Bridger Management LLC Makes New $5.13 Million Investment in Churchill Downs, Incorporated $CHDN

Bridger Management LLC bought a new stake in Churchill Downs, Incorporated (NASDAQ:CHDN) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 57,179 shares of the company’s stock, valued at approximately $5,126,000. Churchill Downs accounts for 3.4% of Bridger Management LLC’s portfolio, making the stock its 12th biggest position. Bridger Management LLC owned 0.08% of Churchill Downs as of its most recent SEC filing.

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

Churchill Downs Price Performance

CHDN stock opened at $89.90 on Friday. The company’s 50-day moving average price is $87.24 and its two-hundred day moving average price is $88.68. The firm has a market cap of $6.27 billion, a P/E ratio of 15.42, a P/E/G ratio of 0.82 and a beta of 0.68. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.06. Churchill Downs, Incorporated has a 12 month low of $79.40 and a 12 month high of $118.35.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, hitting analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $977.38 million. During the same quarter in the prior year, the firm posted $3.10 EPS. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. On average, analysts anticipate that Churchill Downs, Incorporated will post 7.14 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CHDN has been the topic of several recent research reports. Truist Financial set a $145.00 target price on shares of Churchill Downs in a report on Friday, June 12th. Citigroup reiterated an “outperform” rating on shares of Churchill Downs in a research note on Friday, July 31st. Mizuho increased their price target on Churchill Downs from $155.00 to $157.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Wells Fargo & Company dropped their price objective on Churchill Downs from $120.00 to $117.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Churchill Downs in a research report on Thursday, July 2nd. Nine research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $136.88.

About Churchill Downs

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.