WCM Investment Management LLC Reduces Position in Churchill Downs, Incorporated $CHDN

WCM Investment Management LLC decreased its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 84.7% during the first quarter, HoldingsChannel reports. The firm owned 23,643 shares of the company’s stock after selling 130,995 shares during the quarter. WCM Investment Management LLC’s holdings in Churchill Downs were worth $2,030,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp grew its holdings in shares of Churchill Downs by 0.6% during the fourth quarter. State Street Corp now owns 1,956,295 shares of the company’s stock valued at $223,424,000 after buying an additional 11,523 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of 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 acquiring an additional 7,687 shares during the period. Geode Capital Management LLC raised its stake 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 worth $151,089,000 after acquiring an additional 32,445 shares during the last quarter. Boston Partners raised its stake in Churchill Downs by 0.9% in the 3rd quarter. Boston Partners now owns 1,257,725 shares of the company’s stock worth $121,998,000 after acquiring an additional 11,653 shares during the last quarter. Finally, William Blair Investment Management LLC lifted its position in Churchill Downs by 12.5% during the 4th quarter. William Blair Investment Management LLC now owns 1,145,413 shares of the company’s stock worth $130,325,000 after acquiring an additional 127,687 shares during the period. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on CHDN shares. Citizens Jmp boosted their price target 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 target price on Churchill Downs in a report on Friday, June 12th. Jefferies Financial Group reiterated a “buy” rating on shares of Churchill Downs in a report on Thursday, July 2nd. Wells Fargo & Company reduced their price target on shares of Churchill Downs from $132.00 to $120.00 and set an “overweight” rating for the company in a research report on Tuesday, July 14th. Finally, Weiss Ratings cut shares of Churchill Downs from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, May 4th. Nine analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $138.50.

Churchill Downs Price Performance

Shares of CHDN opened at $83.71 on Tuesday. The business’s 50-day moving average is $86.95 and its two-hundred day moving average is $91.95. The company has a market capitalization of $5.83 billion, a P/E ratio of 15.50, a P/E/G ratio of 0.57 and a beta of 0.67. The company has a debt-to-equity ratio of 4.44, a quick ratio of 0.54 and a current ratio of 0.54. Churchill Downs, Incorporated has a fifty-two week low of $80.24 and a fifty-two week high of $118.46.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings data on Wednesday, April 22nd. The company reported $1.21 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $659.32 million. During the same quarter in the previous year, the firm posted $1.07 EPS. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. Research analysts predict that Churchill Downs, Incorporated will post 7.14 earnings per share for the current year.

Churchill Downs 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.