Churchill Downs, Incorporated $CHDN Shares Sold by Nitorum Capital L.P.

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 holdings in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 16.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 473,095 shares of the company's stock after selling 92,927 shares during the quarter. Churchill Downs comprises about 7.4% of Nitorum Capital L.P.'s investment portfolio, making the stock its 2nd biggest position. Nitorum Capital L.P. owned about 0.65% of Churchill Downs worth $52,547,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in CHDN. SG Americas Securities LLC raised its position in shares of Churchill Downs by 28,864.9% in the 1st quarter. SG Americas Securities LLC now owns 512,099 shares of the company's stock worth $56,879,000 after buying an additional 510,331 shares during the period. Millennium Management LLC raised its position in shares of Churchill Downs by 107.4% in the 1st quarter. Millennium Management LLC now owns 548,476 shares of the company's stock worth $60,919,000 after buying an additional 284,045 shares during the period. Point72 Asset Management L.P. raised its position in shares of Churchill Downs by 97.9% in the 4th quarter. Point72 Asset Management L.P. now owns 431,165 shares of the company's stock worth $57,578,000 after buying an additional 213,311 shares during the period. Nuveen LLC purchased a new position in shares of Churchill Downs in the 1st quarter worth $19,267,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Churchill Downs by 444.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 185,925 shares of the company's stock worth $20,651,000 after buying an additional 151,805 shares during the period. 82.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CHDN has been the topic of several research reports. Susquehanna increased their target price on Churchill Downs from $121.00 to $126.00 and gave the stock a "positive" rating in a research report on Wednesday, July 23rd. JPMorgan Chase & Co. assumed coverage on Churchill Downs in a research report on Monday, June 23rd. They issued an "overweight" rating and a $116.00 target price on the stock. Truist Financial cut their price objective on Churchill Downs from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. JMP Securities cut their price objective on Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating on the stock in a research report on Tuesday, May 27th. Finally, Barclays raised their price objective on Churchill Downs from $127.00 to $131.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Ten research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $136.50.

Churchill Downs Stock Up 0.4%

Shares of NASDAQ CHDN traded up $0.44 during midday trading on Friday, reaching $102.38. 537,963 shares of the company's stock were exchanged, compared to its average volume of 476,788. Churchill Downs, Incorporated has a 52-week low of $85.58 and a 52-week high of $150.21. The stock has a market capitalization of $7.18 billion, a PE ratio of 17.59, a price-to-earnings-growth ratio of 1.91 and a beta of 0.86. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.60 and a current ratio of 0.60. The business's fifty day moving average price is $104.89 and its two-hundred day moving average price is $103.15.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its earnings results 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. Churchill Downs had a return on equity of 41.46% and a net margin of 15.22%.The business had revenue of $934.40 million for the quarter, compared to analyst estimates of $924.36 million. During the same period in the previous year, the company earned $2.89 earnings per share. The company's revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts forecast that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

About Churchill Downs

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.