Churchill Downs, Incorporated $CHDN Shares Purchased by Ancora Advisors LLC

Key Points

• Ancora Advisors increased its Churchill Downs stake by 36.6% in the second quarter, purchasing 22,647 additional shares for a total of 84,578 shares valued at approximately $7.6 million. Institutional investors collectively own 82.59% of the company.
• Analysts remain broadly positive, with nine Buy ratings and one Sell rating, producing a consensus “Moderate Buy” rating and an average price target of $136.88.
• Churchill Downs reported second-quarter earnings of $3.45 per share and revenue of $980 million, while revenue rose 4.9% year over year. The stock opened at $86.65, near its 50-day average of $87.27.

Ancora Advisors LLC raised its stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 36.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 84,578 shares of the company's stock after purchasing an additional 22,647 shares during the quarter. Ancora Advisors LLC owned about 0.12% of Churchill Downs worth $7,582,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of CHDN. Apollo Management Holdings L.P. grew its stake in shares of Churchill Downs by 4.7% in the second quarter. Apollo Management Holdings L.P. now owns 499,482 shares of the company's stock valued at $44,774,000 after buying an additional 22,500 shares in the last quarter. Two Sigma Securities LLC acquired a new position in shares of Churchill Downs during the second quarter worth $1,480,000. Penn Capital Management Company LLC acquired a new position in shares of Churchill Downs during the second quarter worth $15,405,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Churchill Downs by 0.3% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 123,377 shares of the company's stock valued at $11,060,000 after purchasing an additional 310 shares during the period. Finally, Wellington Management Group LLP boosted its stake in shares of Churchill Downs by 213.1% in the second quarter. Wellington Management Group LLP now owns 99,032 shares of the company's stock valued at $8,877,000 after purchasing an additional 67,405 shares during the period. Institutional investors and hedge funds own 82.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Susquehanna upped their price objective on shares of Churchill Downs from $121.00 to $124.00 and gave the company a "positive" rating in a research report on Friday, July 31st. Jefferies Financial Group reissued a "buy" rating on shares of Churchill Downs in a report on Thursday, July 2nd. Citigroup restated an "outperform" rating on shares of Churchill Downs in a research note on Friday, July 31st. Truist Financial set a $145.00 price objective on Churchill Downs in a report on Friday, June 12th. Finally, Mizuho upped their target price on Churchill Downs from $155.00 to $157.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. Nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $136.88.

Churchill Downs Stock Performance

Churchill Downs stock opened at $86.65 on Wednesday. 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, Incorporated has a 12 month low of $79.40 and a 12 month high of $118.35. The company has a fifty day moving average price of $87.27 and a two-hundred day moving average price of $88.52. The company has a market cap of $6.04 billion, a PE ratio of 14.86, a P/E/G ratio of 0.83 and a beta of 0.67.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, hitting analysts' consensus estimates of $3.45. The company had revenue of $980.00 million for the quarter, compared to analysts' expectations of $977.38 million. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The firm's revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the company earned $3.10 earnings per share. Research analysts expect that Churchill Downs, Incorporated will post 7.14 earnings per share for the current year.

Churchill Downs 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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