Royal Bank of Canada Increases Stake in Churchill Downs, Incorporated $CHDN

Key Points

• The Royal Bank of Canada has increased its stake in Churchill Downs, Incorporated by 9.2%, owning approximately 0.16% of the company worth $12.54 million following the purchase of additional shares.
• Churchill Downs reported earnings of $3.10 per share for the last quarter, exceeding estimates by $0.07, with a revenue of $934.4 million, up 4.9% from the previous year.
• Several analysts have set new price targets for Churchill Downs, with a consensus rating of "Buy" and an average price target of $136.50.

Royal Bank of Canada lifted its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 9.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 112,923 shares of the company's stock after buying an additional 9,521 shares during the quarter. Royal Bank of Canada owned about 0.16% of Churchill Downs worth $12,542,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Envestnet Asset Management Inc. increased its position in shares of Churchill Downs by 3.9% during the first quarter. Envestnet Asset Management Inc. now owns 306,771 shares of the company's stock valued at $34,073,000 after buying an additional 11,460 shares during the period. Aurora Investment Counsel purchased a new position in shares of Churchill Downs during the first quarter valued at about $2,675,000. Teacher Retirement System of Texas increased its position in shares of Churchill Downs by 19.3% during the first quarter. Teacher Retirement System of Texas now owns 10,970 shares of the company's stock valued at $1,218,000 after buying an additional 1,774 shares during the period. Millennium Management LLC increased its position in shares of Churchill Downs by 29.4% during the fourth quarter. Millennium Management LLC now owns 264,431 shares of the company's stock valued at $35,312,000 after buying an additional 60,080 shares during the period. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Churchill Downs during the first quarter valued at about $8,677,000. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Down 1.1%

Shares of Churchill Downs stock opened at $96.57 on Thursday. The company has a market cap of $6.77 billion, a price-to-earnings ratio of 16.59, a price-to-earnings-growth ratio of 1.83 and a beta of 0.86. The company's 50 day moving average is $104.58 and its 200 day moving average is $102.95. Churchill Downs, Incorporated has a twelve month low of $85.58 and a twelve month high of $150.21. 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 (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $3.10 earnings per share for the quarter, beating analysts' consensus estimates of $3.03 by $0.07. The company had revenue of $934.40 million for the quarter, compared to the consensus estimate of $924.36 million. Churchill Downs had a net margin of 15.22% and a return on equity of 41.46%. The firm's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.89 earnings per share. Research analysts anticipate that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on CHDN. 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 on the stock. Susquehanna boosted their price objective on shares of Churchill Downs from $121.00 to $126.00 and gave the stock a "positive" rating in a research note on Wednesday, July 23rd. Macquarie boosted their price objective on shares of Churchill Downs from $150.00 to $155.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. JMP Securities dropped their price objective on shares of Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating on the stock in a research note on Tuesday, May 27th. Finally, Barclays boosted their price objective on shares of Churchill Downs from $127.00 to $131.00 and gave the stock an "overweight" rating in a research note on Friday, July 25th. Ten analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Churchill Downs currently has a consensus rating of "Buy" and an average price target of $136.50.

Churchill Downs Company Profile

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.

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