Oppenheimer Asset Management Inc. Makes New Investment in Churchill Downs, Incorporated $CHDN

Key Points

• Oppenheimer Asset Management initiated a position in Churchill Downs during the second quarter, purchasing 13,018 shares valued at approximately $1.17 million. Institutional investors collectively own 82.59% of the company.
• Analyst sentiment remains favorable: nine analysts rate CHDN a Buy versus one Sell, producing a “Moderate Buy” consensus and an average price target of $136.88.
• Churchill Downs reported second-quarter EPS of $3.45, in line with estimates, while revenue of $980 million exceeded expectations and increased 4.9% year over year. Shares opened at $90.82, below the 52-week high of $118.35.

Oppenheimer Asset Management Inc. acquired a new position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 13,018 shares of the company's stock, valued at approximately $1,167,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CHDN. Sapient Capital LLC lifted its holdings in Churchill Downs by 596.9% during the 2nd quarter. Sapient Capital LLC now owns 418,966 shares of the company's stock valued at $37,556,000 after purchasing an additional 358,845 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Churchill Downs in the second quarter valued at $5,212,000. GAMMA Investing LLC increased its holdings in shares of Churchill Downs by 49.2% in the second quarter. GAMMA Investing LLC now owns 1,156 shares of the company's stock valued at $104,000 after purchasing an additional 381 shares during the last quarter. NewEdge Advisors LLC acquired a new position in shares of Churchill Downs in the first quarter valued at $50,000. Finally, Essential Partners LLC raised its position in shares of Churchill Downs by 64.7% in the first quarter. Essential Partners LLC now owns 578 shares of the company's stock valued at $52,000 after purchasing an additional 227 shares during the period. 82.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CHDN. Citigroup reiterated an "outperform" rating on shares of Churchill Downs in a research note on Friday, July 31st. Jefferies Financial Group restated a "buy" rating on shares of Churchill Downs in a report on Thursday, July 2nd. Susquehanna upped their target price on Churchill Downs from $121.00 to $124.00 and gave the company a "positive" rating in a research report on Friday, July 31st. Citizens Jmp decreased their target price on Churchill Downs from $149.00 to $137.00 and set a "market outperform" rating on the stock in a research report on Friday, July 31st. Finally, Mizuho lifted their price target on Churchill Downs from $155.00 to $157.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. Nine analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $136.88.

Churchill Downs Stock Performance

Shares of CHDN opened at $90.82 on Monday. Churchill Downs, Incorporated has a 52-week low of $79.40 and a 52-week high of $118.35. The business's fifty day moving average is $86.93 and its 200-day moving average is $89.07. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36. The firm has a market cap of $6.33 billion, a price-to-earnings ratio of 15.58, a PEG ratio of 0.86 and a beta of 0.68.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its earnings results on Wednesday, July 29th. The company reported $3.45 EPS for the quarter, hitting analysts' consensus estimates of $3.45. The firm had revenue of $980.00 million during the quarter, compared to analysts' expectations of $977.38 million. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The business's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.10 earnings per share. Equities analysts anticipate that Churchill Downs, Incorporated will post 7.14 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.

Want to see what other hedge funds are holding CHDN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source