William Blair Investment Management LLC Purchases Shares of 1,030,121 Churchill Downs, Incorporated $CHDN

Key Points

• William Blair Investment Management acquired 1,030,121 Churchill Downs shares worth approximately $92.3 million, representing about 1.48% of the company. Institutional investors and hedge funds collectively own 82.59% of CHDN.
• Churchill Downs reported quarterly revenue of $980 million, up 4.9% year over year, while earnings of $3.45 per share matched analysts’ estimates.
• Analysts maintain a generally positive outlook, with nine Buy ratings and one Sell rating, resulting in a consensus “Moderate Buy” rating and an average price target of $136.88.

William Blair Investment Management LLC acquired a new stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,030,121 shares of the company's stock, valued at approximately $92,340,000. William Blair Investment Management LLC owned approximately 1.48% of Churchill Downs at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp lifted its position in shares of Churchill Downs by 6,547.6% during the 4th quarter. Fifth Third Bancorp now owns 52,649 shares of the company's stock valued at $5,990,000 after acquiring an additional 51,857 shares during the last quarter. UBS Group AG boosted its stake in shares of Churchill Downs by 26.9% during the 4th quarter. UBS Group AG now owns 350,982 shares of the company's stock worth $39,935,000 after acquiring an additional 74,421 shares in the last quarter. M&T Bank Corp acquired a new position in shares of Churchill Downs in the 4th quarter worth $4,266,000. First Trust Advisors LP grew its holdings in shares of Churchill Downs by 178.9% in the 1st quarter. First Trust Advisors LP now owns 76,395 shares of the company's stock worth $6,863,000 after acquiring an additional 49,002 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky raised its position in shares of Churchill Downs by 126.1% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 46,813 shares of the company's stock worth $5,326,000 after purchasing an additional 26,105 shares during the period. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Price Performance

CHDN opened at $93.71 on Friday. The stock has a fifty day moving average of $87.31 and a 200-day moving average of $88.88. The firm has a market capitalization of $6.53 billion, a P/E ratio of 16.07, a PEG ratio of 0.88 and a beta of 0.68. Churchill Downs, Incorporated has a 12-month low of $79.40 and a 12-month high of $118.35. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.06.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, meeting analysts' consensus estimates of $3.45. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The business had revenue of $980.00 million for the quarter, compared to the consensus estimate of $977.38 million. During the same quarter in the previous year, the company posted $3.10 earnings per share. Churchill Downs's revenue for the quarter was up 4.9% compared to the same quarter last year. Equities analysts forecast that Churchill Downs, Incorporated will post 7.14 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Citizens Jmp decreased their price target on 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. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Churchill Downs in a research note on Friday, July 31st. Truist Financial set a $145.00 price objective on shares of Churchill Downs in a research note on Friday, June 12th. Mizuho raised their target price on shares of Churchill Downs from $155.00 to $157.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. Finally, Citigroup reissued an "outperform" rating on shares of Churchill Downs in a research report on Friday, July 31st. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Churchill Downs presently has a consensus rating of "Moderate Buy" and an average price target of $136.88.

Churchill Downs Company Profile

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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