Northwestern Mutual Wealth Management Co. Invests $904,000 in Churchill Downs, Incorporated $CHDN

Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 10,086 shares of the company’s stock, valued at approximately $904,000.

A number of other hedge funds have also recently modified their holdings of CHDN. BlackRock Inc. acquired a new stake in Churchill Downs during the second quarter worth about $555,948,000. State Street Corp raised its stake in Churchill Downs by 0.6% during the fourth quarter. State Street Corp now owns 1,956,295 shares of the company’s stock worth $223,424,000 after purchasing an additional 11,523 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Churchill Downs by 0.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,384,089 shares of the company’s stock valued at $157,482,000 after purchasing an additional 7,687 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Churchill Downs by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 1,327,655 shares of the company’s stock valued at $151,089,000 after purchasing an additional 32,445 shares during the last quarter. Finally, Boston Partners boosted its holdings in Churchill Downs by 0.9% in the 3rd quarter. Boston Partners now owns 1,257,725 shares of the company’s stock valued at $121,998,000 after purchasing an additional 11,653 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CHDN. Citigroup restated an “outperform” rating on shares of Churchill Downs in a report on Friday, July 31st. Citizens Jmp reduced their price target on shares of Churchill Downs from $149.00 to $137.00 and set a “market outperform” rating on the stock in a research report on Friday, July 31st. Jefferies Financial Group reiterated a “buy” rating on shares of Churchill Downs in a report on Thursday, July 2nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Churchill Downs in a research report on Friday, July 31st. Finally, Truist Financial set a $145.00 target price on Churchill Downs in a research note on Friday, June 12th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Churchill Downs currently has a consensus rating of “Moderate Buy” and an average target price of $136.88.

Churchill Downs Stock Performance

Shares of Churchill Downs stock opened at $88.67 on Wednesday. The business has a 50-day moving average of $87.25 and a 200 day moving average of $88.76. Churchill Downs, Incorporated has a 12 month low of $79.40 and a 12 month high of $118.35. The stock has a market capitalization of $6.18 billion, a price-to-earnings ratio of 15.21, a price-to-earnings-growth ratio of 0.86 and a beta of 0.68. 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 released its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, meeting the consensus estimate of $3.45. The company had revenue of $980.00 million during the quarter, compared to the consensus estimate of $977.38 million. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.Churchill Downs’s revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the company posted $3.10 EPS. As a group, sell-side analysts forecast that Churchill Downs, Incorporated will post 7.14 earnings per share for the current year.

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.