LPL Financial LLC Acquires 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 lifted its stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 51.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 61,158 shares of the company's stock after buying an additional 20,802 shares during the quarter. LPL Financial LLC owned approximately 0.08% of Churchill Downs worth $6,793,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Churchill Downs during the first quarter valued at $2,987,000. GW&K Investment Management LLC raised its stake in Churchill Downs by 7.3% during the first quarter. GW&K Investment Management LLC now owns 465,966 shares of the company's stock valued at $51,755,000 after purchasing an additional 31,778 shares in the last quarter. Jennison Associates LLC raised its stake in Churchill Downs by 3.0% during the first quarter. Jennison Associates LLC now owns 1,030,846 shares of the company's stock valued at $114,496,000 after purchasing an additional 30,444 shares in the last quarter. Segall Bryant & Hamill LLC raised its stake in Churchill Downs by 6.5% during the first quarter. Segall Bryant & Hamill LLC now owns 224,224 shares of the company's stock valued at $24,905,000 after purchasing an additional 13,742 shares in the last quarter. Finally, Edgestream Partners L.P. raised its stake in Churchill Downs by 490.4% during the first quarter. Edgestream Partners L.P. now owns 64,790 shares of the company's stock valued at $7,196,000 after purchasing an additional 53,817 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Trading Down 1.0%

Shares of NASDAQ CHDN traded down $1.00 during mid-day trading on Friday, reaching $102.58. The company had a trading volume of 627,722 shares, compared to its average volume of 653,546. The business's 50-day moving average is $103.74 and its 200-day moving average is $105.26. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 4.74. The stock has a market cap of $7.19 billion, a price-to-earnings ratio of 17.63, a price-to-earnings-growth ratio of 1.92 and a beta of 0.95. Churchill Downs, Incorporated has a 52 week low of $85.58 and a 52 week high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $3.10 EPS for the quarter, topping analysts' consensus estimates of $3.03 by $0.07. The firm had revenue of $934.40 million for the quarter, compared to analysts' expectations of $924.36 million. Churchill Downs had a net margin of 15.22% and a return on equity of 41.46%. The business's revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.89 earnings per share. Equities analysts expect that Churchill Downs, Incorporated will post 6.92 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Stifel Nicolaus boosted their price objective on shares of Churchill Downs from $130.00 to $133.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Mizuho boosted their price objective on shares of Churchill Downs from $134.00 to $136.00 and gave the company an "outperform" rating in a research report on Tuesday, July 22nd. Truist Financial cut their price objective on shares of Churchill Downs from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Susquehanna boosted their price objective on shares of Churchill Downs from $121.00 to $126.00 and gave the company a "positive" rating in a research report on Wednesday, July 23rd. Finally, JPMorgan Chase & Co. assumed coverage on shares of Churchill Downs in a research report on Monday, June 23rd. They set an "overweight" rating and a $116.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Churchill Downs currently 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.