Redwood Investment Management LLC Purchases New Position in Churchill Downs, Incorporated $CHDN

Redwood Investment Management LLC acquired a new position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 24,106 shares of the company’s stock, valued at approximately $2,161,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Geneos Wealth Management Inc. grew its stake in Churchill Downs by 1,364.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock worth $28,000 after buying an additional 232 shares during the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in shares of Churchill Downs in the third quarter valued at approximately $25,000. Parkside Financial Bank & Trust boosted its holdings in shares of Churchill Downs by 293.8% in the fourth quarter. Parkside Financial Bank & Trust now owns 256 shares of the company’s stock valued at $29,000 after acquiring an additional 191 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Churchill Downs during the second quarter worth approximately $29,000. Finally, Root Financial Partners LLC increased its holdings in shares of Churchill Downs by 1,173.1% in the 1st quarter. Root Financial Partners LLC now owns 331 shares of the company’s stock valued at $30,000 after acquiring an additional 305 shares during the period. Institutional investors and hedge funds own 82.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on CHDN. Weiss Ratings reiterated a “sell (d+)” rating on shares of Churchill Downs in a research report on Friday, July 31st. Jefferies Financial Group reaffirmed a “buy” rating on shares of Churchill Downs in a report on Thursday, July 2nd. Mizuho increased their target price on shares of Churchill Downs from $155.00 to $157.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Citizens Jmp lowered their price target on Churchill Downs from $149.00 to $137.00 and set a “market outperform” rating on the stock in a report on Friday, July 31st. Finally, Truist Financial set a $145.00 price target on Churchill Downs in a research report on Friday, June 12th. Nine investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $136.88.

Churchill Downs Stock Performance

NASDAQ CHDN opened at $87.57 on Thursday. The stock has a market capitalization of $6.10 billion, a price-to-earnings ratio of 15.02, a PEG ratio of 0.84 and a beta of 0.68. The business’s 50 day moving average is $87.25 and its two-hundred day moving average is $88.72. 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.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $3.45 EPS for the quarter, meeting the consensus estimate of $3.45. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The business had revenue of $980.00 million during the quarter, compared to analysts’ expectations of $977.38 million. During the same period last year, the firm earned $3.10 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. Research analysts expect that Churchill Downs, Incorporated will post 7.14 EPS for the current year.

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.