Point72 DIFC Ltd Makes New $2.04 Million Investment in Churchill Downs Incorporated (NASDAQ:CHDN)

Point72 DIFC Ltd bought a new position in Churchill Downs Incorporated (NASDAQ:CHDN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 14,632 shares of the company’s stock, valued at approximately $2,043,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank of Montreal Can boosted its stake in Churchill Downs by 66.4% during the second quarter. Bank of Montreal Can now owns 13,745 shares of the company’s stock worth $1,923,000 after acquiring an additional 5,487 shares in the last quarter. Evergreen Capital Management LLC purchased a new position in shares of Churchill Downs during the second quarter valued at approximately $230,000. Sei Investments Co. boosted its position in shares of Churchill Downs by 31.7% in the 2nd quarter. Sei Investments Co. now owns 47,549 shares of the company’s stock worth $6,638,000 after purchasing an additional 11,449 shares in the last quarter. AE Wealth Management LLC purchased a new stake in shares of Churchill Downs in the 2nd quarter worth approximately $286,000. Finally, Canada Pension Plan Investment Board bought a new position in Churchill Downs during the 2nd quarter valued at approximately $112,000. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Bank of America raised Churchill Downs from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $145.00 to $155.00 in a report on Monday, August 12th. StockNews.com raised shares of Churchill Downs from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. JMP Securities raised their price objective on shares of Churchill Downs from $158.00 to $166.00 and gave the company a “market outperform” rating in a research note on Friday, July 26th. Stifel Nicolaus upped their target price on shares of Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Jefferies Financial Group increased their price target on shares of Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, July 11th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $156.90.

Churchill Downs Stock Performance

CHDN stock opened at $133.25 on Wednesday. The company has a debt-to-equity ratio of 4.65, a current ratio of 0.57 and a quick ratio of 0.57. Churchill Downs Incorporated has a 1 year low of $106.45 and a 1 year high of $146.64. The company has a market cap of $9.79 billion, a P/E ratio of 29.68, a price-to-earnings-growth ratio of 2.04 and a beta of 0.97. The stock’s fifty day moving average price is $138.23 and its 200-day moving average price is $133.19.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $0.18. The business had revenue of $890.70 million during the quarter, compared to the consensus estimate of $858.59 million. Churchill Downs had a return on equity of 47.53% and a net margin of 15.61%. The business’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.24 EPS. On average, equities analysts forecast that Churchill Downs Incorporated will post 6.17 earnings per share for the current year.

Churchill Downs Company Profile

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; and casino gaming.