Jennison Associates LLC Raises Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Jennison Associates LLC lifted its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 5.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 847,847 shares of the company’s stock after acquiring an additional 44,773 shares during the period. Jennison Associates LLC owned approximately 1.15% of Churchill Downs worth $104,921,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. UMB Bank n.a. lifted its stake in shares of Churchill Downs by 59.8% during the 1st quarter. UMB Bank n.a. now owns 286 shares of the company’s stock valued at $35,000 after buying an additional 107 shares in the last quarter. Benjamin F. Edwards & Company Inc. purchased a new position in Churchill Downs during the fourth quarter valued at approximately $39,000. Vestor Capital LLC acquired a new stake in Churchill Downs in the fourth quarter valued at approximately $45,000. GAMMA Investing LLC acquired a new stake in shares of Churchill Downs during the fourth quarter worth $66,000. Finally, KBC Group NV acquired a new stake in Churchill Downs during the 4th quarter worth about $149,000. Institutional investors own 82.59% of the company’s stock.

Wall Street Analysts Forecast Growth

CHDN has been the topic of a number of research reports. Truist Financial raised their price target on shares of Churchill Downs from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, April 26th. Stifel Nicolaus increased their price objective on shares of Churchill Downs from $150.00 to $153.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. JMP Securities reissued a “market outperform” rating and issued a $156.00 price target on shares of Churchill Downs in a research report on Monday, May 6th. Mizuho lifted their price objective on shares of Churchill Downs from $142.00 to $143.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Finally, Wells Fargo & Company upgraded shares of Churchill Downs from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $137.00 to $141.00 in a research note on Monday, April 15th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $145.25.

Churchill Downs Price Performance

CHDN stock traded down $0.90 during trading on Monday, reaching $138.67. 348,076 shares of the company were exchanged, compared to its average volume of 440,111. The company has a market cap of $10.19 billion, a P/E ratio of 30.88, a PEG ratio of 3.08 and a beta of 0.97. Churchill Downs Incorporated has a 52-week low of $106.45 and a 52-week high of $141.57. The stock’s 50 day moving average price is $135.80 and its 200 day moving average price is $127.20. The company has a debt-to-equity ratio of 5.88, a quick ratio of 0.50 and a current ratio of 0.50.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings results on Wednesday, April 24th. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $0.78 by $0.35. Churchill Downs had a net margin of 13.72% and a return on equity of 44.99%. The firm had revenue of $590.90 million during the quarter, compared to analyst estimates of $565.41 million. During the same quarter in the prior year, the business posted $0.98 earnings per share. Churchill Downs’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, analysts predict that Churchill Downs Incorporated will post 6.04 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Churchill Downs news, Director Paul C. Varga bought 3,800 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was bought at an average cost of $130.22 per share, with a total value of $494,836.00. Following the completion of the transaction, the director now directly owns 28,902 shares of the company’s stock, valued at approximately $3,763,618.44. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 5.13% of the company’s stock.

Churchill Downs Company Profile

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; and casino gaming.