Jennison Associates LLC Sells 223,841 Shares of Churchill Downs, Incorporated $CHDN

Key Points

• Jennison Associates reduced its stake in Churchill Downs by 15.4% in Q4, selling 223,841 shares and retaining 1,233,495 shares (about 1.77% of the company) worth roughly $140.35 million.
• Churchill Downs recently beat quarterly estimates with EPS of $1.21 vs. $1.06 expected and revenue of $663 million, showing a 3.1% revenue gain year‑over‑year and strong profitability (net margin 13.21%, ROE 43.5%).
• Analysts are largely bullish—eleven Buy ratings vs one Hold—with an average target price of $139, while the stock trades near $99.60 and has a market cap of about $6.94 billion.

Jennison Associates LLC decreased its position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 15.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,233,495 shares of the company's stock after selling 223,841 shares during the quarter. Jennison Associates LLC owned approximately 1.77% of Churchill Downs worth $140,347,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of CHDN. Allworth Financial LP boosted its stake in shares of Churchill Downs by 1.5% in the 3rd quarter. Allworth Financial LP now owns 7,549 shares of the company's stock valued at $732,000 after purchasing an additional 109 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Churchill Downs by 4.7% in the 3rd quarter. Quadrant Capital Group LLC now owns 2,619 shares of the company's stock valued at $254,000 after purchasing an additional 118 shares in the last quarter. Park Avenue Securities LLC boosted its stake in shares of Churchill Downs by 1.1% in the 4th quarter. Park Avenue Securities LLC now owns 12,132 shares of the company's stock valued at $1,380,000 after purchasing an additional 136 shares in the last quarter. Aurora Investment Counsel boosted its stake in shares of Churchill Downs by 0.6% in the 3rd quarter. Aurora Investment Counsel now owns 24,702 shares of the company's stock valued at $2,396,000 after purchasing an additional 146 shares in the last quarter. Finally, Global Retirement Partners LLC boosted its stake in shares of Churchill Downs by 3.6% in the 3rd quarter. Global Retirement Partners LLC now owns 4,520 shares of the company's stock valued at $438,000 after purchasing an additional 156 shares in the last quarter. Institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Up 0.1%

Shares of NASDAQ CHDN opened at $99.60 on Thursday. The firm's 50-day simple moving average is $90.17 and its 200 day simple moving average is $99.03. The company has a market cap of $6.94 billion, a price-to-earnings ratio of 18.64, a price-to-earnings-growth ratio of 1.47 and a beta of 0.65. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.44. Churchill Downs, Incorporated has a 12-month low of $80.24 and a 12-month high of $118.46.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 22nd. The company reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.15. The business had revenue of $663.00 million for 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 firm's quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.07 EPS. On average, research analysts expect that Churchill Downs, Incorporated will post 7.06 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CHDN shares. Jefferies Financial Group restated a "buy" rating on shares of Churchill Downs in a research note on Tuesday, April 21st. Citizens Jmp boosted their target price on shares of Churchill Downs from $146.00 to $149.00 and gave the company a "market outperform" rating in a research note on Friday, April 24th. Mizuho boosted their target price on shares of Churchill Downs from $146.00 to $155.00 and gave the company an "outperform" rating in a research note on Friday, April 24th. Citigroup restated an "outperform" rating on shares of Churchill Downs in a research note on Friday, April 24th. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $130.00 target price (up from $124.00) on shares of Churchill Downs in a research note on Thursday, April 16th. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Churchill Downs has an average rating of "Moderate Buy" and an average target price of $139.00.

About Churchill Downs

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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