Norges Bank Makes New Investment in Churchill Downs Incorporated (NASDAQ:CHDN)

Norges Bank acquired a new stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 697,670 shares of the company’s stock, valued at approximately $94,137,000. Norges Bank owned about 0.94% of Churchill Downs at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Barlow Wealth Partners Inc. purchased a new stake in Churchill Downs in the 4th quarter worth $20,669,000. Teachers Retirement System of The State of Kentucky raised its holdings in shares of Churchill Downs by 90.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 22,898 shares of the company’s stock worth $2,657,000 after acquiring an additional 10,868 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in shares of Churchill Downs by 34.9% during the 3rd quarter. Envestnet Asset Management Inc. now owns 148,035 shares of the company’s stock valued at $17,178,000 after acquiring an additional 38,298 shares during the last quarter. Jennison Associates LLC grew its stake in shares of Churchill Downs by 28.9% in the 4th quarter. Jennison Associates LLC now owns 803,074 shares of the company’s stock worth $108,359,000 after buying an additional 179,814 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in shares of Churchill Downs by 15.1% during 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 in the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Wells Fargo & Company raised Churchill Downs from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $137.00 to $141.00 in a research note on Monday, April 15th. Mizuho lifted their price objective on shares of Churchill Downs from $142.00 to $143.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Truist Financial increased their target price on shares of Churchill Downs from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, April 26th. Stifel Nicolaus raised their target price on shares of Churchill Downs from $150.00 to $153.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Finally, JMP Securities reiterated a “market outperform” rating and set a $156.00 price target on shares of Churchill Downs in a report on Monday, May 6th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $145.25.

Insiders Place Their Bets

In other news, Director Paul C. Varga purchased 3,800 shares of the stock in a transaction dated Monday, April 29th. The shares were acquired at an average cost of $130.22 per share, for a total transaction of $494,836.00. Following the acquisition, the director now owns 28,902 shares of the company’s stock, valued at $3,763,618.44. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 5.13% of the stock is currently owned by corporate insiders.

Churchill Downs Price Performance

NASDAQ CHDN opened at $132.99 on Friday. The company has a market cap of $9.78 billion, a PE ratio of 29.62, a P/E/G ratio of 3.75 and a beta of 0.99. The firm’s 50 day moving average price is $127.02 and its 200-day moving average price is $123.98. The company has a debt-to-equity ratio of 5.88, a quick ratio of 0.50 and a current ratio of 0.50. Churchill Downs Incorporated has a 52-week low of $106.45 and a 52-week high of $142.90.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.35. The business had revenue of $590.90 million for the quarter, compared to the consensus estimate of $565.41 million. Churchill Downs had a return on equity of 44.99% and a net margin of 13.72%. The business’s revenue was up 5.6% compared to the same quarter last year. During the same period last year, the business posted $0.98 EPS. Sell-side analysts forecast that Churchill Downs Incorporated will post 5.83 EPS for the current fiscal year.

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.