Top 5 Stock Picks of Roberto Mignone’s Bridger Management

4. Caesars Entertainment, Inc. (NASDAQ:CZR)

Bridger Management’s Stake Value: $32,495,000
Percentage of Bridger Management’s 13F Portfolio: 5.32%
Number of Hedge Fund Holders: 73

Under the Caesars, Harrah’s, Horseshoe, and Eldorado brands, Caesars Entertainment, Inc. (NASDAQ:CZR) manages casinos and resorts. 73 hedge funds were seen holding stakes in Caesars Entertainment, Inc. (NASDAQ:CZR) at the end of the first quarter, with a collective value of $1.54 billion. Compared to the previous quarter, when 72 hedge funds were bullish on the business, this demonstrates a rise in investor confidence in the company.

JPMorgan analyst Joseph Greff initiated coverage of Caesars Entertainment, Inc. (NASDAQ:CZR) on June 21, assigning an Overweight rating to the stock while lowering his price target to $59 from $129. Following Caesars Entertainment, Inc. (NASDAQ:CZR)’s significant loss, the analyst believes that buy-side investor sentiment is at an all-time low.

Bridger Management reduced its Caesars Entertainment, Inc. (NASDAQ:CZR) exposure by 2%, or 7,300 shares, in Q1 2022. The hedge fund’s remaining stake of 420,053 shares was worth $32.50 million as of March 31 and accounted for 5.32% of its total portfolio value.

Here is what investment firm Carillon Tower Advisers had to say about the prospects of Caesars Entertainment, Inc. (NASDAQ:CZR) in its Q4 2021 investor letter:

“Caesars Entertainment, a diversified casino-entertainment and resort company, underperformed in the period as its quarterly earnings update was viewed as disappointing by investors. The firm highlighted a number of one-time headwinds that ultimately weighed on margins, as well as some negative impacts brought on by the surge in COVID cases. Despite this, we believe that the sizeable overall margin improvements Caesars has realized coming out of the pandemic will ultimately prove sustainable in the long run.”