JPMorgan Chase & Co. Buys 16,646 Shares of Churchill Downs, Incorporated $CHDN

JPMorgan Chase & Co. increased its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 8.2% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 219,834 shares of the company’s stock after acquiring an additional 16,646 shares during the quarter. JPMorgan Chase & Co. owned about 0.32% of Churchill Downs worth $21,326,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CHDN. Fieldview Capital Management LLC bought a new position in shares of Churchill Downs during the 3rd quarter valued at about $3,869,000. Norges Bank bought a new stake in shares of Churchill Downs in the second quarter worth about $43,935,000. William Blair Investment Management LLC increased its holdings in shares of Churchill Downs by 9.2% in the third quarter. William Blair Investment Management LLC now owns 1,017,726 shares of the company’s stock worth $98,730,000 after purchasing an additional 85,925 shares during the last quarter. AlphaQuest LLC lifted its position in shares of Churchill Downs by 711.5% in the third quarter. AlphaQuest LLC now owns 37,670 shares of the company’s stock worth $3,654,000 after buying an additional 33,028 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board bought a new position in Churchill Downs during the third quarter valued at approximately $1,158,000. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Trading Up 1.7%

Shares of NASDAQ CHDN opened at $86.05 on Wednesday. Churchill Downs, Incorporated has a 1-year low of $80.24 and a 1-year high of $118.46. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.60 and a quick ratio of 0.60. The business’s 50 day moving average is $93.51 and its two-hundred day moving average is $99.85. The stock has a market capitalization of $6.00 billion, a P/E ratio of 16.36, a PEG ratio of 1.41 and a beta of 0.65.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.12. The business had revenue of $665.90 million during the quarter, compared to analyst estimates of $658.01 million. Churchill Downs had a return on equity of 43.26% and a net margin of 13.09%.The company’s revenue for the quarter was up 6.7% on a year-over-year basis. During the same period last year, the company earned $0.92 EPS. As a group, research analysts expect that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have weighed in on CHDN shares. Wells Fargo & Company cut their price target on Churchill Downs from $125.00 to $124.00 and set an “overweight” rating for the company in a report on Friday, February 27th. Jefferies Financial Group reiterated a “buy” rating on shares of Churchill Downs in a research report on Wednesday, December 24th. Citizens Jmp raised their target price on shares of Churchill Downs from $142.00 to $146.00 and gave the company a “market outperform” rating in a report on Wednesday, January 14th. Finally, Citigroup restated an “outperform” rating on shares of Churchill Downs in a research report on Wednesday, January 14th. Eleven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $135.00.

Churchill Downs 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.