Churchill Downs, Incorporated $CHDN Shares Bought by Cinctive Capital Management LP

Key Points

• Cinctive Capital Management increased its stake in Churchill Downs by 34.3% in Q3, buying an additional 50,060 shares to hold 195,845 shares worth about $19.0 million (0.28% of the company), making CHDN its 19th largest holding.
• Churchill Downs beat estimates for the most recent quarter with EPS of $0.97 vs. $0.85 expected and revenue of $665.9 million (up 6.7% year-over-year); the company reported a 13.09% net margin and a 43.26% return on equity.
• Analyst sentiment is broadly positive—11 Buys and 1 Hold—giving a consensus rating of “Moderate Buy” and an average price target of $135, while the stock trades with a market cap of about $6.02 billion and a P/E of 16.42.

Cinctive Capital Management LP increased its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 34.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,845 shares of the company's stock after purchasing an additional 50,060 shares during the quarter. Churchill Downs accounts for 0.9% of Cinctive Capital Management LP's holdings, making the stock its 19th largest holding. Cinctive Capital Management LP owned about 0.28% of Churchill Downs worth $18,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. First Horizon Corp purchased a new position in shares of Churchill Downs during the third quarter worth about $26,000. Quent Capital LLC acquired a new stake in shares of Churchill Downs in the 3rd quarter valued at approximately $27,000. Geneos Wealth Management Inc. lifted its stake in shares of Churchill Downs by 1,364.7% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock valued at $28,000 after purchasing an additional 232 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Churchill Downs by 1,670.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 301 shares of the company's stock worth $29,000 after acquiring an additional 284 shares in the last quarter. Finally, MAI Capital Management grew its holdings in Churchill Downs by 306.9% in the second quarter. MAI Capital Management now owns 293 shares of the company's stock valued at $30,000 after purchasing an additional 221 shares during the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Trading Up 2.7%

Churchill Downs stock opened at $86.36 on Friday. The firm has a market cap of $6.02 billion, a price-to-earnings ratio of 16.42, a price-to-earnings-growth ratio of 1.43 and a beta of 0.65. Churchill Downs, Incorporated has a 1 year low of $80.24 and a 1 year high of $118.46. The firm's 50 day moving average price is $96.87 and its two-hundred day moving average price is $100.72. 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 (NASDAQ:CHDN - Get Free Report) last released 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 net margin of 13.09% and a return on equity of 43.26%. The business had revenue of $665.90 million for 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. The firm's revenue was up 6.7% compared to the same quarter last year. On average, research analysts predict that Churchill Downs, Incorporated will post 6.92 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Wells Fargo & Company cut their price target on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a report on Friday, February 27th. Citigroup reaffirmed an "outperform" rating on shares of Churchill Downs in a research note on Wednesday, January 14th. Jefferies Financial Group reiterated a "buy" rating on shares of Churchill Downs in a report on Wednesday, December 24th. Finally, Citizens Jmp boosted their price target on Churchill Downs from $142.00 to $146.00 and gave the stock a "market outperform" rating in a research report on Wednesday, January 14th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $135.00.

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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