Tidal Investments LLC Increases Holdings in Churchill Downs, Incorporated $CHDN

Key Points

• Tidal Investments increased its Churchill Downs stake by 43.8% in the second quarter, adding 69,098 shares and bringing its holdings to 226,804 shares valued at approximately $20.3 million.
• Churchill Downs reported quarterly EPS of $3.45, matching estimates, while revenue reached $980 million—up 4.9% year over year and slightly above expectations.
• Shares opened at $82.75, near their 12-month low, but analysts remain positive: the stock has a “Moderate Buy” consensus rating and a consensus price target of $134.89.

Tidal Investments LLC increased its position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 43.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 226,804 shares of the company's stock after buying an additional 69,098 shares during the quarter. Tidal Investments LLC owned 0.33% of Churchill Downs worth $20,331,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of CHDN. Measured Wealth Private Client Group LLC purchased a new position in shares of Churchill Downs during the third quarter worth approximately $25,000. Kimelman & Baird LLC purchased a new stake in shares of Churchill Downs in the 2nd quarter valued at $27,000. Geneos Wealth Management Inc. grew its holdings in shares of Churchill Downs by 1,364.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock valued at $28,000 after purchasing an additional 232 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Churchill Downs during the 2nd quarter valued at $29,000. Finally, Parkside Financial Bank & Trust raised its position in Churchill Downs by 293.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 256 shares of the company's stock worth $29,000 after purchasing an additional 191 shares during the period. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Down 1.6%

Shares of NASDAQ CHDN opened at $82.75 on Friday. The firm has a fifty day simple moving average of $87.04 and a two-hundred day simple moving average of $88.32. Churchill Downs, Incorporated has a 12 month low of $79.40 and a 12 month high of $118.35. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.06. The firm has a market capitalization of $5.77 billion, a PE ratio of 14.19, a price-to-earnings-growth ratio of 0.80 and a beta of 0.67.

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

Analysts Set New Price Targets

CHDN has been the subject of several recent research reports. Susquehanna boosted their price target on shares of Churchill Downs from $121.00 to $124.00 and gave the stock a "positive" rating in a research note on Friday, July 31st. Weiss Ratings upgraded Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, September 2nd. Citigroup restated an "outperform" rating on shares of Churchill Downs in a report on Friday, July 31st. Jefferies Financial Group restated a "buy" rating on shares of Churchill Downs in a research report on Thursday, July 2nd. Finally, Wolfe Research began coverage on Churchill Downs in a research note on Wednesday, September 2nd. They issued an "outperform" rating and a $119.00 price target on the stock. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $134.89.

Churchill Downs Company Profile

Churchill Downs Incorporated is a gaming, entertainment and racing company headquartered in Louisville, Kentucky. The company owns and operates Churchill Downs Racetrack, home of the Kentucky Derby, as well as other thoroughbred racing venues, casinos, racinos and historical horse racing facilities.

Its operations include live and historical horse racing, casino gaming, video lottery and other gaming activities, hospitality, dining and entertainment. Through its TwinSpires business, Churchill Downs also provides online horse-racing wagering and related digital betting services in jurisdictions where such activities are permitted.

Founded in 1875, Churchill Downs has expanded from its namesake racetrack into a diversified gaming and entertainment company.

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