Landscape Capital Management L.L.C. Decreases Position in Churchill Downs, Incorporated $CHDN

Key Points

• Landscape Capital cut its stake in Churchill Downs by 23.3% to 65,742 shares (about $6.38M), while institutional ownership remains high at 82.59% and other large funds (e.g., Arrowstreet, Capital International) materially increased positions.
• Churchill Downs posted an EPS beat of $0.97 vs. $0.85 consensus and revenue of $665.9M (up 6.7% YoY), and analysts hold a consensus "Moderate Buy" rating (11 Buys, 1 Hold) with an average target of $135.00.

Landscape Capital Management L.L.C. decreased its stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 23.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 65,742 shares of the company's stock after selling 19,972 shares during the quarter. Landscape Capital Management L.L.C. owned about 0.09% of Churchill Downs worth $6,378,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Invesco Ltd. boosted its stake in Churchill Downs by 4.2% during the third quarter. Invesco Ltd. now owns 156,462 shares of the company's stock worth $15,178,000 after buying an additional 6,322 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Churchill Downs by 49.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,376,402 shares of the company's stock worth $133,525,000 after acquiring an additional 452,716 shares during the last quarter. Capital Fund Management S.A. grew its holdings in Churchill Downs by 119.8% during the 3rd quarter. Capital Fund Management S.A. now owns 82,361 shares of the company's stock valued at $7,990,000 after purchasing an additional 44,882 shares during the last quarter. Quadrant Capital Group LLC lifted its stake 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 purchasing an additional 118 shares during the last quarter. Finally, Capital International Investors boosted its position in shares of Churchill Downs by 16.3% during the third quarter. Capital International Investors now owns 3,098,598 shares of the company's stock valued at $300,595,000 after buying an additional 434,669 shares during the period. Hedge funds and other institutional investors own 82.59% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CHDN. Citigroup reiterated an "outperform" rating on shares of Churchill Downs in a report on Wednesday, January 14th. Citizens Jmp boosted their price objective on Churchill Downs from $142.00 to $146.00 and gave the company a "market outperform" rating in a report on Wednesday, January 14th. Wells Fargo & Company reduced their target price on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a research note on Friday, February 27th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of Churchill Downs in a research report on Wednesday, December 24th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $135.00.

Churchill Downs Trading Up 1.8%

Shares of NASDAQ CHDN traded up $1.50 during trading hours on Friday, reaching $85.58. The stock had a trading volume of 49,971 shares, compared to its average volume of 942,499. Churchill Downs, Incorporated has a 52-week low of $80.24 and a 52-week high of $118.46. The firm has a market cap of $5.96 billion, a price-to-earnings ratio of 16.23, a P/E/G ratio of 1.43 and a beta of 0.65. The business's fifty day moving average price is $97.39 and its two-hundred day moving average price is $100.86. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 5.02.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.85 by $0.12. Churchill Downs had a return on equity of 43.26% and a net margin of 13.09%.The company had revenue of $665.90 million for the quarter, compared to the consensus estimate of $658.01 million. During the same period last year, the business posted $0.92 EPS. Churchill Downs's quarterly revenue was up 6.7% on a year-over-year basis. Analysts expect that Churchill Downs, Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.