Pacer Advisors Inc. Trims Position in Churchill Downs, Incorporated $CHDN

Key Points

• Pacer Advisors cut its Churchill Downs position by 94.5% in the first quarter, selling 319,555 shares and retaining 18,533 shares valued at approximately $1.67 million. Institutional investors and hedge funds collectively own 82.59% of CHDN.
• Analysts remain broadly positive, with nine Buy ratings and one Sell rating, resulting in a “Moderate Buy” consensus and an average price target of $136.88.
• Churchill Downs reported quarterly earnings of $3.45 per share, in line with estimates, while revenue of $980 million exceeded forecasts and rose 4.9% year over year.

Pacer Advisors Inc. trimmed its holdings in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 94.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,533 shares of the company's stock after selling 319,555 shares during the period. Pacer Advisors Inc.'s holdings in Churchill Downs were worth $1,665,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Quadrant Capital Group LLC lifted its position in Churchill Downs by 4.7% during the third quarter. Quadrant Capital Group LLC now owns 2,619 shares of the company's stock valued at $254,000 after purchasing an additional 118 shares during the period. Sanctuary Advisors LLC raised its stake in shares of Churchill Downs by 0.5% during the 1st quarter. Sanctuary Advisors LLC now owns 27,600 shares of the company's stock valued at $2,479,000 after buying an additional 125 shares during the last quarter. Nebula Research & Development LLC lifted its holdings in shares of Churchill Downs by 4.8% in the 2nd quarter. Nebula Research & Development LLC now owns 3,421 shares of the company's stock valued at $346,000 after buying an additional 158 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in shares of Churchill Downs by 7.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,501 shares of the company's stock valued at $285,000 after buying an additional 169 shares during the period. Finally, Coldstream Capital Management Inc. boosted its stake in shares of Churchill Downs by 5.5% in the third quarter. Coldstream Capital Management Inc. now owns 3,376 shares of the company's stock worth $327,000 after buying an additional 177 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company's stock.

Wall Street Analyst Weigh In

CHDN has been the subject of several recent research reports. Truist Financial set a $145.00 price target on Churchill Downs in a research report on Friday, June 12th. Susquehanna upped their price objective on Churchill Downs from $121.00 to $124.00 and gave the stock a "positive" rating in a research report on Friday, July 31st. Citizens Jmp dropped their price objective on shares of Churchill Downs from $149.00 to $137.00 and set a "market outperform" rating on the stock in a research note on Friday, July 31st. Wells Fargo & Company cut their target price on shares of Churchill Downs from $120.00 to $117.00 and set an "overweight" rating for the company in a report on Friday, July 31st. Finally, Mizuho boosted their target price on shares of Churchill Downs from $155.00 to $157.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Nine research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $136.88.

Churchill Downs Stock Up 1.1%

Shares of CHDN opened at $87.86 on Friday. The firm has a market cap of $6.12 billion, a P/E ratio of 15.07, a PEG ratio of 0.83 and a beta of 0.68. Churchill Downs, Incorporated has a 12 month low of $79.40 and a 12 month high of $118.35. The stock's 50 day moving average is $86.80 and its two-hundred day moving average is $89.69. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.06.

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

About Churchill Downs

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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