Nuveen LLC Acquires Shares of 173,467 Churchill Downs, Incorporated $CHDN

Key Points

• Nuveen LLC acquired a new stake in Churchill Downs by purchasing 173,467 shares worth approximately $19.3 million, accounting for about 0.24% of the company's stock.
• Churchill Downs reported a quarterly EPS of $3.10, exceeding analysts' expectations, with revenues also up 4.9% year-over-year to $934.4 million.
• Most analysts maintain a consensus "Buy" rating on the stock, with price targets ranging from $127 to $155.

Nuveen LLC acquired a new stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 173,467 shares of the company's stock, valued at approximately $19,267,000. Nuveen LLC owned about 0.24% of Churchill Downs at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. ArrowMark Colorado Holdings LLC raised its holdings in Churchill Downs by 4.6% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 1,344,595 shares of the company's stock valued at $179,557,000 after buying an additional 59,657 shares during the last quarter. Ameriprise Financial Inc. increased its position in Churchill Downs by 5.8% during the 4th quarter. Ameriprise Financial Inc. now owns 1,060,846 shares of the company's stock valued at $141,669,000 after purchasing an additional 58,507 shares during the period. Jennison Associates LLC increased its position in Churchill Downs by 3.0% during the 1st 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 during the period. Charles Schwab Investment Management Inc. increased its position in Churchill Downs by 1.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 615,463 shares of the company's stock valued at $68,359,000 after purchasing an additional 10,108 shares during the period. Finally, Northern Trust Corp increased its position in Churchill Downs by 20.5% during the 4th quarter. Northern Trust Corp now owns 589,710 shares of the company's stock valued at $78,750,000 after purchasing an additional 100,337 shares during the period. Institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Down 0.8%

CHDN stock traded down $0.81 during midday trading on Monday, reaching $103.23. 372,717 shares of the company's stock traded hands, compared to its average volume of 495,328. The company has a market cap of $7.24 billion, a price-to-earnings ratio of 17.74, a P/E/G ratio of 1.94 and a beta of 0.95. The firm's fifty day moving average price is $104.23 and its 200-day moving average price is $104.30. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 4.74. 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 announced its quarterly earnings results on Wednesday, July 23rd. The company reported $3.10 EPS for the quarter, beating analysts' consensus estimates of $3.03 by $0.07. The business had revenue of $934.40 million during the quarter, compared to analyst estimates of $924.36 million. Churchill Downs had a net margin of 15.22% and a return on equity of 41.46%. Churchill Downs's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.89 EPS. As a group, sell-side analysts forecast that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal year.

Analyst Ratings Changes

CHDN has been the subject of a number of recent analyst reports. Truist Financial decreased their target price on shares of Churchill Downs from $150.00 to $145.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. 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 for the company. Stifel Nicolaus raised their price objective on shares of Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Mizuho raised their price objective on shares of Churchill Downs from $134.00 to $136.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Finally, JMP Securities reduced their price objective on shares of Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating for the company in a research report on Tuesday, May 27th. Ten analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price 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.