Bank of Nova Scotia Purchases New Stake in Churchill Downs, Incorporated (NASDAQ:CHDN)

Bank of Nova Scotia bought a new stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 21,800 shares of the company's stock, valued at approximately $2,421,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its holdings in Churchill Downs by 3.9% during the first quarter. Envestnet Asset Management Inc. now owns 306,771 shares of the company's stock worth $34,073,000 after acquiring an additional 11,460 shares during the period. Aurora Investment Counsel purchased a new stake in Churchill Downs in the 1st quarter worth approximately $2,675,000. Landmark Investment Partners L.P. acquired a new stake in shares of Churchill Downs during the 4th quarter worth approximately $13,317,000. Lighthouse Investment Partners LLC purchased a new position in shares of Churchill Downs during the 4th quarter valued at approximately $6,133,000. Finally, Teacher Retirement System of Texas lifted its stake in shares of Churchill Downs by 19.3% in the 1st quarter. Teacher Retirement System of Texas now owns 10,970 shares of the company's stock valued at $1,218,000 after purchasing an additional 1,774 shares during the period. Hedge funds and other institutional investors own 82.59% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Barclays raised their price target on shares of Churchill Downs from $127.00 to $131.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Wall Street Zen upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research report on Thursday, April 24th. Stifel Nicolaus upped their price objective on shares of Churchill Downs from $130.00 to $133.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Susquehanna increased their price target on Churchill Downs from $121.00 to $126.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Finally, Truist Financial reduced their price objective on Churchill Downs from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $138.18.

Churchill Downs Price Performance

CHDN stock traded down $1.27 during trading on Friday, reaching $100.90. 617,476 shares of the company were exchanged, compared to its average volume of 736,775. The company has a market cap of $7.08 billion, a P/E ratio of 17.34, a PEG ratio of 1.91 and a beta of 0.95. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.60 and a current ratio of 0.60. The stock's 50 day moving average price is $102.92 and its 200 day moving average price is $106.36. Churchill Downs, Incorporated has a 52-week low of $85.58 and a 52-week high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $3.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.03 by $0.07. The company had revenue of $934.40 million for the quarter, compared to analyst estimates of $924.36 million. Churchill Downs had a net margin of 15.22% and a return on equity of 41.46%. The firm's quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.89 EPS. As a group, analysts predict that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs 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; casino gaming; and Terre Haute Casino Resort.