion, a P/E ratio of -6.93 and a beta of 2.79. Caesars Entertainment has a 1-year minimum of $35.10 and a 1-year maximum of $119.81. The company has a debt ratio of 6.82, a current ratio of 1.00 and a quick ratio of 0.99. The company’s 50-day simple moving average is $43.42 and its 200-day simple moving average is $61.76.

Institutional entries and exits

Several hedge funds have recently changed their positions in the company. Vanguard Group Inc. increased its stake in Caesars Entertainment shares by 1.3% in Q1. Vanguard Group Inc. now owns 21,843,353 shares of the company valued at $1,689,802,000 after purchasing an additional 290,006 shares during the period. Capital Research Global Investors increased its stake in Caesars Entertainment shares by 20.5% in Q1. Capital Research Global Investors now owns 20,877,113 shares of the company valued at $1,615,057,000 after purchasing an additional 3,548,997 shares during the period. BlackRock Inc. increased its stake in Caesars Entertainment shares by 0.3% in Q1. BlackRock Inc. now owns 15,321,289 shares of the company valued at $1,185,253,000 after purchasing an additional 51,185 shares during the period. Capital World Investors increased its stake in Caesars Entertainment shares by 17.5% in Q1. Capital World Investors now owns 12,756,091 shares of the company valued at $986,811,000 after purchasing an additional 1,902,200 shares during the period. Finally, Point Break Capital Management LLC increased its stake in Caesars Entertainment shares by 10.3% in the 1st quarter. Point Break Capital Management LLC now owns 10,617,833 shares of the company valued at $821,396,000 after purchasing an additional 987,230 shares during the period. 94.75% of the shares are held by institutional investors.

Insider activity

In related news, the director Frank J. Fahrenkopf, Jr. sold 2,695 shares of the company in a trade on Wednesday, June 8. The stock was sold at an average price of $52.00, for a total transaction of $140,140.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available via this link. In related news, the director Frank J. Fahrenkopf, Jr. sold 2,695 shares of the company in a trade on Wednesday, June 8. The stock was sold at an average price of $52.00, for a total transaction of $140,140.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available via this link. Also, director Don R. Kornstein bought 2,500 shares in a trade that took place on Thursday, June 16. The shares were purchased at an average cost of $38.10 per share, with a total value of $95,250.00. Following completion of the transaction, the administrator now owns 34,353 shares of the company, valued at $1,308,849.30. Disclosure of this purchase can be found here. 0.55% of the shares are held by insiders.

Caesars Entertainment Company Profile

(Get a rating)

Caesars Entertainment, Inc operates as a gaming and hospitality company in the United States. The Company operates casinos including online poker, keno, racing and sports betting; restaurants, bars, clubs and lounges; hotels; and places of entertainment. It also provides staffing and management services; accessories, souvenirs and decorative items in retail stores; and online sports betting and iGaming services.

Further reading

Caesars Entertainment Earnings History and Estimates (NASDAQ:CZR)



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