Penn Capital Management Company LLC Acquires New Position in Churchill Downs, Incorporated $CHDN

Key Points

• Penn Capital Management acquired 171,671 Churchill Downs shares worth approximately $15.4 million, giving it a 0.25% stake. Institutional investors collectively own 82.59% of the company.
• Churchill Downs reported quarterly EPS of $3.45, matching analyst estimates, while revenue of $980 million exceeded expectations and rose 4.9% year over year.
• Analysts remain broadly positive, with nine Buy ratings and one Sell rating; the stock has a “Moderate Buy” consensus and an average price target of $136.88.

Penn Capital Management Company LLC bought a new position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 171,671 shares of the company's stock, valued at approximately $15,405,000. Penn Capital Management Company LLC owned 0.25% of Churchill Downs as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Geneos Wealth Management Inc. boosted its position in shares of Churchill Downs by 1,364.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock worth $28,000 after purchasing an additional 232 shares during the last quarter. Measured Wealth Private Client Group LLC acquired a new position in Churchill Downs in the third quarter valued at about $25,000. Parkside Financial Bank & Trust boosted its holdings in Churchill Downs by 293.8% during the fourth quarter. Parkside Financial Bank & Trust now owns 256 shares of the company's stock worth $29,000 after buying an additional 191 shares during the last quarter. Kimelman & Baird LLC acquired a new position in shares of Churchill Downs during the 2nd quarter worth about $27,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Churchill Downs in the 2nd quarter valued at about $29,000. Institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Up 3.9%

Shares of Churchill Downs stock opened at $89.90 on Friday. The firm has a market cap of $6.27 billion, a PE ratio of 15.42, a P/E/G ratio of 0.85 and a beta of 0.68. The business's 50 day simple moving average is $87.24 and its 200 day simple moving average is $88.68. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36. Churchill Downs, Incorporated has a 52-week low of $79.40 and a 52-week high of $118.35.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CHDN shares. Citizens Jmp decreased their price objective on shares of Churchill Downs from $149.00 to $137.00 and set a "market outperform" rating for the company in a report on Friday, July 31st. Citigroup reissued an "outperform" rating on shares of Churchill Downs in a report on Friday, July 31st. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Churchill Downs in a research note on Friday, July 31st. Susquehanna lifted their target price on Churchill Downs from $121.00 to $124.00 and gave the stock a "positive" rating in a report on Friday, July 31st. Finally, Wells Fargo & Company dropped their price target on Churchill Downs from $120.00 to $117.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Nine analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $136.88.

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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