Fifth Third Bancorp Grows Stake in Churchill Downs, Incorporated $CHDN

Key Points

• Fifth Third Bancorp boosted its stake in Churchill Downs by 6,547.6% in Q4, adding 51,857 shares to hold 52,649 shares (about 0.08% of the company) valued at roughly $5.99 million.
• Churchill Downs beat Q1 expectations with EPS of $1.21 (vs. $1.06 estimate) and revenue of $663 million (up 3.1% YoY); the stock trades near $98.65, with a market cap of $6.88 billion and a P/E of 18.27.
• Institutional ownership is high at 82.59% and major firms (Goldman Sachs, AQR, UBS) have increased positions, while analysts are largely positive—11 Buys and 1 Hold—yielding a consensus "Moderate Buy" and average price target of $139.

Fifth Third Bancorp boosted its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 6,547.6% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 52,649 shares of the company's stock after purchasing an additional 51,857 shares during the quarter. Fifth Third Bancorp owned about 0.08% of Churchill Downs worth $5,990,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of CHDN. AQR Capital Management LLC increased its holdings in Churchill Downs by 29.8% during the 1st quarter. AQR Capital Management LLC now owns 3,415 shares of the company's stock worth $373,000 after purchasing an additional 784 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Churchill Downs by 33.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 483,252 shares of the company's stock valued at $53,675,000 after acquiring an additional 121,204 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Churchill Downs by 7.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 225,800 shares of the company's stock valued at $25,080,000 after acquiring an additional 15,161 shares during the period. Geneos Wealth Management Inc. increased its holdings in shares of Churchill Downs by 1,364.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock valued at $28,000 after acquiring an additional 232 shares during the period. Finally, Sivia Capital Partners LLC purchased a new position in shares of Churchill Downs in the 2nd quarter valued at $229,000. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Churchill Downs Stock Down 2.3%

Shares of CHDN stock opened at $98.65 on Friday. Churchill Downs, Incorporated has a 1-year low of $80.24 and a 1-year high of $118.46. The stock's fifty day moving average price is $90.35 and its 200 day moving average price is $99.12. The company has a debt-to-equity ratio of 4.44, a current ratio of 0.54 and a quick ratio of 0.54. The company has a market cap of $6.88 billion, a price-to-earnings ratio of 18.27, a price-to-earnings-growth ratio of 0.65 and a beta of 0.73.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The company reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.15. Churchill Downs had a return on equity of 43.50% and a net margin of 13.21%.The firm had revenue of $663.00 million for the quarter, compared to the consensus estimate of $659.32 million. During the same period in the previous year, the business earned $1.07 EPS. The firm's revenue for the quarter was up 3.1% on a year-over-year basis. On average, research analysts expect that Churchill Downs, Incorporated will post 7.32 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CHDN has been the topic of a number of analyst reports. Citigroup reiterated an "outperform" rating on shares of Churchill Downs in a report on Friday, April 24th. Jefferies Financial Group reiterated a "buy" rating on shares of Churchill Downs in a report on Tuesday, April 21st. Wells Fargo & Company reiterated an "overweight" rating and issued a $130.00 price target (up from $124.00) on shares of Churchill Downs in a report on Thursday, April 16th. Mizuho lifted their price target on Churchill Downs from $146.00 to $155.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Finally, Citizens Jmp lifted their price target on Churchill Downs from $146.00 to $149.00 and gave the company a "market outperform" rating in a report on Friday, April 24th. Eleven investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $139.00.

About Churchill Downs

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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