Cinctive Capital Management LP Has $19 Million Stake in Churchill Downs, Incorporated $CHDN

Cinctive Capital Management LP lifted its stake in Churchill Downs, Incorporated (NASDAQ:CHDN) by 34.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 195,845 shares of the company’s stock after buying an additional 50,060 shares during the quarter. Churchill Downs makes up about 0.9% of Cinctive Capital Management LP’s holdings, making the stock its 19th biggest holding. Cinctive Capital Management LP’s holdings in Churchill Downs were worth $18,999,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Churchill Downs by 5.6% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,561 shares of the company’s stock worth $1,875,000 after purchasing an additional 990 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Churchill Downs by 8.2% in the third quarter. JPMorgan Chase & Co. now owns 219,834 shares of the company’s stock valued at $21,326,000 after buying an additional 16,646 shares during the last quarter. Fieldview Capital Management LLC acquired a new position in shares of Churchill Downs in the third quarter valued at $3,869,000. Norges Bank acquired a new position in Churchill Downs in the 2nd quarter valued at about $43,935,000. Finally, AlphaQuest LLC grew its holdings in Churchill Downs by 711.5% in the 3rd quarter. AlphaQuest LLC now owns 37,670 shares of the company’s stock valued at $3,654,000 after buying an additional 33,028 shares in the last quarter. Institutional investors and hedge funds own 82.59% of the company’s stock.

Churchill Downs Trading Up 2.7%

Shares of Churchill Downs stock opened at $86.36 on Friday. The company has a market capitalization of $6.02 billion, a P/E ratio of 16.42, a price-to-earnings-growth ratio of 1.43 and a beta of 0.65. The stock has a fifty day simple moving average of $96.87 and a 200 day simple moving average of $100.72. Churchill Downs, Incorporated has a 12-month low of $80.24 and a 12-month high of $118.46. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 5.02.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.12. The company had revenue of $665.90 million during the quarter, compared to the consensus estimate of $658.01 million. Churchill Downs had a return on equity of 43.26% and a net margin of 13.09%.Churchill Downs’s revenue was up 6.7% on a year-over-year basis. During the same period last year, the business posted $0.92 earnings per share. On average, sell-side analysts anticipate that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently weighed in on CHDN shares. Jefferies Financial Group reiterated a “buy” rating on shares of Churchill Downs in a research report on Wednesday, December 24th. Citigroup reiterated an “outperform” rating on shares of Churchill Downs in a research note on Wednesday, January 14th. Citizens Jmp boosted their price objective on Churchill Downs from $142.00 to $146.00 and gave the stock a “market outperform” rating in a research report on Wednesday, January 14th. Finally, Wells Fargo & Company dropped their target price on Churchill Downs from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Friday, February 27th. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Churchill Downs has a consensus rating of “Moderate Buy” and an average price target of $135.00.

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.