Cinctive Capital Management LP Sells 86,549 Shares of Churchill Downs, Incorporated $CHDN

Cinctive Capital Management LP cut its stake in Churchill Downs, Incorporated (NASDAQ:CHDN) by 44.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 109,296 shares of the company’s stock after selling 86,549 shares during the period. Cinctive Capital Management LP’s holdings in Churchill Downs were worth $12,436,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. Capital International Investors boosted its holdings in Churchill Downs by 16.3% in the 3rd quarter. Capital International Investors now owns 3,098,598 shares of the company’s stock valued at $300,595,000 after purchasing an additional 434,669 shares during the period. State Street Corp boosted its holdings in Churchill Downs by 0.6% in the 4th quarter. State Street Corp now owns 1,956,295 shares of the company’s stock valued at $223,424,000 after purchasing an additional 11,523 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Churchill Downs by 0.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,384,089 shares of the company’s stock valued at $157,482,000 after purchasing an additional 7,687 shares during the period. Geode Capital Management LLC boosted its holdings in Churchill Downs by 2.5% in the 4th quarter. Geode Capital Management LLC now owns 1,327,655 shares of the company’s stock valued at $151,089,000 after purchasing an additional 32,445 shares during the period. Finally, Boston Partners boosted its holdings in Churchill Downs by 0.9% in the 3rd quarter. Boston Partners now owns 1,257,725 shares of the company’s stock valued at $121,998,000 after purchasing an additional 11,653 shares during the period. 82.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CHDN. Mizuho increased their price objective on shares of Churchill Downs from $146.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Truist Financial set a $145.00 price objective on shares of Churchill Downs in a research note on Friday, June 12th. Jefferies Financial Group restated a “buy” rating on shares of Churchill Downs in a research note on Tuesday, April 21st. Wells Fargo & Company restated an “overweight” rating and issued a $130.00 price objective (up from $124.00) on shares of Churchill Downs in a research note on Thursday, April 16th. Finally, Citizens Jmp increased their price objective on shares of Churchill Downs from $146.00 to $149.00 and gave the company a “market outperform” rating in a research note on Friday, April 24th. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $139.00.

Churchill Downs Trading Down 2.3%

Shares of CHDN stock opened at $87.76 on Thursday. Churchill Downs, Incorporated has a 52-week low of $80.24 and a 52-week high of $118.46. The stock has a market cap of $6.12 billion, a price-to-earnings ratio of 16.25, a P/E/G ratio of 0.59 and a beta of 0.68. The company has a debt-to-equity ratio of 4.44, a quick ratio of 0.54 and a current ratio of 0.54. The firm has a fifty day moving average of $89.70 and a 200-day moving average of $96.39.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings data on Wednesday, April 22nd. The company reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.15. The company had revenue of $663.00 million during the quarter, compared to analysts’ expectations of $659.32 million. Churchill Downs had a net margin of 13.21% and a return on equity of 43.50%. The business’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.07 EPS. On average, equities research analysts forecast 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.