Apollo Management Holdings L.P. Purchases 22,500 Shares of Churchill Downs, Incorporated $CHDN

Key Points

• Apollo Management Holdings increased its Churchill Downs stake by 4.7% in the second quarter, purchasing 22,500 additional shares. It now owns 499,482 shares, valued at approximately $44.8 million, representing about 0.72% of the company.
• Institutional investors own 82.59% of Churchill Downs, with Wellington Management more than tripling its holdings and several other firms initiating or expanding positions during the quarter.
• Churchill Downs reported quarterly revenue of $980 million, up 4.9% year over year, and earnings of $3.45 per share, in line with estimates. Analysts maintain a “Moderate Buy” consensus with an average price target of $136.88, compared with a recent share price of $89.90.

Apollo Management Holdings L.P. increased its position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 4.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 499,482 shares of the company's stock after acquiring an additional 22,500 shares during the period. Churchill Downs comprises approximately 0.5% of Apollo Management Holdings L.P.'s holdings, making the stock its 23rd largest position. Apollo Management Holdings L.P. owned approximately 0.72% of Churchill Downs worth $44,774,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Two Sigma Securities LLC bought a new stake in shares of Churchill Downs in the 2nd quarter worth $1,480,000. Penn Capital Management Company LLC purchased a new stake in shares of Churchill Downs during the second quarter valued at $15,405,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Churchill Downs by 0.3% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 123,377 shares of the company's stock worth $11,060,000 after buying an additional 310 shares in the last quarter. Wellington Management Group LLP increased its holdings in Churchill Downs by 213.1% in the 2nd quarter. Wellington Management Group LLP now owns 99,032 shares of the company's stock worth $8,877,000 after buying an additional 67,405 shares in the last quarter. Finally, Kimelman & Baird LLC bought a new position in Churchill Downs during the 2nd quarter valued at about $27,000. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Churchill Downs Price Performance

CHDN opened at $89.90 on Monday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.06. Churchill Downs, Incorporated has a 1-year low of $79.40 and a 1-year high of $118.35. The company has a market capitalization of $6.27 billion, a PE ratio of 15.42, a PEG ratio of 0.85 and a beta of 0.68. The firm's 50 day simple moving average is $87.24 and its two-hundred day simple moving average is $88.64.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 EPS for the quarter, hitting the consensus estimate of $3.45. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The firm had revenue of $980.00 million during the quarter, compared to analyst estimates of $977.38 million. During the same period in the prior year, the business posted $3.10 EPS. Churchill Downs's revenue was up 4.9% on a year-over-year basis. As a group, equities analysts forecast that Churchill Downs, Incorporated will post 7.14 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CHDN shares. Jefferies Financial Group reiterated a "buy" rating on shares of Churchill Downs in a research note on Thursday, July 2nd. Citizens Jmp dropped their target price on shares of Churchill Downs from $149.00 to $137.00 and set a "market outperform" rating on the stock in a report on Friday, July 31st. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Churchill Downs in a research report on Friday, July 31st. Susquehanna boosted their target price on shares of Churchill Downs from $121.00 to $124.00 and gave the company a "positive" rating in a research note on Friday, July 31st. Finally, Mizuho raised 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. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company 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.

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