Verition Fund Management LLC Grows Position in Churchill Downs, Incorporated $CHDN

Verition Fund Management LLC increased its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 1,234.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 146,734 shares of the company’s stock after acquiring an additional 135,739 shares during the period. Verition Fund Management LLC’s holdings in Churchill Downs were worth $16,695,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CHDN. PEAK6 LLC acquired a new stake in Churchill Downs in the 4th quarter valued at about $1,437,000. Sargent Investment Group LLC acquired a new stake in shares of Churchill Downs during the 4th quarter worth about $204,000. Focus Partners Wealth acquired a new stake in shares of Churchill Downs during the 4th quarter worth about $15,575,000. Dockside LLC purchased a new position in Churchill Downs during the 4th quarter worth approximately $905,000. Finally, Aurora Investment Counsel grew its stake in Churchill Downs by 3.7% during the 4th quarter. Aurora Investment Counsel now owns 25,618 shares of the company’s stock worth $2,915,000 after buying an additional 916 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CHDN. Citizens Jmp lifted their target price on Churchill Downs from $146.00 to $149.00 and gave the company a “market outperform” rating in a research note on Friday, April 24th. Truist Financial set a $145.00 price objective on Churchill Downs in a report on Friday. Citigroup reaffirmed an “outperform” rating on shares of Churchill Downs in a report on Friday, April 24th. Weiss Ratings cut Churchill Downs from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, May 4th. Finally, Mizuho boosted their price target on Churchill Downs from $146.00 to $155.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Eleven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $139.00.

Churchill Downs Trading Up 6.2%

Shares of NASDAQ CHDN opened at $92.30 on Tuesday. The stock’s 50 day moving average price is $89.72 and its two-hundred day moving average price is $96.66. Churchill Downs, Incorporated has a 52-week low of $80.24 and a 52-week high of $118.46. The stock has a market capitalization of $6.43 billion, a P/E ratio of 17.09, a PEG ratio of 0.57 and a beta of 0.68. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.44.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results 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 business had revenue of $663.00 million for the quarter, compared to analysts’ expectations of $659.32 million. During the same period in the prior year, the firm earned $1.07 EPS. The business’s quarterly revenue was up 3.1% on a year-over-year basis. On average, analysts anticipate that Churchill Downs, Incorporated will post 7.32 earnings per share for the current fiscal 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.