WCM Investment Management LLC Sells 130,995 Shares of Churchill Downs, Incorporated $CHDN

Key Points

• WCM Investment Management sharply reduced its stake in Churchill Downs, selling 130,995 shares in the first quarter and cutting its holdings by 84.7% to 23,643 shares worth about $2.03 million.
• Institutional ownership remains high at 82.59%, and several other large investors increased positions, including Goldman Sachs and UBS.
• Analysts are still generally positive on CHDN: the stock has a Moderate Buy consensus rating with an average price target of $138.50, despite one downgrade from Weiss Ratings and a lowered target from Wells Fargo.

WCM Investment Management LLC lessened its holdings in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 84.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 23,643 shares of the company's stock after selling 130,995 shares during the period. WCM Investment Management LLC's holdings in Churchill Downs were worth $2,030,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. AQR Capital Management LLC raised its stake in Churchill Downs by 29.8% in the first quarter. AQR Capital Management LLC now owns 3,415 shares of the company's stock worth $373,000 after buying an additional 784 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in Churchill Downs by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 483,252 shares of the company's stock worth $53,675,000 after buying an additional 121,204 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Churchill Downs by 7.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 225,800 shares of the company's stock valued at $25,080,000 after acquiring an additional 15,161 shares in the last quarter. Geneos Wealth Management Inc. increased its holdings 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 valued at $28,000 after acquiring an additional 232 shares during the period. Finally, Sivia Capital Partners LLC purchased a new position in shares of Churchill Downs in the 2nd quarter valued at $229,000. 82.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Jefferies Financial Group reissued a "buy" rating on shares of Churchill Downs in a research report on Thursday, July 2nd. Weiss Ratings lowered Churchill Downs from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, May 4th. Citigroup reiterated an "outperform" rating on shares of Churchill Downs in a research note on Friday, April 24th. Wells Fargo & Company reduced their target price on shares of Churchill Downs from $132.00 to $120.00 and set an "overweight" rating for the company in a report on Tuesday, July 14th. Finally, Truist Financial set a $145.00 price target on shares of Churchill Downs in a research report on Friday, June 12th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $138.50.

Churchill Downs Stock Performance

Shares of CHDN stock opened at $83.71 on Tuesday. The business's fifty day simple moving average is $86.95 and its 200-day simple moving average is $91.95. The company has a market cap of $5.83 billion, a PE ratio of 15.50, a PEG ratio of 0.57 and a beta of 0.67. 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.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.06 by $0.15. Churchill Downs had a return on equity of 43.50% and a net margin of 13.21%.The firm had revenue of $663.00 million during the quarter, compared to analysts' expectations of $659.32 million. During the same quarter last year, the firm earned $1.07 EPS. The business's quarterly revenue was up 3.1% on a year-over-year basis. Analysts expect that Churchill Downs, Incorporated will post 7.14 earnings per share 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.

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