Jupiter Topco LLC Acquires New Stake in Churchill Downs, Incorporated $CHDN

Key Points

• Jupiter Topco LLC acquired 756,190 Churchill Downs shares worth approximately $67.8 million, giving it a 1.08% stake. Institutional investors collectively own 82.59% of the company.
• Churchill Downs reported quarterly revenue of $980 million, up 4.9% year over year, and earnings of $3.45 per share, matching analyst estimates.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $136.88 price target, despite the stock opening at $86.51 and remaining near its 52-week low.

Jupiter Topco LLC acquired a new stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 756,190 shares of the company's stock, valued at approximately $67,787,000. Jupiter Topco LLC owned 1.08% of Churchill Downs at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Quadrant Capital Group LLC grew its position in Churchill Downs by 4.7% in the third quarter. Quadrant Capital Group LLC now owns 2,619 shares of the company's stock worth $254,000 after acquiring an additional 118 shares in the last quarter. Sanctuary Advisors LLC raised its stake in shares of Churchill Downs by 0.5% during the first quarter. Sanctuary Advisors LLC now owns 27,600 shares of the company's stock valued at $2,479,000 after acquiring an additional 125 shares in the last quarter. Nebula Research & Development LLC lifted its holdings in shares of Churchill Downs by 4.8% in the 2nd quarter. Nebula Research & Development LLC now owns 3,421 shares of the company's stock worth $346,000 after buying an additional 158 shares during the period. CIBC Private Wealth Group LLC increased its position in Churchill Downs by 7.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,501 shares of the company's stock valued at $285,000 after purchasing an additional 169 shares during the period. Finally, Coldstream Capital Management Inc. increased its holdings in Churchill Downs by 5.5% during the third quarter. Coldstream Capital Management Inc. now owns 3,376 shares of the company's stock valued at $327,000 after buying an additional 177 shares during the period. Institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Down 1.2%

CHDN stock opened at $86.51 on Friday. Churchill Downs, Incorporated has a fifty-two week low of $79.40 and a fifty-two week high of $118.35. The company's 50 day moving average price is $87.21 and its 200 day moving average price is $88.67. The firm has a market capitalization of $6.03 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 0.83 and a beta of 0.68. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, hitting 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 for the quarter, compared to analyst estimates of $977.38 million. During the same quarter last year, the company earned $3.10 EPS. The business's quarterly revenue was up 4.9% on a year-over-year basis. On average, equities research analysts anticipate that Churchill Downs, Incorporated will post 7.14 EPS for the current fiscal year.

Analysts Set New Price Targets

CHDN has been the subject of several analyst reports. Mizuho increased their price objective on Churchill Downs from $155.00 to $157.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. Weiss Ratings reiterated a "sell (d+)" rating on shares of Churchill Downs in a research note on Friday, July 31st. Truist Financial set a $145.00 target price on shares of Churchill Downs in a report on Friday, June 12th. Citizens Jmp reduced their price target on Churchill Downs from $149.00 to $137.00 and set a "market outperform" rating for the company in a report on Friday, July 31st. Finally, Susquehanna upped their price objective on shares of Churchill Downs from $121.00 to $124.00 and gave the stock a "positive" rating in a research report on Friday, July 31st. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $136.88.

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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