Churchill Downs, Incorporated $CHDN Holdings Lowered by Corsair Capital Management L.P.

Key Points

• Corsair Capital Management L.P. has reduced its stake in Churchill Downs, Incorporated by 59.7%, now holding 31,967 shares valued at approximately $3.55 million.
• Multiple hedge funds, including MassMutual Private Wealth & Trust and Central Pacific Bank Trust Division, have increased their positions in CHDN during the first quarter, indicating growing interest in the stock.
• Churchill Downs recently reported earnings of $3.10 per share, surpassing estimates, with a revenue of $934.4 million for the quarter, up 4.9% year-over-year.

Corsair Capital Management L.P. lowered its stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 59.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,967 shares of the company's stock after selling 47,282 shares during the quarter. Churchill Downs makes up 0.9% of Corsair Capital Management L.P.'s investment portfolio, making the stock its 18th largest holding. Corsair Capital Management L.P.'s holdings in Churchill Downs were worth $3,551,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of CHDN. Elequin Capital LP purchased a new position in shares of Churchill Downs in the first quarter worth approximately $29,000. MassMutual Private Wealth & Trust FSB grew its position in Churchill Downs by 159.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock worth $46,000 after purchasing an additional 253 shares in the last quarter. Central Pacific Bank Trust Division raised its stake in Churchill Downs by 39.6% during the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock valued at $51,000 after purchasing an additional 129 shares during the period. Private Trust Co. NA boosted its position in shares of Churchill Downs by 154.9% in the first quarter. Private Trust Co. NA now owns 543 shares of the company's stock worth $60,000 after buying an additional 330 shares during the period. Finally, State of Wyoming purchased a new position in shares of Churchill Downs during the first quarter valued at $60,000. 82.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Stifel Nicolaus raised their price objective on Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Truist Financial lowered their price objective on shares of Churchill Downs from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Macquarie increased their target price on shares of Churchill Downs from $150.00 to $155.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. JMP Securities lowered their price target on shares of Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 27th. Finally, Mizuho increased their price objective on Churchill Downs from $134.00 to $136.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Ten research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $136.50.

Churchill Downs Stock Down 3.1%

CHDN stock opened at $102.86 on Friday. The firm has a market cap of $7.21 billion, a PE ratio of 17.67, a PEG ratio of 1.98 and a beta of 0.95. Churchill Downs, Incorporated has a 1 year low of $85.58 and a 1 year high of $150.21. The company has a fifty day simple moving average of $104.57 and a 200 day simple moving average of $104.17. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 4.74.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $3.10 earnings per share for the quarter, beating the consensus estimate of $3.03 by $0.07. The company had revenue of $934.40 million for the quarter, compared to analyst estimates of $924.36 million. Churchill Downs had a return on equity of 41.46% and a net margin of 15.22%.The business's revenue was up 4.9% compared to the same quarter last year. During the same period last year, the company earned $2.89 earnings per share. Sell-side analysts anticipate that Churchill Downs, Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Company 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; casino gaming; and Terre Haute Casino Resort.

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