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

Key Points

• Cinctive Capital Management LP increased its stake in Churchill Downs, Incorporated by 74.2% in the first quarter, owning 143,420 shares worth approximately $15.93 million.
• Churchill Downs recently reported earnings of $3.10 per share, surpassing estimates, with a revenue of $934.40 million, a year-over-year increase of 4.9%.
• Ten analysts have rated Churchill Downs stock as a "Buy" with an average target price of $136.50, reflecting positive sentiment in the market.

Cinctive Capital Management LP grew its holdings in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 74.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 143,420 shares of the company's stock after purchasing an additional 61,105 shares during the quarter. Churchill Downs accounts for about 1.2% of Cinctive Capital Management LP's holdings, making the stock its 19th biggest holding. Cinctive Capital Management LP owned about 0.20% of Churchill Downs worth $15,930,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Elequin Capital LP acquired a new position in shares of Churchill Downs during the first quarter worth about $29,000. MassMutual Private Wealth & Trust FSB grew its holdings in Churchill Downs by 159.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock worth $46,000 after acquiring an additional 253 shares in the last quarter. Central Pacific Bank Trust Division increased its position in shares of Churchill Downs by 39.6% in the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock valued at $51,000 after purchasing an additional 129 shares during the last quarter. State of Wyoming acquired a new stake in shares of Churchill Downs in the 1st quarter valued at $60,000. Finally, Private Trust Co. NA lifted its position in shares of Churchill Downs by 154.9% during the 1st quarter. Private Trust Co. NA now owns 543 shares of the company's stock worth $60,000 after purchasing an additional 330 shares during the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Price Performance

Shares of Churchill Downs stock traded down $1.81 during trading on Tuesday, reaching $98.18. The company's stock had a trading volume of 219,977 shares, compared to its average volume of 706,932. The business has a 50 day moving average price of $104.87 and a 200-day moving average price of $103.03. Churchill Downs, Incorporated has a 12-month low of $85.58 and a 12-month high of $150.21. The company has a market capitalization of $6.88 billion, a P/E ratio of 16.86, a price-to-earnings-growth ratio of 1.91 and a beta of 0.86. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 4.74.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $3.10 EPS for the quarter, topping analysts' consensus estimates of $3.03 by $0.07. Churchill Downs had a net margin of 15.22% and a return on equity of 41.46%. The firm had revenue of $934.40 million for the quarter, compared to the consensus estimate of $924.36 million. During the same quarter in the previous year, the firm earned $2.89 earnings per share. The firm's revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on CHDN shares. Stifel Nicolaus lifted their price target on Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Truist Financial decreased their price objective on Churchill Downs from $150.00 to $145.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Susquehanna lifted their target price on shares of Churchill Downs from $121.00 to $126.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Mizuho increased their target price on shares of Churchill Downs from $134.00 to $136.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. assumed coverage on Churchill Downs in a report on Monday, June 23rd. They set an "overweight" rating and a $116.00 price target on the stock. Ten investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $136.50.

Churchill Downs Company 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.