BlackRock Inc. acquired a new stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 6,202,008 shares of the company's stock, valued at approximately $555,948,000. BlackRock Inc. owned about 8.90% of Churchill Downs at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Norges Bank purchased a new stake in Churchill Downs during the 4th quarter valued at about $90,529,000. AQR Capital Management LLC grew its position in Churchill Downs by 22,974.8% during the 2nd quarter. AQR Capital Management LLC now owns 788,006 shares of the company's stock worth $79,352,000 after acquiring an additional 784,591 shares during the last quarter. Balyasny Asset Management L.P. increased its stake in Churchill Downs by 94.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,020,393 shares of the company's stock worth $116,100,000 after purchasing an additional 494,553 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Churchill Downs by 49.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,376,402 shares of the company's stock worth $133,525,000 after purchasing an additional 452,716 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in Churchill Downs in the second quarter valued at approximately $39,781,000. Hedge funds and other institutional investors own 82.59% of the company's stock.
Analysts Set New Price Targets
A number of analysts have recently weighed in on the company. Susquehanna increased their price objective on Churchill Downs from $121.00 to $124.00 and gave the company a "positive" rating in a research note on Friday, July 31st. Truist Financial set a $145.00 target price on shares of Churchill Downs in a research note on Friday, June 12th. Mizuho lifted their target price on shares of Churchill Downs from $155.00 to $157.00 and gave the stock an "outperform" rating in a research note on Monday, August 3rd. Citigroup reiterated an "outperform" rating on shares of Churchill Downs in a report on Friday, July 31st. Finally, Citizens Jmp dropped their price target on shares of Churchill Downs from $149.00 to $137.00 and set a "market outperform" rating for the company in a research report on Friday, July 31st. Nine research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Churchill Downs has an average rating of "Moderate Buy" and a consensus target price of $136.88.
Get Our Latest Stock Analysis on Churchill Downs
Churchill Downs Stock Down 3.2%
Shares of NASDAQ:CHDN opened at $90.71 on Tuesday. The stock's 50-day moving average is $87.27 and its 200 day moving average is $88.81. The company has a market cap of $6.32 billion, a PE ratio of 15.56, a P/E/G ratio of 0.89 and a beta of 0.68. The company has a debt-to-equity ratio of 3.06, a current ratio of 0.36 and a quick ratio of 0.36. Churchill Downs, Incorporated has a 1 year low of $79.40 and a 1 year high of $118.35.
Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, hitting the consensus estimate of $3.45. The business had revenue of $980.00 million during the quarter, compared to analysts' expectations of $977.38 million. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The business's revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the business posted $3.10 EPS. Sell-side analysts anticipate that Churchill Downs, Incorporated will post 7.14 EPS for the current year.
Churchill Downs Company Profile
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Free Report)
Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.
In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.
Further Reading
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