Penn Capital Management Company LLC Makes New $15.40 Million Investment in Churchill Downs, Incorporated $CHDN

Penn Capital Management Company LLC purchased a new stake in Churchill Downs, Incorporated (NASDAQ:CHDN) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 171,671 shares of the company’s stock, valued at approximately $15,405,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. AQR Capital Management LLC lifted its stake in Churchill Downs by 29.8% in the 1st quarter. AQR Capital Management LLC now owns 3,415 shares of the company’s stock valued at $373,000 after purchasing an additional 784 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Churchill Downs by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 483,252 shares of the company’s stock worth $53,675,000 after buying an additional 121,204 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Churchill Downs by 7.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 225,800 shares of the company’s stock valued at $25,080,000 after buying an additional 15,161 shares during the period. Geneos Wealth Management Inc. raised its stake in Churchill Downs by 1,364.7% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock valued at $28,000 after buying an additional 232 shares during the period. Finally, Sivia Capital Partners LLC acquired a new stake in shares of Churchill Downs in the second quarter valued at approximately $229,000. Institutional investors own 82.59% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on CHDN shares. Wells Fargo & Company reduced their target price on Churchill Downs from $120.00 to $117.00 and set an “overweight” rating for the company in a research note on Friday, July 31st. Citigroup reissued an “outperform” rating on shares of Churchill Downs in a research report on Friday, July 31st. Jefferies Financial Group restated a “buy” rating on shares of Churchill Downs in a research note on Thursday, July 2nd. Susquehanna lifted their target price on shares of Churchill Downs from $121.00 to $124.00 and gave the stock a “positive” rating in a report on Friday, July 31st. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Churchill Downs in a research note on Friday, July 31st. Nine investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Churchill Downs currently has an average rating of “Moderate Buy” and an average price target of $136.88.

Churchill Downs Stock Performance

Shares of NASDAQ:CHDN opened at $89.90 on Friday. Churchill Downs, Incorporated has a 12-month low of $79.40 and a 12-month high of $118.35. The company’s 50 day moving average price is $87.24 and its two-hundred day moving average price is $88.68. The firm has a market cap of $6.27 billion, a PE ratio of 15.42, a PEG ratio of 0.85 and a beta of 0.68. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.06.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, meeting analysts’ consensus estimates of $3.45. The company had revenue of $980.00 million during the quarter, compared to the consensus estimate of $977.38 million. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the business earned $3.10 earnings per share. Equities research analysts predict that Churchill Downs, Incorporated will post 7.14 earnings per share for the current year.

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.