Churchill Downs, Incorporated $CHDN Holdings Boosted by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Churchill Downs stake by 23.5% in the first quarter, bringing its holdings to 73,626 shares valued at approximately $6.6 million. Institutional investors collectively own 82.59% of the company.
• Churchill Downs reported quarterly EPS of $3.45, in line with estimates, while revenue of $980 million exceeded forecasts and rose 4.9% year over year. Analysts expect full-year EPS of $7.14.
• Wall Street remains broadly positive, with nine analysts rating the stock a Buy and one rating it a Sell. The consensus price target is $136.88, well above the shares’ reported price of $86.41.

California State Teachers Retirement System lifted its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 23.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 73,626 shares of the company's stock after purchasing an additional 14,022 shares during the quarter. California State Teachers Retirement System owned about 0.11% of Churchill Downs worth $6,614,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in CHDN. State Street Corp increased its position in Churchill Downs by 0.6% in the fourth quarter. State Street Corp now owns 1,956,295 shares of the company's stock worth $223,424,000 after buying an additional 11,523 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in Churchill Downs by 0.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,384,089 shares of the company's stock valued at $157,482,000 after buying an additional 7,687 shares during the last quarter. Geode Capital Management LLC lifted its stake in Churchill Downs by 2.5% in the fourth quarter. Geode Capital Management LLC now owns 1,327,655 shares of the company's stock valued at $151,089,000 after buying an additional 32,445 shares during the last quarter. Boston Partners boosted its holdings in shares of Churchill Downs by 0.9% during the third quarter. Boston Partners now owns 1,257,725 shares of the company's stock valued at $121,998,000 after acquiring an additional 11,653 shares during the period. Finally, William Blair Investment Management LLC boosted its holdings in shares of Churchill Downs by 12.5% during the fourth quarter. William Blair Investment Management LLC now owns 1,145,413 shares of the company's stock valued at $130,325,000 after acquiring an additional 127,687 shares during the period. Institutional investors own 82.59% of the company's stock.

Churchill Downs Price Performance

Shares of NASDAQ CHDN opened at $86.41 on Thursday. The stock has a market cap of $6.02 billion, a P/E ratio of 14.82, a P/E/G ratio of 0.81 and a beta of 0.68. The firm's 50-day simple moving average is $86.81 and its 200 day simple moving average is $89.84. Churchill Downs, Incorporated has a fifty-two week low of $79.40 and a fifty-two week high of $118.35. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.06.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $3.45. The firm had revenue of $980.00 million during the quarter, compared to analyst estimates of $977.38 million. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. Churchill Downs's revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.10 EPS. Equities analysts expect that Churchill Downs, Incorporated will post 7.14 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Truist Financial set a $145.00 price objective on shares of Churchill Downs in a report on Friday, June 12th. Citizens Jmp reduced their target price on shares of Churchill Downs from $149.00 to $137.00 and set a "market outperform" rating for the company in a research note on Friday, July 31st. Wells Fargo & Company decreased their target price on shares of Churchill Downs from $120.00 to $117.00 and set an "overweight" rating for the company in a research report on Friday, July 31st. Citigroup restated an "outperform" rating on shares of Churchill Downs in a research note on Friday, July 31st. Finally, Mizuho lifted their price target on Churchill Downs from $155.00 to $157.00 and gave the company an "outperform" rating in a report on Monday. Nine equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $136.88.

Churchill Downs Profile

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.

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