Teachers Retirement System of The State of Kentucky Acquires 26,105 Shares of Churchill Downs, Incorporated $CHDN

Key Points

• Teachers Retirement System of the State of Kentucky raised its stake in Churchill Downs by 126.1% in Q4, buying 26,105 shares to hold 46,813 shares valued at about $5.33 million (≈0.07% of the company).
• Churchill Downs beat Q1 estimates, delivering $1.21 EPS (vs. $1.06 estimate) with slight revenue growth, and is expanding its racing IP by acquiring Preakness rights for $85 million to diversify revenue beyond the Kentucky Derby.
• Analysts turned more bullish—the stock has a consensus "Moderate Buy" (11 Buys, 1 Hold) with a $139 consensus price target and recent raises including Mizuho to $155 and Citizens JMP to $149.

Teachers Retirement System of The State of Kentucky raised its holdings in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 126.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 46,813 shares of the company's stock after acquiring an additional 26,105 shares during the quarter. Teachers Retirement System of The State of Kentucky owned approximately 0.07% of Churchill Downs worth $5,326,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Columbia Asset Management grew its stake in shares of Churchill Downs by 7.9% during the 4th quarter. Columbia Asset Management now owns 5,685 shares of the company's stock worth $647,000 after acquiring an additional 415 shares in the last quarter. M&T Bank Corp bought a new position in shares of Churchill Downs during the 4th quarter worth approximately $4,266,000. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Churchill Downs by 19.6% during the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 38,052 shares of the company's stock worth $4,330,000 after acquiring an additional 6,247 shares in the last quarter. Evergreen Capital Management LLC grew its stake in shares of Churchill Downs by 6.4% during the 4th quarter. Evergreen Capital Management LLC now owns 3,372 shares of the company's stock worth $385,000 after acquiring an additional 202 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Churchill Downs by 4.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,470 shares of the company's stock worth $2,102,000 after acquiring an additional 786 shares in the last quarter. 82.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CHDN has been the subject of several research reports. Citigroup reaffirmed an "outperform" rating on shares of Churchill Downs in a research note on Friday. Citizens Jmp raised their price target on shares of Churchill Downs from $146.00 to $149.00 and gave the stock a "market outperform" rating in a research note on Friday. Mizuho raised their price target on shares of Churchill Downs from $146.00 to $155.00 and gave the stock an "outperform" rating in a research note on Friday. Wells Fargo & Company reaffirmed an "overweight" rating and set a $130.00 price target (up from $124.00) on shares of Churchill Downs in a research note on Thursday, April 16th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Churchill Downs in a research note on Tuesday, April 21st. Eleven research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Churchill Downs currently has a consensus rating of "Moderate Buy" and a consensus price target of $139.00.

Churchill Downs Stock Performance

NASDAQ CHDN opened at $101.55 on Monday. The company has a market cap of $7.08 billion, a PE ratio of 18.81, a PEG ratio of 1.51 and a beta of 0.65. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.44. Churchill Downs, Incorporated has a 12 month low of $80.24 and a 12 month high of $118.46. The stock has a 50 day moving average of $89.51 and a 200-day moving average of $98.88.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The company reported $1.21 EPS for the quarter, beating the consensus estimate of $1.06 by $0.15. The company had revenue of $663.00 million during the quarter, compared to the consensus estimate of $659.32 million. Churchill Downs had a return on equity of 43.50% and a net margin of 13.21%.The firm's revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.07 EPS. On average, equities research analysts anticipate that Churchill Downs, Incorporated will post 6.94 EPS for the current fiscal year.

Key Stories Impacting Churchill Downs

Here are the key news stories impacting Churchill Downs this week:

• Positive Sentiment: Q1 beat — CHDN reported $1.21 EPS vs. consensus ~$1.06 and revenue roughly in line/ slightly above estimates; revenue rose year-over-year, supporting the upside reaction to results. Read More.
• Positive Sentiment: Analyst price-target lifts — Mizuho bumped its target to $155 (outperform) and Citizens Jmp raised theirs to $149, both implying substantial upside and likely contributing to buying interest. Read More.
• Positive Sentiment: Strategic acquisition — Churchill Downs is acquiring IP rights to the Preakness Stakes for $85M, expanding its control of marquee racing content and creating new licensing/monetization opportunities beyond the Kentucky Derby. Read More.
• Positive Sentiment: Market narrative shift — recent coverage highlights growth in non-Derby revenue streams (HRM growth) and management’s “bet on growth” after a record quarter, supporting a re-rating of the stock. Read More.
• Neutral Sentiment: Investor materials available — the company’s Q1 earnings call transcript and summaries are published for those wanting detail on guidance, margin drivers and segment performance; useful for modeling but not new headlines. Read More.
• Neutral Sentiment: Short-interest data appears anomalous (reported as zero / NaN change) and is not a meaningful signal for today’s move. No clear increase in visible short pressure. (Data entry: short interest report)

Churchill Downs Company 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.

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