Systematic Financial Management LP lifted its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 20.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 84,414 shares of the company’s stock after buying an additional 14,181 shares during the quarter. Systematic Financial Management LP’s holdings in Churchill Downs were worth $16,736,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in CHDN. Sowell Financial Services LLC acquired a new position in shares of Churchill Downs during the 1st quarter worth $65,000. Capital Analysts LLC acquired a new position in Churchill Downs in the 1st quarter valued at about $68,000. Marshall Wace North America L.P. raised its stake in Churchill Downs by 200.0% in the 1st quarter. Marshall Wace North America L.P. now owns 780 shares of the company’s stock valued at $70,000 after purchasing an additional 520 shares during the last quarter. Harvest Fund Management Co. Ltd raised its stake in Churchill Downs by 23.7% in the 1st quarter. Harvest Fund Management Co. Ltd now owns 370 shares of the company’s stock valued at $84,000 after purchasing an additional 71 shares during the last quarter. Finally, Fifth Third Bancorp raised its stake in Churchill Downs by 162.0% in the 1st quarter. Fifth Third Bancorp now owns 524 shares of the company’s stock valued at $119,000 after purchasing an additional 324 shares during the last quarter. 71.05% of the stock is owned by institutional investors and hedge funds.
Several research firms have commented on CHDN. Wells Fargo & Company began coverage on Churchill Downs in a report on Tuesday, September 14th. They issued an “overweight” rating and a $255.00 price target for the company. TheStreet upgraded Churchill Downs from a “c” rating to a “b” rating in a report on Tuesday, August 3rd. Zacks Investment Research cut Churchill Downs from a “buy” rating to a “hold” rating in a report on Tuesday, August 3rd. Jefferies Financial Group lifted their price target on Churchill Downs from $244.00 to $254.00 and gave the company a “buy” rating in a report on Friday, July 30th. They noted that the move was a valuation call. Finally, Macquarie began coverage on Churchill Downs in a report on Friday, June 18th. They issued an “outperform” rating and a $254.00 price target for the company. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $233.43.
Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Tuesday, July 27th. The company reported $2.96 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.56 by $0.40. The business had revenue of $515.10 million during the quarter, compared to analysts’ expectations of $472.15 million. Churchill Downs had a return on equity of 67.11% and a net margin of 14.06%. As a group, equities research analysts forecast that Churchill Downs Incorporated will post 6.21 EPS for the current year.
In related news, SVP Austin W. Miller sold 5,600 shares of the business’s stock in a transaction that occurred on Thursday, September 16th. The stock was sold at an average price of $225.24, for a total transaction of $1,261,344.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 4.28% of the company’s stock.
About Churchill Downs
Churchill Downs, Inc operates as a provider of pari-mutuel horseracing, online account wagering on horseracing and casino gaming. It operates through the following business segments: Racing, Casino, Online Wagering, Corporate, and Other Investments. The Racing segment includes Churchill Downs Racetrack, Arlington Park Racecourse, Calder Race Course, and Fair Grounds Race Course.
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