AlphaQuest LLC Purchases 7,090 Shares of Churchill Downs, Incorporated $CHDN

Key Points

• AlphaQuest LLC significantly increased its stake in Churchill Downs, Incorporated (65.0%), acquiring a total of 18,006 shares valued at $2,000,000 as of its latest SEC filing.
• Churchill Downs reported a Q2 earnings per share of $3.10, exceeding analyst expectations and reflecting a 4.9% year-over-year revenue growth.
• Institutional investors own 82.59% of Churchill Downs stock, indicating strong institutional confidence in the company's performance and prospects.

AlphaQuest LLC increased its stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 65.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 18,006 shares of the company's stock after purchasing an additional 7,090 shares during the quarter. AlphaQuest LLC's holdings in Churchill Downs were worth $2,000,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CHDN. SG Americas Securities LLC increased its position in Churchill Downs by 28,864.9% in the 1st quarter. SG Americas Securities LLC now owns 512,099 shares of the company's stock worth $56,879,000 after buying an additional 510,331 shares during the period. Point72 Asset Management L.P. increased its position in Churchill Downs by 97.9% in the 4th quarter. Point72 Asset Management L.P. now owns 431,165 shares of the company's stock worth $57,578,000 after buying an additional 213,311 shares during the period. Balyasny Asset Management L.P. increased its position in Churchill Downs by 57.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 533,064 shares of the company's stock worth $71,185,000 after buying an additional 193,677 shares during the period. Nuveen LLC bought a new position in Churchill Downs in the 1st quarter worth approximately $19,267,000. Finally, Assenagon Asset Management S.A. increased its position in Churchill Downs by 444.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 185,925 shares of the company's stock worth $20,651,000 after buying an additional 151,805 shares during the period. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CHDN has been the topic of several recent analyst reports. JPMorgan Chase & Co. initiated coverage on Churchill Downs in a research report on Monday, June 23rd. They issued an "overweight" rating and a $116.00 price target on the stock. Barclays lifted their price objective on Churchill Downs from $127.00 to $131.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Truist Financial decreased their price objective on Churchill Downs from $150.00 to $145.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Mizuho lifted 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. Finally, Macquarie lifted their price objective on Churchill Downs from $150.00 to $155.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Ten analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Churchill Downs has a consensus rating of "Buy" and a consensus price target of $136.50.

Churchill Downs Price Performance

Shares of CHDN traded up $1.62 during mid-day trading on Wednesday, hitting $105.45. 257,198 shares of the company traded hands, compared to its average volume of 713,932. Churchill Downs, Incorporated has a one year low of $85.58 and a one year high of $150.21. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 4.74. The business has a 50-day moving average of $104.34 and a 200 day moving average of $104.30. The stock has a market capitalization of $7.39 billion, a price-to-earnings ratio of 18.11, a PEG ratio of 1.93 and a beta of 0.95.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $3.10 EPS for the quarter, beating the consensus estimate of $3.03 by $0.07. The company had revenue of $934.40 million during the quarter, compared to analysts' expectations 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 for the quarter was up 4.9% on a year-over-year basis. During the same period last year, the firm earned $2.89 EPS. As a group, equities analysts expect that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs 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.