Churchill Downs, Incorporated $CHDN is Nitorum Capital L.P.'s 2nd Largest Position

Key Points

• Nitorum Capital L.P. has reduced its stake in Churchill Downs, Incorporated by 16.4%, selling 92,927 shares to hold 473,095 shares, which is approximately 7.4% of its investment portfolio.
• Churchill Downs reported a quarterly earnings per share (EPS) of $3.10, beating estimates, and a revenue of $934.40 million, a 4.9% increase from the previous year.
• Analysts maintain a consensus rating of "Buy" for Churchill Downs stock, with an average price target increase to $136.50.

Nitorum Capital L.P. decreased its stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 16.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 473,095 shares of the company's stock after selling 92,927 shares during the period. Churchill Downs makes up 7.4% of Nitorum Capital L.P.'s investment portfolio, making the stock its 2nd largest holding. Nitorum Capital L.P. owned 0.65% of Churchill Downs worth $52,547,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Jennison Associates LLC lifted its stake in shares of Churchill Downs by 3.0% in the first quarter. Jennison Associates LLC now owns 1,030,846 shares of the company's stock valued at $114,496,000 after purchasing an additional 30,444 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Churchill Downs by 1.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 615,463 shares of the company's stock valued at $68,359,000 after purchasing an additional 10,108 shares during the period. Baird Financial Group Inc. lifted its stake in shares of Churchill Downs by 5.1% in the first quarter. Baird Financial Group Inc. now owns 602,849 shares of the company's stock valued at $66,958,000 after purchasing an additional 28,989 shares during the period. Millennium Management LLC lifted its stake in shares of Churchill Downs by 107.4% in the first quarter. Millennium Management LLC now owns 548,476 shares of the company's stock valued at $60,919,000 after purchasing an additional 284,045 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in shares of Churchill Downs by 20.9% in the fourth quarter. Janus Henderson Group PLC now owns 545,912 shares of the company's stock valued at $72,903,000 after purchasing an additional 94,351 shares during the period. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Trading Down 1.4%

Shares of NASDAQ:CHDN traded down $1.33 during trading on Wednesday, reaching $96.37. The stock had a trading volume of 156,843 shares, compared to its average volume of 705,360. The business has a fifty day moving average price of $104.74 and a 200-day moving average price of $103.00. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 4.74. The stock has a market cap of $6.76 billion, a P/E ratio of 16.56, a PEG ratio of 1.87 and a beta of 0.86. Churchill Downs, Incorporated has a fifty-two week low of $85.58 and a fifty-two week high of $150.21.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on CHDN shares. Macquarie lifted their target price on shares of Churchill Downs from $150.00 to $155.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Mizuho lifted their target price on shares of Churchill Downs from $134.00 to $136.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Barclays lifted their target price on shares of Churchill Downs from $127.00 to $131.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Truist Financial cut their target price on shares of Churchill Downs from $150.00 to $145.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, Stifel Nicolaus lifted their target price on shares of Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Ten investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $136.50.

Churchill Downs Company 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.