United Services Automobile Association Invests $507,000 in Churchill Downs, Incorporated $CHDN

Key Points

• United Services Automobile Association purchased a new stake in Churchill Downs, Incorporated, acquiring 4,554 shares valued at approximately $507,000 in the first quarter.
• Several analysts have upgraded their price targets for Churchill Downs, with an average target price of $136.50 and a general consensus rating of "Buy."
• Churchill Downs reported a 4.9% increase in revenue year-over-year, with earnings per share (EPS) of $3.10, surpassing analysts' expectations of $3.03.

United Services Automobile Association purchased a new position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,554 shares of the company's stock, valued at approximately $507,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its stake in Churchill Downs by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 483,252 shares of the company's stock worth $53,675,000 after purchasing an additional 121,204 shares during the period. Petrus Trust Company LTA lifted its stake in Churchill Downs by 77.3% during the first quarter. Petrus Trust Company LTA now owns 7,845 shares of the company's stock worth $871,000 after purchasing an additional 3,420 shares during the period. Millennium Management LLC lifted its stake in Churchill Downs by 107.4% during the first quarter. Millennium Management LLC now owns 548,476 shares of the company's stock worth $60,919,000 after purchasing an additional 284,045 shares during the period. Cinctive Capital Management LP lifted its stake in Churchill Downs by 74.2% during the first quarter. Cinctive Capital Management LP now owns 143,420 shares of the company's stock worth $15,930,000 after purchasing an additional 61,105 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of Churchill Downs by 29.8% in the first quarter. AQR Capital Management LLC now owns 3,415 shares of the company's stock valued at $373,000 after acquiring an additional 784 shares during the last quarter. Institutional investors own 82.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Stifel Nicolaus lifted their target price on shares of Churchill Downs from $130.00 to $133.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Truist Financial cut 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 note on Wednesday, July 16th. Susquehanna lifted their target price 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. JMP Securities cut their target price 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. Finally, Barclays lifted their target price on shares of Churchill Downs from $127.00 to $131.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Ten investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $136.50.

Churchill Downs Stock Down 0.4%

NASDAQ:CHDN traded down $0.38 on Tuesday, hitting $95.61. 88,772 shares of the company's stock were exchanged, compared to its average volume of 699,869. The firm has a 50-day moving average price of $104.10 and a 200-day moving average price of $102.37. The company has a debt-to-equity ratio of 4.74, a current ratio of 0.60 and a quick ratio of 0.60. Churchill Downs, Incorporated has a 52 week low of $85.58 and a 52 week high of $150.21. The company has a market cap of $6.70 billion, a P/E ratio of 16.42, a price-to-earnings-growth ratio of 1.80 and a beta of 0.86.

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