The Manufacturers Life Insurance Company Invests $4.37 Million in Churchill Downs, Incorporated $CHDN

The Manufacturers Life Insurance Company purchased a new stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 48,728 shares of the company’s stock, valued at approximately $4,368,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CHDN. UBS Group AG boosted its holdings in shares of Churchill Downs by 26.9% during the 4th quarter. UBS Group AG now owns 350,982 shares of the company’s stock valued at $39,935,000 after buying an additional 74,421 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Churchill Downs by 178.9% in the 1st quarter. First Trust Advisors LP now owns 76,395 shares of the company’s stock worth $6,863,000 after acquiring an additional 49,002 shares in the last quarter. BlackRock Inc. bought a new position in shares of Churchill Downs in the 2nd quarter worth about $555,948,000. Aurora Investment Counsel purchased a new position in Churchill Downs during the 2nd quarter valued at about $2,265,000. Finally, Edgestream Partners L.P. purchased a new position in Churchill Downs during the 1st quarter valued at about $2,598,000. 82.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CHDN has been the topic of several research reports. Citigroup reissued an “outperform” rating on shares of Churchill Downs in a research note on Friday, July 31st. Wells Fargo & Company lowered their target price on shares of Churchill Downs from $120.00 to $117.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Truist Financial set a $145.00 price target on Churchill Downs in a research report on Friday, June 12th. Mizuho upped their price target on Churchill Downs from $155.00 to $157.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Finally, Susquehanna raised their price objective on Churchill Downs from $121.00 to $124.00 and gave the company a “positive” rating in a research report on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $136.88.

Churchill Downs Price Performance

CHDN opened at $87.48 on Tuesday. The firm has a market cap of $6.10 billion, a PE ratio of 15.01, a P/E/G ratio of 0.85 and a beta of 0.68. The stock has a 50-day moving average price of $87.27 and a 200-day moving average price of $88.57. Churchill Downs, Incorporated has a 1 year low of $79.40 and a 1 year high of $118.35. The company has a debt-to-equity ratio of 3.06, a current ratio of 0.36 and a quick ratio of 0.36.

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

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.