Churchill Downs Incorporated (NASDAQ:CHDN) Shares Sold by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC cut its position in Churchill Downs Incorporated (NASDAQ:CHDN – Get Rating) by 89.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,986 shares of the company’s stock after selling 26,605 shares during the quarter. Cubist Systematic Strategies LLC’s holdings in Churchill Downs were worth $550,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Private Trust Co. NA acquired a new stake in Churchill Downs during the 2nd quarter worth approximately $29,000. CWM LLC lifted its position in Churchill Downs by 132.4% during the 3rd quarter. CWM LLC now owns 165 shares of the company’s stock worth $30,000 after acquiring an additional 94 shares during the period. Quadrant Capital Group LLC lifted its position in Churchill Downs by 120.5% during the 2nd quarter. Quadrant Capital Group LLC now owns 172 shares of the company’s stock worth $33,000 after acquiring an additional 94 shares during the period. Penserra Capital Management LLC lifted its position in Churchill Downs by 90.0% during the 3rd quarter. Penserra Capital Management LLC now owns 228 shares of the company’s stock worth $41,000 after acquiring an additional 108 shares during the period. Finally, Wipfli Financial Advisors LLC acquired a new stake in shares of Churchill Downs in the 3rd quarter valued at approximately $44,000. 72.61% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CHDN has been the subject of several recent research reports. Wells Fargo & Company dropped their price target on Churchill Downs from $268.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday, December 14th. Susquehanna lifted their target price on Churchill Downs from $283.00 to $286.00 and gave the stock a “positive” rating in a research report on Monday, February 27th. JMP Securities started coverage on Churchill Downs in a report on Tuesday, January 17th. They set an “outperform” rating and a $273.00 target price for the company. Finally, JPMorgan Chase & Co. began coverage on Churchill Downs in a research report on Thursday, December 8th. They set a “neutral” rating and a $243.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Churchill Downs presently has a consensus rating of “Moderate Buy” and an average target price of $268.40.

Churchill Downs Stock Performance

CHDN stock opened at $239.27 on Monday. The company has a debt-to-equity ratio of 8.27, a current ratio of 0.55 and a quick ratio of 0.55. The company has a 50 day moving average price of $238.78 and a 200 day moving average price of $217.90. Churchill Downs Incorporated has a fifty-two week low of $172.75 and a fifty-two week high of $253.29. The stock has a market capitalization of $8.94 billion, a PE ratio of 21.01, a price-to-earnings-growth ratio of 0.88 and a beta of 1.12.

Churchill Downs (NASDAQ:CHDN – Get Rating) last released its earnings results on Wednesday, February 22nd. The company reported $1.46 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.20). Churchill Downs had a return on equity of 60.32% and a net margin of 24.28%. The business had revenue of $480.10 million for the quarter, compared to analyst estimates of $473.71 million. During the same period in the prior year, the firm posted $1.27 EPS. Churchill Downs’s revenue was up 31.6% on a year-over-year basis. Analysts forecast that Churchill Downs Incorporated will post 11.16 EPS for the current year.

Insider Activity

In related news, COO William E. Mudd sold 20,000 shares of the company’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $246.46, for a total value of $4,929,200.00. Following the completion of the transaction, the chief operating officer now directly owns 306,003 shares of the company’s stock, valued at approximately $75,417,499.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.64% of the stock is owned by company insiders.

About Churchill Downs

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Churchill Downs, Inc operates as a provider of pari-mutuel horse racing, online account wagering on horse racing and casino gaming. It operates through the following business segments: Racing, Casino, Online Wagering, Corporate, and Other Investments. The Racing segment includes Churchill Downs Racetrack, Arlington Park Racecourse, Calder Race Course, and Fair Grounds Race Course.