Jennison Associates LLC Purchases 179,814 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Jennison Associates LLC increased its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 28.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 803,074 shares of the company's stock after purchasing an additional 179,814 shares during the period. Jennison Associates LLC owned approximately 1.08% of Churchill Downs worth $108,359,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CHDN. Covestor Ltd boosted its position in shares of Churchill Downs by 44.0% during the 3rd quarter. Covestor Ltd now owns 848 shares of the company's stock worth $98,000 after purchasing an additional 259 shares during the period. Fifth Third Bancorp boosted its position in Churchill Downs by 15.1% in the 4th quarter. Fifth Third Bancorp now owns 1,437 shares of the company's stock valued at $194,000 after buying an additional 189 shares during the period. Total Clarity Wealth Management Inc. purchased a new position in Churchill Downs in the 3rd quarter valued at approximately $208,000. ARS Wealth Advisors Group LLC purchased a new position in Churchill Downs in the 3rd quarter valued at approximately $209,000. Finally, Pathstone Family Office LLC boosted its position in Churchill Downs by 35.6% in the 3rd quarter. Pathstone Family Office LLC now owns 1,824 shares of the company's stock valued at $212,000 after buying an additional 479 shares during the period. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Up 2.3 %

Shares of CHDN traded up $2.76 during midday trading on Tuesday, reaching $123.50. The stock had a trading volume of 388,040 shares, compared to its average volume of 371,636. Churchill Downs Incorporated has a 1-year low of $106.45 and a 1-year high of $150.45. The company's fifty day simple moving average is $119.46 and its two-hundred day simple moving average is $120.48. The company has a market cap of $9.10 billion, a price-to-earnings ratio of 22.13, a PEG ratio of 8.29 and a beta of 1.03. The company has a debt-to-equity ratio of 5.34, a current ratio of 0.53 and a quick ratio of 0.53.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 21st. The company reported $0.86 earnings per share for the quarter, beating analysts' consensus estimates of $0.68 by $0.18. Churchill Downs had a net margin of 16.95% and a return on equity of 45.43%. The business had revenue of $561.20 million for the quarter, compared to analyst estimates of $553.05 million. During the same period last year, the business earned $0.73 EPS. The company's revenue was up 16.9% on a year-over-year basis. Equities research analysts expect that Churchill Downs Incorporated will post 5.48 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CHDN has been the subject of several recent research reports. Wells Fargo & Company raised shares of Churchill Downs from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $137.00 to $141.00 in a research report on Monday, April 15th. Mizuho initiated coverage on shares of Churchill Downs in a research report on Tuesday, March 26th. They issued a "buy" rating and a $142.00 price target for the company. Finally, JMP Securities reissued a "market outperform" rating and issued a $150.00 price target on shares of Churchill Downs in a research report on Wednesday, April 10th. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to data from MarketBeat, Churchill Downs has a consensus rating of "Moderate Buy" and an average price target of $143.13.

Churchill Downs 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; and casino gaming.