Magnetar Financial LLC Purchases New Shares in Churchill Downs, Incorporated $CHDN

Key Points

• Magnetar Financial LLC has made a new investment in Churchill Downs, acquiring 4,061 shares valued at approximately $451,000 during the first quarter.
• Churchill Downs reported earnings per share of $3.10, exceeding analyst expectations, with a revenue of $934.40 million for the quarter, marking a 4.9% year-over-year increase.
• The company's stock currently holds a consensus "Buy" rating among analysts, with an average target price rising to $136.50.

Magnetar Financial LLC acquired a new stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 4,061 shares of the company's stock, valued at approximately $451,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its stake in shares of Churchill Downs by 3.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 306,771 shares of the company's stock valued at $34,073,000 after purchasing an additional 11,460 shares during the period. Aurora Investment Counsel acquired a new position in shares of Churchill Downs in the 1st quarter valued at about $2,675,000. Lighthouse Investment Partners LLC acquired a new position in shares of Churchill Downs in the 4th quarter valued at about $6,133,000. Teacher Retirement System of Texas lifted its stake in shares of Churchill Downs by 19.3% in the 1st quarter. Teacher Retirement System of Texas now owns 10,970 shares of the company's stock valued at $1,218,000 after purchasing an additional 1,774 shares during the period. Finally, Millennium Management LLC lifted its stake in shares of Churchill Downs by 29.4% in the 4th quarter. Millennium Management LLC now owns 264,431 shares of the company's stock valued at $35,312,000 after purchasing an additional 60,080 shares during the period. 82.59% of the stock is owned by institutional investors and hedge funds.

Churchill Downs Price Performance

Shares of CHDN stock traded down $0.48 on Wednesday, reaching $101.59. The company's stock had a trading volume of 472,256 shares, compared to its average volume of 478,460. 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, Incorporated has a 12-month low of $85.58 and a 12-month high of $150.21. The company has a market capitalization of $7.12 billion, a P/E ratio of 17.46, a PEG ratio of 1.94 and a beta of 0.86. The stock's 50 day simple moving average is $104.84 and its 200-day simple moving average is $103.64.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. assumed coverage on Churchill Downs in a research note on Monday, June 23rd. They issued an "overweight" rating and a $116.00 price objective on the stock. Macquarie boosted their price objective on Churchill Downs from $150.00 to $155.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Stifel Nicolaus upped their price target on Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. Mizuho upped their price target on Churchill Downs from $134.00 to $136.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Finally, Susquehanna upped their price target on Churchill Downs from $121.00 to $126.00 and gave the stock a "positive" rating in a research note on Wednesday, July 23rd. Ten analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $136.50.

Churchill Downs 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.