LPL Financial LLC Buys 20,802 Shares of Churchill Downs, Incorporated (NASDAQ:CHDN)

Key Points

• LPL Financial LLC increased its holdings in Churchill Downs, acquiring an additional 20,802 shares, resulting in a total of 61,158 shares, valued at approximately $6.79 million.
• Several institutional investors raised their stakes in Churchill Downs, with ArrowMark Colorado Holdings owning the most shares at 1.34 million, accounting for a significant share of 82.59% held by all institutional investors.
• Churchill Downs reported a quarterly earnings per share of $3.10, surpassing analyst expectations, with revenues increasing 4.9% year-over-year to $934.40 million.

LPL Financial LLC raised its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 51.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,158 shares of the company's stock after acquiring an additional 20,802 shares during the quarter. LPL Financial LLC owned approximately 0.08% of Churchill Downs worth $6,793,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in CHDN. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Churchill Downs during the 1st quarter worth $2,987,000. GW&K Investment Management LLC lifted its stake in Churchill Downs by 7.3% in the 1st quarter. GW&K Investment Management LLC now owns 465,966 shares of the company's stock valued at $51,755,000 after buying an additional 31,778 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Churchill Downs by 3.0% during the first quarter. Jennison Associates LLC now owns 1,030,846 shares of the company's stock worth $114,496,000 after buying an additional 30,444 shares in the last quarter. Segall Bryant & Hamill LLC lifted its stake in shares of Churchill Downs by 6.5% during the 1st quarter. Segall Bryant & Hamill LLC now owns 224,224 shares of the company's stock worth $24,905,000 after purchasing an additional 13,742 shares during the period. Finally, Edgestream Partners L.P. lifted its stake in shares of Churchill Downs by 490.4% during the 1st quarter. Edgestream Partners L.P. now owns 64,790 shares of the company's stock worth $7,196,000 after purchasing an additional 53,817 shares during the period. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Stock Performance

CHDN stock traded up $0.01 during trading hours on Thursday, reaching $103.58. The stock had a trading volume of 361,397 shares, compared to its average volume of 727,943. The stock has a market capitalization of $7.26 billion, a PE ratio of 17.80, a price-to-earnings-growth ratio of 1.91 and a beta of 0.95. The company has a debt-to-equity ratio of 4.74, a current ratio of 0.60 and a quick ratio of 0.60. The stock has a 50-day simple moving average of $103.50 and a 200 day simple moving average of $105.71. Churchill Downs, Incorporated has a fifty-two week low of $85.58 and a fifty-two week high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $3.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $924.36 million. During the same quarter last year, the company posted $2.89 EPS. Churchill Downs's quarterly revenue was up 4.9% compared to the same quarter last year. Analysts predict that Churchill Downs, Incorporated will post 6.92 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Wall Street Zen upgraded Churchill Downs from a "sell" rating to a "hold" rating in a report on Thursday, April 24th. Susquehanna increased their price target on shares of Churchill Downs from $121.00 to $126.00 and gave the stock a "positive" rating in a research report on Wednesday, July 23rd. Truist Financial cut their target price on shares of Churchill Downs from $150.00 to $145.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Mizuho raised their price target on shares of Churchill Downs from $134.00 to $136.00 and gave the company an "outperform" rating in a research note on Tuesday, July 22nd. Finally, Macquarie raised their price objective on shares of Churchill Downs from $150.00 to $155.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $136.50.

About Churchill Downs

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.