Churchill Downs, Incorporated $CHDN Stock: Assenagon Asset Management S.A. Grows Holdings

Key Points

• Assenagon Asset Management increased its Churchill Downs stake by 49.9% in the third quarter, adding 29,005 shares to own 87,144 shares valued at approximately $6.6 million. Institutional investors collectively hold 82.59% of the company.
• Churchill Downs reported quarterly revenue of $980 million, up 4.9% year over year, while earnings per share of $3.45 matched analyst expectations. Analysts expect full-year EPS of $7.05.
• Wall Street remains broadly bullish, with 11 Buy ratings and one Hold rating; the stock carries a consensus “Moderate Buy” rating and an average price target of $132.70, versus a recent price of $83.03.

Assenagon Asset Management S.A. increased its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 49.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 87,144 shares of the company's stock after acquiring an additional 29,005 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.13% of Churchill Downs worth $6,595,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Atlas Brown Inc. raised its holdings in Churchill Downs by 4.7% during the third quarter. Atlas Brown Inc. now owns 3,351 shares of the company's stock worth $254,000 after buying an additional 150 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Churchill Downs by 19.6% during the third quarter. GAMMA Investing LLC now owns 1,383 shares of the company's stock valued at $105,000 after buying an additional 227 shares during the last quarter. Tidal Investments LLC boosted its stake in Churchill Downs by 43.8% during the 2nd quarter. Tidal Investments LLC now owns 226,804 shares of the company's stock valued at $20,331,000 after purchasing an additional 69,098 shares during the last quarter. Engineers Gate Manager LP lifted its holdings in shares of Churchill Downs by 118.8% in the second quarter. Engineers Gate Manager LP now owns 54,890 shares of the company's stock valued at $4,920,000 after purchasing an additional 29,807 shares in the last quarter. Finally, Integrated Wealth Concepts LLC lifted its holdings in shares of Churchill Downs by 13.5% in the second quarter. Integrated Wealth Concepts LLC now owns 4,948 shares of the company's stock valued at $444,000 after purchasing an additional 588 shares in the last quarter. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Trading Up 1.3%

NASDAQ:CHDN opened at $83.03 on Wednesday. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.06. The stock has a market capitalization of $5.79 billion, a PE ratio of 14.24, a price-to-earnings-growth ratio of 0.79 and a beta of 0.77. The firm's 50 day moving average is $83.59 and its 200 day moving average is $86.64. Churchill Downs, Incorporated has a 12 month low of $73.08 and a 12 month high of $118.35.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, meeting the consensus estimate of $3.45. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%. The business had revenue of $980.00 million during the quarter, compared to analyst estimates of $977.38 million. During the same period in the prior year, the company earned $3.10 earnings per share. Churchill Downs's revenue was up 4.9% compared to the same quarter last year. Sell-side analysts expect that Churchill Downs, Incorporated will post 7.05 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CHDN. Mizuho increased their price target on Churchill Downs from $155.00 to $157.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. Wells Fargo & Company restated an "overweight" rating and set a $120.00 price objective (up from $117.00) on shares of Churchill Downs in a research note on Monday. Wolfe Research started coverage on shares of Churchill Downs in a report on Wednesday, September 2nd. They set an "outperform" rating and a $119.00 price objective on the stock. Citigroup reiterated a "market outperform" rating on shares of Churchill Downs in a research note on Tuesday, October 13th. Finally, Royal Bank Of Canada set a $131.00 target price on shares of Churchill Downs in a research note on Tuesday, October 13th. Eleven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Churchill Downs has a consensus rating of "Moderate Buy" and an average target price of $132.70.

About Churchill Downs

Churchill Downs Incorporated NASDAQ: CHDN is a gaming, racing and entertainment company best known for operating Churchill Downs Racetrack in Louisville, Kentucky, the home of the Kentucky Derby. The company traces its history to the opening of Churchill Downs in 1875 and has expanded its operations beyond traditional Thoroughbred racing.

Its business activities include live and historical horse racing, pari-mutuel wagering, casino gaming, video lottery and related entertainment offerings.

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