Freestone Grove Partners LP Acquires New Position in Churchill Downs, Incorporated $CHDN

Key Points

• Freestone Grove Partners LP acquired 187,259 shares of Churchill Downs during the second quarter, worth approximately $16.8 million and representing a 0.27% stake.
• Analysts remain broadly positive, with nine Buy ratings and one Sell rating producing a “Moderate Buy” consensus and an average price target of $136.88.
• Churchill Downs reported quarterly EPS of $3.45 and revenue of $980 million, with revenue increasing 4.9% year over year. Shares opened at $86.51, while the company carries substantial leverage with a debt-to-equity ratio of 3.06.

Freestone Grove Partners LP acquired a new position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 187,259 shares of the company's stock, valued at approximately $16,786,000. Freestone Grove Partners LP owned 0.27% of Churchill Downs as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of CHDN. Geneos Wealth Management Inc. grew its holdings in shares of Churchill Downs by 1,364.7% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock valued at $28,000 after purchasing an additional 232 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new stake in shares of Churchill Downs in the 3rd quarter worth approximately $25,000. Parkside Financial Bank & Trust lifted its holdings in shares of Churchill Downs by 293.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 256 shares of the company's stock worth $29,000 after purchasing an additional 191 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Churchill Downs during the 2nd quarter valued at approximately $29,000. Finally, Root Financial Partners LLC boosted its position in Churchill Downs by 1,173.1% during the 1st quarter. Root Financial Partners LLC now owns 331 shares of the company's stock valued at $30,000 after purchasing an additional 305 shares during the period. Institutional investors own 82.59% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Churchill Downs in a research report on Friday, July 31st. Susquehanna boosted their price target on shares of Churchill Downs from $121.00 to $124.00 and gave the company a "positive" rating in a report on Friday, July 31st. Jefferies Financial Group restated a "buy" rating on shares of Churchill Downs in a research report on Thursday, July 2nd. Truist Financial set a $145.00 price objective on shares of Churchill Downs in a report on Friday, June 12th. Finally, Mizuho lifted their price objective on shares of Churchill Downs from $155.00 to $157.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. Nine analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $136.88.

Churchill Downs Stock Performance

Shares of CHDN stock opened at $86.51 on Friday. Churchill Downs, Incorporated has a 12-month low of $79.40 and a 12-month high of $118.35. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 0.83 and a beta of 0.68. The business has a 50 day simple moving average of $87.21 and a 200 day simple moving average of $88.67. 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 (NASDAQ:CHDN - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, meeting the consensus estimate of $3.45. The firm had revenue of $980.00 million for the quarter, compared to the consensus estimate of $977.38 million. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The firm's revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $3.10 EPS. On average, equities research analysts anticipate that Churchill Downs, Incorporated will post 7.14 EPS for the current year.

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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