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

JPMorgan Chase & Co. increased its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 8.2% in the third quarter, Holdings Channel.com reports. The firm owned 219,834 shares of the company’s stock after purchasing an additional 16,646 shares during the quarter. JPMorgan Chase & Co.’s holdings in Churchill Downs were worth $21,326,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. raised its position in Churchill Downs by 1,364.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock worth $28,000 after purchasing an additional 232 shares during the period. Measured Wealth Private Client Group LLC purchased a new position in shares of Churchill Downs during the third quarter valued at approximately $25,000. First Horizon Corp purchased a new position in shares of Churchill Downs during the third quarter valued at approximately $26,000. Quent Capital LLC bought a new position in shares of Churchill Downs during the third quarter valued at approximately $27,000. Finally, MAI Capital Management raised its holdings in shares of Churchill Downs by 306.9% in the second quarter. MAI Capital Management now owns 293 shares of the company’s stock worth $30,000 after buying an additional 221 shares during the period. 82.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CHDN. Citizens Jmp raised their price target on Churchill Downs from $142.00 to $146.00 and gave the stock a “market outperform” rating in a research note on Wednesday, January 14th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Churchill Downs in a research report on Wednesday, December 24th. Citigroup reiterated an “outperform” rating on shares of Churchill Downs in a research note on Wednesday, January 14th. Finally, Wells Fargo & Company decreased their target price on Churchill Downs from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Eleven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $135.00.

Churchill Downs Stock Performance

Shares of NASDAQ:CHDN opened at $86.05 on Wednesday. The firm’s 50 day simple moving average is $93.51 and its 200-day simple moving average is $99.85. The company has a debt-to-equity ratio of 5.02, a quick ratio of 0.60 and a current ratio of 0.60. Churchill Downs, Incorporated has a one year low of $80.24 and a one year high of $118.46. The firm has a market cap of $6.00 billion, a PE ratio of 16.36, a price-to-earnings-growth ratio of 1.41 and a beta of 0.65.

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

About Churchill Downs

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.