Churchill Downs, Incorporated $CHDN Position Raised by Wellington Management Group LLP

Key Points

• Wellington Management increased its Churchill Downs position by 213.1% in the second quarter, acquiring 67,405 additional shares and bringing its holdings to 99,032 shares valued at approximately $8.9 million.
• Churchill Downs reported second-quarter EPS of $3.45, in line with analyst expectations, while revenue rose 4.9% year over year to $980 million, slightly exceeding estimates.
• Wall Street remains broadly bullish: ten analysts rate the stock a Buy and one rates it Hold, producing a consensus “Moderate Buy” rating and an average price target of $134.89 versus a share price of $85.83.

Wellington Management Group LLP grew its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 213.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 99,032 shares of the company's stock after acquiring an additional 67,405 shares during the quarter. Wellington Management Group LLP owned about 0.14% of Churchill Downs worth $8,877,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Geneos Wealth Management Inc. lifted its position in Churchill Downs by 1,364.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock valued at $28,000 after purchasing an additional 232 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new position in Churchill Downs in the 3rd quarter worth about $25,000. Parkside Financial Bank & Trust increased its stake in shares of Churchill Downs by 293.8% in the fourth quarter. Parkside Financial Bank & Trust now owns 256 shares of the company's stock valued at $29,000 after purchasing an additional 191 shares during the period. Kimelman & Baird LLC bought a new stake in shares of Churchill Downs during the second quarter valued at approximately $27,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Churchill Downs during the second quarter valued at approximately $29,000. Institutional investors own 82.59% of the company's stock.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN opened at $85.83 on Wednesday. The stock has a market cap of $5.98 billion, a price-to-earnings ratio of 14.72, a PEG ratio of 0.83 and a beta of 0.67. 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 12 month low of $79.40 and a 12 month high of $118.35. The stock's 50 day moving average price is $87.30 and its 200 day moving average price is $88.46.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly 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. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The firm had revenue of $980.00 million during the quarter, compared to analyst estimates of $977.38 million. During the same period last year, the company posted $3.10 EPS. The firm's quarterly revenue was up 4.9% on a year-over-year basis. Equities research analysts anticipate that Churchill Downs, Incorporated will post 7.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Wells Fargo & Company decreased their price objective on Churchill Downs from $120.00 to $117.00 and set an "overweight" rating for the company in a report on Friday, July 31st. Truist Financial set a $145.00 target price on Churchill Downs in a research note on Friday, June 12th. Susquehanna boosted their price target on Churchill Downs from $121.00 to $124.00 and gave the stock a "positive" rating in a research report on Friday, July 31st. Wolfe Research assumed coverage on Churchill Downs in a research note on Wednesday, September 2nd. They issued an "outperform" rating and a $119.00 price target for the company. Finally, Mizuho lifted their price objective on shares of Churchill Downs from $155.00 to $157.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $134.89.

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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