Neo Ivy Capital Management Invests $803,000 in Churchill Downs, Incorporated $CHDN

Neo Ivy Capital Management acquired a new stake in Churchill Downs, Incorporated (NASDAQ:CHDN) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 8,276 shares of the company’s stock, valued at approximately $803,000.

Several other hedge funds and other institutional investors have also modified their holdings of CHDN. Barclays PLC increased its position in Churchill Downs by 0.3% during the third quarter. Barclays PLC now owns 73,582 shares of the company’s stock worth $7,138,000 after acquiring an additional 196 shares during the period. Segall Bryant & Hamill LLC boosted its holdings in Churchill Downs by 2.0% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 243,512 shares of the company’s stock valued at $23,623,000 after purchasing an additional 4,687 shares during the period. William Blair Investment Management LLC grew its position in Churchill Downs by 9.2% in the 3rd quarter. William Blair Investment Management LLC now owns 1,017,726 shares of the company’s stock worth $98,730,000 after purchasing an additional 85,925 shares during the last quarter. Huntington National Bank grew its position in Churchill Downs by 66.4% in the 3rd quarter. Huntington National Bank now owns 707 shares of the company’s stock worth $69,000 after purchasing an additional 282 shares during the last quarter. Finally, Intech Investment Management LLC bought a new position in shares of Churchill Downs during the 3rd quarter worth about $398,000. Institutional investors and hedge funds own 82.59% of the company’s stock.

Churchill Downs Trading Down 6.9%

Shares of Churchill Downs stock opened at $83.83 on Friday. Churchill Downs, Incorporated has a 52-week low of $82.67 and a 52-week high of $118.46. The firm has a market capitalization of $5.84 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 1.39 and a beta of 0.65. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.60 and a quick ratio of 0.60. The company’s fifty day moving average price is $99.74 and its two-hundred day moving average price is $101.36.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.97 EPS for the quarter, topping 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 net margin of 13.09% and a return on equity of 43.26%. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same period last year, the firm earned $0.92 EPS. On average, analysts expect that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CHDN. Wells Fargo & Company reduced their target price on shares of Churchill Downs from $125.00 to $124.00 and set an “overweight” rating for the company in a research note on Friday, February 27th. Citigroup restated an “outperform” rating on shares of Churchill Downs in a research note on Wednesday, January 14th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Churchill Downs in a report on Wednesday, December 24th. Finally, Citizens Jmp raised 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. Eleven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $135.00.

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.