Invesco Ltd. Raises Stake in Churchill Downs, Incorporated $CHDN

Key Points

• Invesco Ltd. significantly increased its stake in Churchill Downs by 47.8% in the first quarter, acquiring an additional 73,100 shares, bringing its total ownership to 226,157 shares valued at approximately $25.1 million.
• Various institutional investors, including SG Americas Securities and Point72 Asset Management, have also ramped up their investments in Churchill Downs, with ownership by institutional investors currently at 82.59%.
• Churchill Downs reported earnings of $3.10 per share for the last quarter, exceeding analyst estimates and reflecting a 4.9% increase in revenue year-over-year.

Invesco Ltd. raised its position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 47.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 226,157 shares of the company's stock after purchasing an additional 73,100 shares during the period. Invesco Ltd. owned 0.31% of Churchill Downs worth $25,119,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Envestnet Asset Management Inc. increased its position in shares of Churchill Downs by 3.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 306,771 shares of the company's stock valued at $34,073,000 after purchasing an additional 11,460 shares during the last quarter. Aurora Investment Counsel purchased a new stake in shares of Churchill Downs in the 1st quarter valued at approximately $2,675,000. Landmark Investment Partners L.P. purchased a new stake in shares of Churchill Downs in the 4th quarter valued at approximately $13,317,000. Lighthouse Investment Partners LLC purchased a new stake in shares of Churchill Downs in the 4th quarter valued at approximately $6,133,000. Finally, Teacher Retirement System of Texas grew its position 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 buying an additional 1,774 shares during the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Stock Performance

Churchill Downs stock traded up $0.60 during midday trading on Tuesday, hitting $103.83. 726,676 shares of the company's stock were exchanged, compared to its average volume of 474,619. Churchill Downs, Incorporated has a 12-month low of $85.58 and a 12-month high of $150.21. 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 has a market cap of $7.28 billion, a price-to-earnings ratio of 17.84, a price-to-earnings-growth ratio of 1.93 and a beta of 0.95. The firm's 50 day simple moving average is $104.34 and its 200 day simple moving average is $104.30.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on CHDN shares. Macquarie increased their target price on shares of Churchill Downs from $150.00 to $155.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Mizuho increased their target price on shares of Churchill Downs from $134.00 to $136.00 and gave the company an "outperform" rating in a research report on Tuesday, July 22nd. JMP Securities dropped their target price on shares of Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating on the stock in a research report on Tuesday, May 27th. Barclays increased their target price 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. Finally, Truist Financial dropped their target price on shares of Churchill Downs from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Ten investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $136.50.

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.