Canada Pension Plan Investment Board Acquires New Position in Churchill Downs, Incorporated $CHDN

Canada Pension Plan Investment Board acquired a new position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) during the 2nd quarter, Holdings Channel reports. The fund acquired 83,100 shares of the company’s stock, valued at approximately $7,449,000.

Several other hedge funds have also modified their holdings of CHDN. Legal & General Group Plc purchased a new stake in shares of Churchill Downs during the 2nd quarter valued at $7,585,000. The Manufacturers Life Insurance Company acquired a new stake in Churchill Downs in the second quarter valued at approximately $4,368,000. Cetera Trust Company N.A acquired a new stake in Churchill Downs during the 2nd quarter valued at $226,000. Sanctuary Advisors LLC acquired a new stake in shares of Churchill Downs during the second quarter valued at about $2,260,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Churchill Downs during the 2nd quarter valued at approximately $1,258,000. 82.59% of the stock is owned by institutional investors and hedge funds.

Churchill Downs Stock Performance

CHDN stock opened at $89.90 on Friday. The firm has a 50 day simple moving average of $87.24 and a 200 day simple moving average of $88.68. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36. Churchill Downs, Incorporated has a 52 week low of $79.40 and a 52 week high of $118.35. The stock has a market cap of $6.27 billion, a P/E ratio of 15.42, a P/E/G ratio of 0.85 and a beta of 0.68.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Mizuho upped their target price on shares of Churchill Downs from $155.00 to $157.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Susquehanna increased their price objective on Churchill Downs from $121.00 to $124.00 and gave the stock a “positive” rating in a report on Friday, July 31st. Jefferies Financial Group restated a “buy” rating on shares of Churchill Downs in a research report on Thursday, July 2nd. Citigroup restated an “outperform” rating on shares of Churchill Downs in a report on Friday, July 31st. Finally, Wells Fargo & Company cut their target price on shares of Churchill Downs from $120.00 to $117.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price 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.