Intech Investment Management LLC Purchases New Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Intech Investment Management LLC acquired a new position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 9,460 shares of the company’s stock, valued at approximately $1,321,000.

Several other institutional investors and hedge funds have also recently modified their holdings of CHDN. Capital Research Global Investors grew its holdings in Churchill Downs by 0.5% during the fourth quarter. Capital Research Global Investors now owns 6,814,665 shares of the company’s stock worth $919,513,000 after buying an additional 35,337 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Churchill Downs by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 6,726,402 shares of the company’s stock worth $907,593,000 after acquiring an additional 37,065 shares in the last quarter. Capital International Investors raised its holdings in shares of Churchill Downs by 7.5% in the first quarter. Capital International Investors now owns 2,560,653 shares of the company’s stock valued at $316,881,000 after purchasing an additional 177,900 shares during the last quarter. William Blair Investment Management LLC bought a new position in shares of Churchill Downs during the second quarter valued at about $125,418,000. Finally, Jennison Associates LLC boosted its holdings in Churchill Downs by 5.6% during the first quarter. Jennison Associates LLC now owns 847,847 shares of the company’s stock worth $104,921,000 after purchasing an additional 44,773 shares during the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Price Performance

CHDN opened at $133.25 on Wednesday. The firm has a 50-day moving average price of $138.23 and a 200-day moving average price of $133.19. Churchill Downs Incorporated has a twelve month low of $106.45 and a twelve month high of $146.64. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 4.65. The company has a market capitalization of $9.79 billion, a price-to-earnings ratio of 29.68, a PEG ratio of 2.04 and a beta of 0.97.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, July 24th. The company reported $2.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $0.18. The business had revenue of $890.70 million for the quarter, compared to analysts’ expectations of $858.59 million. Churchill Downs had a net margin of 15.61% and a return on equity of 47.53%. The business’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.24 EPS. Equities analysts expect that Churchill Downs Incorporated will post 6.17 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms have commented on CHDN. Stifel Nicolaus increased their price objective on shares of Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Macquarie raised their target price on Churchill Downs from $154.00 to $162.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Truist Financial reissued a “buy” rating and issued a $166.00 price target (up from $165.00) on shares of Churchill Downs in a report on Friday, July 26th. Finally, JMP Securities raised their price objective on shares of Churchill Downs from $158.00 to $166.00 and gave the stock a “market outperform” rating in a report on Friday, July 26th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $156.90.

About Churchill Downs

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.