Churchill Downs, Incorporated $CHDN Shares Sold by Jennison Associates LLC

Key Points

• Jennison Associates LLC cut its stake in Churchill Downs by 8.0% in the first quarter, selling 98,777 shares and leaving it with 1,134,718 shares worth about $101.9 million.
• Institutional ownership in CHDN remains high at 82.59%, and several other big investors recently added or boosted positions, including Norges Bank and AQR Capital Management.
• Churchill Downs reported better-than-expected quarterly results, with EPS of $1.21 topping estimates and revenue of $663 million slightly ahead of forecasts; analysts currently have a consensus Moderate Buy rating and average price target of $138.50.

Jennison Associates LLC decreased its stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 8.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,134,718 shares of the company's stock after selling 98,777 shares during the period. Jennison Associates LLC owned approximately 1.63% of Churchill Downs worth $101,932,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of CHDN. Norges Bank acquired a new stake in Churchill Downs in the fourth quarter valued at approximately $90,529,000. AQR Capital Management LLC boosted its stake in shares of Churchill Downs by 22,974.8% in the second quarter. AQR Capital Management LLC now owns 788,006 shares of the company's stock valued at $79,352,000 after purchasing an additional 784,591 shares during the period. Balyasny Asset Management L.P. grew its holdings in Churchill Downs by 94.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,020,393 shares of the company's stock valued at $116,100,000 after purchasing an additional 494,553 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Churchill Downs by 49.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,376,402 shares of the company's stock valued at $133,525,000 after purchasing an additional 452,716 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. purchased a new stake in Churchill Downs during the 4th quarter worth $43,434,000. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Stock Performance

Shares of NASDAQ CHDN opened at $83.95 on Monday. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.44. The firm's 50-day moving average price is $87.00 and its two-hundred day moving average price is $92.17. Churchill Downs, Incorporated has a 52-week low of $80.24 and a 52-week high of $118.46. The stock has a market capitalization of $5.85 billion, a P/E ratio of 15.55, a P/E/G ratio of 0.57 and a beta of 0.67.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The company reported $1.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.06 by $0.15. The business had revenue of $663.00 million during the quarter, compared to analyst estimates of $659.32 million. Churchill Downs had a return on equity of 43.50% and a net margin of 13.21%.The business's revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.07 EPS. As a group, sell-side analysts forecast that Churchill Downs, Incorporated will post 7.14 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CHDN. Mizuho upped their price objective on shares of Churchill Downs from $146.00 to $155.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Truist Financial set a $145.00 price target on Churchill Downs in a research note on Friday, June 12th. Citizens Jmp increased their price target on Churchill Downs from $146.00 to $149.00 and gave the company a "market outperform" rating in a report on Friday, April 24th. Citigroup restated an "outperform" rating on shares of Churchill Downs in a research note on Friday, April 24th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Churchill Downs in a report on Thursday, July 2nd. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $138.50.

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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