Churchill Downs, Incorporated $CHDN Shares Sold by ArrowMark Colorado Holdings LLC

Key Points

• ArrowMark Colorado Holdings LLC reduced its stake by 12.4%, selling 115,138 shares to hold 815,343 shares (about 1.17% of Churchill Downs) worth roughly $79.1 million, making CHDN its 13th largest holding.
• Churchill Downs beat Q4 estimates, reporting $0.97 EPS vs. $0.85 expected and $665.9M revenue (up 6.7% YoY), while posting a 13.09% net margin and 43.26% ROE; analysts maintain a "Moderate Buy" consensus with a $135 average target.
• Institutional ownership is high at 82.6%; the stock trades below its 50- and 200-day moving averages (50-day $96.87, 200-day $100.72) with a market cap of ~$6.02B and a PE of ~16.4 (1-year range $80.24–$118.46).

ArrowMark Colorado Holdings LLC reduced its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 12.4% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 815,343 shares of the company's stock after selling 115,138 shares during the quarter. Churchill Downs comprises 1.5% of ArrowMark Colorado Holdings LLC's portfolio, making the stock its 13th largest holding. ArrowMark Colorado Holdings LLC owned about 1.17% of Churchill Downs worth $79,096,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Geneos Wealth Management Inc. lifted its holdings 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 buying an additional 232 shares during the period. First Horizon Corp acquired a new position in Churchill Downs during the third quarter worth about $26,000. Quent Capital LLC acquired a new position in Churchill Downs during the third quarter worth about $27,000. MAI Capital Management raised its position in Churchill Downs by 306.9% in the second quarter. MAI Capital Management now owns 293 shares of the company's stock worth $30,000 after acquiring an additional 221 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in Churchill Downs by 1,670.6% in the third 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. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Price Performance

NASDAQ CHDN opened at $86.36 on Friday. The stock's 50-day moving average price is $96.87 and its two-hundred day moving average price is $100.72. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 5.02. The company has a market cap of $6.02 billion, a PE ratio of 16.42, a PEG 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.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its earnings results on Wednesday, February 25th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.85 by $0.12. The company had revenue of $665.90 million during the quarter, compared to analysts' expectations of $658.01 million. Churchill Downs had a net margin of 13.09% and a return on equity of 43.26%. The business's revenue for the quarter was up 6.7% on a year-over-year basis. During the same period last year, the company posted $0.92 earnings per share. On average, analysts predict that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CHDN. Citizens Jmp raised their price objective on shares of Churchill Downs from $142.00 to $146.00 and gave the company a "market outperform" rating in a research report on Wednesday, January 14th. Wells Fargo & Company dropped their target price on shares of Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a report on Friday, February 27th. Jefferies Financial Group reissued a "buy" rating on shares of Churchill Downs in a research note on Wednesday, December 24th. Finally, Citigroup restated an "outperform" rating on shares of Churchill Downs in a report on Wednesday, January 14th. Eleven equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus 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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