Churchill Downs, Incorporated $CHDN Shares Acquired by Teachers Retirement System of The State of Kentucky

Key Points

• Teachers Retirement System of The State of Kentucky increased its Churchill Downs stake by 59.1% in the first quarter, buying 27,675 additional shares and bringing its total to 74,488 shares worth about $6.69 million.
• Institutional ownership remains heavy, with hedge funds and other institutional investors holding 82.59% of Churchill Downs shares. Several other funds also reported new or sharply larger positions in the stock.
• Analysts are mostly positive on CHDN, with 10 Buy ratings and one Sell; the consensus price target is $139.75. The company also beat quarterly earnings estimates, reporting $1.21 EPS versus $1.06 expected on revenue of $663 million.

Teachers Retirement System of The State of Kentucky boosted its position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 59.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 74,488 shares of the company's stock after buying an additional 27,675 shares during the period. Teachers Retirement System of The State of Kentucky owned approximately 0.11% of Churchill Downs worth $6,690,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Measured Wealth Private Client Group LLC acquired a new stake in Churchill Downs during the third quarter worth about $25,000. Geneos Wealth Management Inc. lifted its holdings in Churchill Downs by 1,364.7% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock valued at $28,000 after acquiring an additional 232 shares during the period. Parkside Financial Bank & Trust boosted its position in Churchill Downs by 293.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 256 shares of the company's stock worth $29,000 after purchasing an additional 191 shares in the last quarter. Root Financial Partners LLC boosted its position in Churchill Downs by 1,173.1% in the 1st quarter. Root Financial Partners LLC now owns 331 shares of the company's stock worth $30,000 after purchasing an additional 305 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Churchill Downs in the 4th quarter worth approximately $38,000. Institutional investors and hedge funds own 82.59% of the company's stock.

Analysts Set New Price Targets

CHDN has been the topic of several recent analyst reports. Citigroup reissued an "outperform" rating on shares of Churchill Downs in a research note on Friday, April 24th. Truist Financial set a $145.00 price target on Churchill Downs in a research note on Friday, June 12th. Weiss Ratings lowered Churchill Downs from a "hold (c-)" rating to a "sell (d+)" rating in a report on Monday, May 4th. Wells Fargo & Company restated an "overweight" rating and issued a $130.00 price objective (up from $124.00) on shares of Churchill Downs in a research report on Thursday, April 16th. Finally, Citizens Jmp upped their target price on Churchill Downs from $146.00 to $149.00 and gave the stock a "market outperform" rating in a research note on Friday, April 24th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $139.75.

Churchill Downs Trading Down 2.1%

Shares of Churchill Downs stock opened at $83.75 on Tuesday. The stock has a market cap of $5.84 billion, a P/E ratio of 15.51, a P/E/G ratio of 0.56 and a beta of 0.67. The stock's 50 day simple moving average is $87.47 and its 200-day simple moving average is $93.00. Churchill Downs, Incorporated has a 1-year low of $80.24 and a 1-year high of $118.46. The company has a debt-to-equity ratio of 4.44, a current ratio of 0.54 and a quick ratio of 0.54.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The company reported $1.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.06 by $0.15. The business had revenue of $663.00 million during the quarter, compared to the consensus estimate of $659.32 million. Churchill Downs had a net margin of 13.21% and a return on equity of 43.50%. The business's revenue was up 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $1.07 EPS. Analysts predict that Churchill Downs, Incorporated will post 7.32 EPS for the current fiscal year.

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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