M&T Bank Corp Takes $4.27 Million Position in Churchill Downs, Incorporated $CHDN

Key Points

• M&T Bank Corp opened a new position in Churchill Downs, buying 37,496 shares worth about $4.27 million in Q4, and institutional investors now own roughly 82.6% of the stock.
• Churchill Downs reported a Q1 beat ( $1.21 EPS vs. $1.06 consensus) with revenue up 3.1%, prompted analyst price-target lifts (Mizuho to $155, Citizens Jmp to $149) and announced an $85M acquisition of the Preakness Stakes IP to expand monetization beyond the Kentucky Derby.

M&T Bank Corp purchased a new position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 37,496 shares of the company's stock, valued at approximately $4,266,000. M&T Bank Corp owned about 0.05% of Churchill Downs at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CHDN. Measured Wealth Private Client Group LLC acquired a new position in Churchill Downs in the third quarter worth $25,000. First Horizon Corp acquired a new stake in shares of Churchill Downs in the third quarter valued at $26,000. Quent Capital LLC bought a new position in shares of Churchill Downs in the third quarter valued at about $27,000. Geneos Wealth Management Inc. lifted its position in Churchill Downs by 1,364.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock worth $28,000 after buying an additional 232 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its position in Churchill Downs by 1,670.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 301 shares of the company's stock worth $29,000 after buying an additional 284 shares in the last quarter. 82.59% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Churchill Downs

Here are the key news stories impacting Churchill Downs this week:

• Positive Sentiment: Q1 beat — CHDN reported $1.21 EPS vs. consensus ~$1.06 and revenue roughly in line/ slightly above estimates; revenue rose year-over-year, supporting the upside reaction to results. Read More.
• Positive Sentiment: Analyst price-target lifts — Mizuho bumped its target to $155 (outperform) and Citizens Jmp raised theirs to $149, both implying substantial upside and likely contributing to buying interest. Read More.
• Positive Sentiment: Strategic acquisition — Churchill Downs is acquiring IP rights to the Preakness Stakes for $85M, expanding its control of marquee racing content and creating new licensing/monetization opportunities beyond the Kentucky Derby. Read More.
• Positive Sentiment: Market narrative shift — recent coverage highlights growth in non-Derby revenue streams (HRM growth) and management’s “bet on growth” after a record quarter, supporting a re-rating of the stock. Read More.
• Neutral Sentiment: Investor materials available — the company’s Q1 earnings call transcript and summaries are published for those wanting detail on guidance, margin drivers and segment performance; useful for modeling but not new headlines. Read More.
• Neutral Sentiment: Short-interest data appears anomalous (reported as zero / NaN change) and is not a meaningful signal for today’s move. No clear increase in visible short pressure. (Data entry: short interest report)

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Mizuho raised their price objective on shares of Churchill Downs from $146.00 to $155.00 and gave the company an "outperform" rating in a research report on Friday. Citizens Jmp increased their price target on shares of Churchill Downs from $146.00 to $149.00 and gave the company a "market outperform" rating in a research note on Friday. Jefferies Financial Group reiterated a "buy" rating on shares of Churchill Downs in a research report on Tuesday, April 21st. Citigroup reissued an "outperform" rating on shares of Churchill Downs in a research note on Friday. Finally, Wells Fargo & Company restated an "overweight" rating and set a $130.00 target price (up from $124.00) on shares of Churchill Downs in a research report on Thursday, April 16th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Churchill Downs has a consensus rating of "Moderate Buy" and an average price target of $139.00.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN opened at $101.55 on Monday. 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 stock has a market cap of $7.08 billion, a price-to-earnings ratio of 18.81, a P/E/G ratio of 1.51 and a beta of 0.65. The company has a 50 day moving average of $89.51 and a 200-day moving average of $98.88. Churchill Downs, Incorporated has a one year low of $80.24 and a one year high of $118.46.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $1.21 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.15. Churchill Downs had a net margin of 13.21% and a return on equity of 43.50%. The business had revenue of $663.00 million for the quarter, compared to analyst estimates of $659.32 million. During the same period in the prior year, the business posted $1.07 earnings per share. Churchill Downs's revenue was up 3.1% compared to the same quarter last year. On average, sell-side analysts forecast that Churchill Downs, Incorporated will post 6.94 earnings per share for the current 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.

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