Jennison Associates LLC Acquires 30,444 Shares of Churchill Downs, Incorporated (NASDAQ:CHDN)

Jennison Associates LLC raised its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 3.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,030,846 shares of the company's stock after acquiring an additional 30,444 shares during the period. Jennison Associates LLC owned approximately 1.43% of Churchill Downs worth $114,496,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of CHDN. Segall Bryant & Hamill LLC lifted its stake in shares of Churchill Downs by 6.5% in the first quarter. Segall Bryant & Hamill LLC now owns 224,224 shares of the company's stock valued at $24,905,000 after buying an additional 13,742 shares during the period. Edgestream Partners L.P. lifted its position in Churchill Downs by 490.4% in the 1st quarter. Edgestream Partners L.P. now owns 64,790 shares of the company's stock valued at $7,196,000 after acquiring an additional 53,817 shares in the last quarter. Aurora Investment Counsel bought a new stake in Churchill Downs during the 1st quarter worth about $2,675,000. Cardinal Strategic Wealth Guidance increased its stake in shares of Churchill Downs by 100.3% during the 1st quarter. Cardinal Strategic Wealth Guidance now owns 5,357 shares of the company's stock worth $595,000 after purchasing an additional 2,682 shares during the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in shares of Churchill Downs by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 20,600 shares of the company's stock worth $2,288,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company's stock.

Analyst Ratings Changes

CHDN has been the subject of a number of recent analyst reports. Truist Financial lowered their price target on shares of Churchill Downs from $150.00 to $145.00 and set a "buy" rating for the company in a report on Wednesday. JMP Securities reduced their price target on Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 27th. Macquarie dropped their price objective on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Wall Street Zen upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research report on Thursday, April 24th. Finally, Susquehanna lowered their price target on Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $138.45.

Churchill Downs Stock Down 0.7%

Shares of NASDAQ CHDN traded down $0.72 during midday trading on Friday, reaching $105.55. The company's stock had a trading volume of 513,364 shares, compared to its average volume of 593,950. Churchill Downs, Incorporated has a fifty-two week low of $85.58 and a fifty-two week high of $150.21. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 18.78, a PEG ratio of 2.91 and a beta of 0.95. The stock has a 50 day simple moving average of $99.65 and a 200-day simple moving average of $108.25. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 4.49.

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

Insider Transactions at Churchill Downs

In related news, Director Douglas C. Grissom bought 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The stock was purchased at an average cost of $92.77 per share, for a total transaction of $927,700.00. Following the completion of the acquisition, the director owned 38,869 shares in the company, valued at approximately $3,605,877.13. This trade represents a 34.64% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director R Alex Rankin purchased 2,000 shares of the firm's stock in a transaction on Monday, May 5th. The shares were acquired at an average cost of $92.65 per share, with a total value of $185,300.00. Following the completion of the acquisition, the director directly owned 99,012 shares in the company, valued at $9,173,461.80. The trade was 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 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.