Jennison Associates LLC Has $114.50 Million Position in Churchill Downs, Incorporated (NASDAQ:CHDN)

Jennison Associates LLC raised its stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 3.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,030,846 shares of the company's stock after purchasing an additional 30,444 shares during the quarter. Jennison Associates LLC owned 1.43% of Churchill Downs worth $114,496,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Utah Retirement Systems increased its stake in shares of Churchill Downs by 2.7% in the 4th quarter. Utah Retirement Systems now owns 3,800 shares of the company's stock worth $507,000 after acquiring an additional 100 shares in the last quarter. Central Pacific Bank Trust Division increased its position in Churchill Downs by 39.6% during the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock valued at $51,000 after buying an additional 129 shares in the last quarter. OneDigital Investment Advisors LLC raised its stake in Churchill Downs by 4.2% during the first quarter. OneDigital Investment Advisors LLC now owns 3,237 shares of the company's stock valued at $360,000 after buying an additional 130 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Churchill Downs by 4.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,165 shares of the company's stock worth $556,000 after acquiring an additional 165 shares in the last quarter. Finally, Bessemer Group Inc. increased its holdings in shares of Churchill Downs by 2.8% during the first quarter. Bessemer Group Inc. now owns 6,348 shares of the company's stock valued at $705,000 after acquiring an additional 175 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company's stock.

Insiders Place Their Bets

In other news, Director Douglas C. Grissom purchased 10,000 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The stock was purchased at an average cost of $92.77 per share, with a total value of $927,700.00. Following the completion of the acquisition, the director directly owned 38,869 shares of the company's stock, valued at approximately $3,605,877.13. This trade represents a 34.64% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director R Alex Rankin acquired 2,000 shares of Churchill Downs stock in a transaction that occurred on Monday, May 5th. The stock was purchased at an average price of $92.65 per share, with a total value of $185,300.00. Following the transaction, the director owned 99,012 shares of the company's stock, valued at $9,173,461.80. This trade represents a 2.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.34% of the stock is owned by corporate insiders.

Churchill Downs Stock Performance

CHDN stock traded up $2.40 during trading on Tuesday, hitting $108.06. 665,359 shares of the company traded hands, compared to its average volume of 594,327. Churchill Downs, Incorporated has a 1 year low of $85.58 and a 1 year high of $150.21. The company has a market cap of $7.81 billion, a PE ratio of 19.23, a P/E/G ratio of 2.92 and a beta of 0.95. The stock's 50-day simple moving average is $99.65 and its 200 day simple moving average is $108.09. The company has a debt-to-equity ratio of 4.49, a current ratio of 0.53 and a quick ratio of 0.53.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). The company had revenue of $642.60 million during the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a net margin of 15.19% and a return on equity of 40.73%. Churchill Downs's revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.13 EPS. On average, equities analysts expect that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on CHDN. Jefferies Financial Group decreased their price target on shares of Churchill Downs from $160.00 to $127.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. JPMorgan Chase & Co. initiated coverage on Churchill Downs in a report on Monday, June 23rd. They issued an "overweight" rating and a $116.00 target price on the stock. Stifel Nicolaus boosted their price target on Churchill Downs from $130.00 to $133.00 and gave the company a "buy" rating in a report on Friday, July 11th. Mizuho upped their price target on Churchill Downs from $134.00 to $136.00 and gave the stock an "outperform" rating in a research report on Tuesday. Finally, JMP Securities lowered their price objective on 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. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $138.64.

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.