Jennison Associates LLC Grows Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Jennison Associates LLC boosted its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 28.9% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 803,074 shares of the company’s stock after acquiring an additional 179,814 shares during the period. Jennison Associates LLC owned 1.08% of Churchill Downs worth $108,359,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Churchill Downs by 0.8% in the third quarter. Vanguard Group Inc. now owns 6,689,337 shares of the company’s stock valued at $776,231,000 after purchasing an additional 56,318 shares during the period. Ameriprise Financial Inc. raised its position in shares of Churchill Downs by 8.3% in the third quarter. Ameriprise Financial Inc. now owns 1,086,275 shares of the company’s stock valued at $126,051,000 after purchasing an additional 83,214 shares during the period. Bank of New York Mellon Corp raised its position in shares of Churchill Downs by 5.1% in the third quarter. Bank of New York Mellon Corp now owns 668,860 shares of the company’s stock valued at $77,615,000 after purchasing an additional 32,751 shares during the period. Northern Trust Corp raised its position in shares of Churchill Downs by 0.4% in the third quarter. Northern Trust Corp now owns 490,503 shares of the company’s stock valued at $56,918,000 after purchasing an additional 1,873 shares during the period. Finally, Boston Partners bought a new stake in shares of Churchill Downs in the third quarter valued at approximately $47,479,000. Institutional investors own 82.59% of the company’s stock.

Churchill Downs Price Performance

CHDN stock opened at $120.74 on Tuesday. Churchill Downs Incorporated has a one year low of $106.45 and a one year high of $150.45. The stock has a market cap of $8.90 billion, a PE ratio of 22.13, a P/E/G ratio of 8.29 and a beta of 1.03. The firm has a 50 day simple moving average of $119.46 and a two-hundred day simple moving average of $120.48. 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) last announced its quarterly earnings data on Wednesday, February 21st. The company reported $0.86 earnings per share (EPS) 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 company had revenue of $561.20 million during the quarter, compared to analysts’ expectations of $553.05 million. During the same quarter in the prior year, the company earned $0.73 EPS. The firm’s revenue was up 16.9% on a year-over-year basis. On average, analysts predict that Churchill Downs Incorporated will post 5.48 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Mizuho started 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 on the stock. Wells Fargo & Company raised shares of Churchill Downs from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $137.00 to $141.00 in a report on Monday, April 15th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $150.00 target price on shares of Churchill Downs in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.