Public Employees Retirement System of Ohio Takes Position in Churchill Downs, Incorporated $CHDN

Key Points

• Public Employees Retirement System of Ohio acquired 19,479 Churchill Downs shares worth approximately $1.75 million during the second quarter. Institutional investors collectively own 82.59% of the company, with BlackRock, William Blair, Norges Bank, and AQR Capital among other major holders.
• Wall Street remains broadly positive, with 10 analysts rating the stock a Buy and one assigning a Hold. Churchill Downs has a consensus “Moderate Buy” rating and an average price target of $134.89.
• Churchill Downs reported quarterly revenue of $980 million, up 4.9% year over year, and earnings of $3.45 per share, matching estimates. The stock opened at $87.07, near the lower end of its 12-month range of $79.40 to $118.35.

Public Employees Retirement System of Ohio purchased a new stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 19,479 shares of the company's stock, valued at approximately $1,746,000.

A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Churchill Downs during the 2nd quarter worth approximately $555,948,000. William Blair Investment Management LLC purchased a new position in shares of Churchill Downs during the second quarter worth about $92,340,000. Norges Bank purchased a new position in Churchill Downs during the 4th quarter worth approximately $90,529,000. AQR Capital Management LLC grew its position in shares of Churchill Downs by 22,974.8% during the second quarter. AQR Capital Management LLC now owns 788,006 shares of the company's stock worth $79,352,000 after acquiring an additional 784,591 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in Churchill Downs in the second quarter valued at $69,099,000. Hedge funds and other institutional investors own 82.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CHDN. Susquehanna boosted their target price on Churchill Downs from $121.00 to $124.00 and gave the company a "positive" rating in a report on Friday, July 31st. Citizens Jmp reduced their price target on shares of Churchill Downs from $149.00 to $137.00 and set a "market outperform" rating for the company in a research report on Friday, July 31st. Jefferies Financial Group reissued a "buy" rating on shares of Churchill Downs in a research note on Thursday, July 2nd. Wells Fargo & Company reduced their target price on Churchill Downs from $120.00 to $117.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. Finally, Truist Financial set a $145.00 price target on shares of Churchill Downs in a research note on Friday, June 12th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $134.89.

Churchill Downs Price Performance

CHDN stock opened at $87.07 on Monday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.06. Churchill Downs, Incorporated has a 12-month low of $79.40 and a 12-month high of $118.35. The company has a market cap of $6.07 billion, a PE ratio of 14.93, a price-to-earnings-growth ratio of 0.83 and a beta of 0.67. The stock has a 50-day moving average price of $87.45 and a two-hundred day moving average price of $88.50.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $3.45. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The firm had revenue of $980.00 million during the quarter, compared to the consensus estimate of $977.38 million. During the same quarter in the prior year, the company earned $3.10 EPS. The company's revenue was up 4.9% on a year-over-year basis. As a group, research analysts predict that Churchill Downs, Incorporated will post 7.14 EPS for the current year.

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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