Pallas Capital Advisors LLC Purchases Shares of 3,488 Churchill Downs, Incorporated $CHDN

Key Points

• Pallas Capital Advisors LLC has acquired 3,488 shares of Churchill Downs, valued at approximately $352,000, indicating institutional interest in the company.
• Churchill Downs' stock has received a consensus rating of "Buy" from analysts, with average price targets ranging from $136.50 to $155.00.
• In its latest earnings report, Churchill Downs posted $3.10 earnings per share, exceeding estimates, and reported a year-over-year revenue increase of 4.9% to $934.4 million.

Pallas Capital Advisors LLC acquired a new position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 3,488 shares of the company's stock, valued at approximately $352,000.

Several other institutional investors also recently bought and sold shares of the business. Jennison Associates LLC raised its holdings in Churchill Downs by 3.0% in the 1st quarter. Jennison Associates LLC now owns 1,030,846 shares of the company's stock valued at $114,496,000 after acquiring an additional 30,444 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Churchill Downs by 1.7% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 615,463 shares of the company's stock valued at $68,359,000 after acquiring an additional 10,108 shares during the last quarter. Baird Financial Group Inc. raised its holdings in Churchill Downs by 5.1% in the 1st quarter. Baird Financial Group Inc. now owns 602,849 shares of the company's stock valued at $66,958,000 after acquiring an additional 28,989 shares during the last quarter. Millennium Management LLC raised its holdings in Churchill Downs by 107.4% in the 1st quarter. Millennium Management LLC now owns 548,476 shares of the company's stock valued at $60,919,000 after acquiring an additional 284,045 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in Churchill Downs by 28,864.9% in the 1st quarter. SG Americas Securities LLC now owns 512,099 shares of the company's stock valued at $56,879,000 after acquiring an additional 510,331 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on CHDN shares. Macquarie boosted their price target on Churchill Downs from $150.00 to $155.00 and gave the company an "outperform" rating in a report on Monday, July 28th. JMP Securities lowered 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 note on Tuesday, May 27th. 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 note on Wednesday, July 23rd. JPMorgan Chase & Co. began coverage on shares of Churchill Downs in a research note on Monday, June 23rd. They set an "overweight" rating and a $116.00 price objective for the company. Finally, Stifel Nicolaus upped their price target 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. Ten equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $136.50.

Churchill Downs Stock Up 0.6%

NASDAQ:CHDN traded up $0.53 on Monday, reaching $95.83. The stock had a trading volume of 607,655 shares, compared to its average volume of 585,489. The stock has a market cap of $6.72 billion, a P/E ratio of 16.47, a price-to-earnings-growth ratio of 1.78 and a beta of 0.86. The company has a 50-day moving average of $103.10 and a 200 day moving average of $101.76. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 4.74. Churchill Downs, Incorporated has a 12-month low of $85.58 and a 12-month high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $3.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.03 by $0.07. The business had revenue of $934.40 million for 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%. The company's revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.89 EPS. On average, research analysts predict that Churchill Downs, Incorporated will post 6.92 earnings per share for the current year.

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.