Churchill Downs (CHDN)

• Market cap: $9.26B
• 1 day: 1.15%
• 5 days: -0.46%
• 1 month: -4.36%
• 3 months: -10.38%
• 6 months: -11.91%
• Year to date: -4.25%
• 1 year: 1.69%
• 5 years: 73.63%
• 10 years: 691.46%
• Sector: Consumer Discretionary
• Industry: Racing, Including Track Operation

About: Churchill Downs Inc is a gaming entertainment, online wagering, and racing company. It operates through three business segments: Live and Historical Racing, TwinSpires, and Gaming. The Live and Historical Racing segment includes live and historical pari-mutuel racing. The TwinSpires segment includes the revenue and expenses for online horse racing and the online and retail sports betting and iGaming wagering business. The Gaming segment includes revenue and expenses for the casino properties and associated racetracks that support the casino license. The Gaming segment generates revenue and expenses from slot machines, table games, video lottery terminals, video poker, HRMs, ancillary food and beverage services, hotel services, commission on pari-mutuel wagering, and racing events.

Employees: 7,970

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

158% more call options, than puts

Call options by funds: $79.5M | Put options by funds: $30.8M

73% more first-time investments, than exits

New positions opened: 76 | Existing positions closed: 44

50% more funds holding in top 10

Funds holding in top 10: 4 [Q2] → 6 (+2) [Q3]

45% more repeat investments, than reductions

Existing positions increased: 174 | Existing positions reduced: 120

6% more funds holding

Funds holding: 419 [Q2] → 446 (+27) [Q3]

1.82% less ownership

Funds ownership: 78.41% [Q2] → 76.59% (-1.82%) [Q3]

6% less capital invested

Capital invested by funds: $8.05B [Q2] → $7.58B (-$462M) [Q3]

Research analyst outlook

4 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $151 20% upside
• Avg. target: $162 29% upside
• High target: $166 32% upside

4 analyst ratings

• positive: 4 100%
• neutral: 0 0%
• negative: 0 0%

JMP Securities Aaron Hecht 54% 1-year accuracy 27 / 50 met price target	32% upside $166	Market Outperform Reiterated	16 Jan 2025
JMP Securities Jordan Bender 41% 1-year accuracy 24 / 58 met price target	32% upside $166	Market Outperform Reiterated	19 Dec 2024
Truist Securities Barry Jonas 61% 1-year accuracy 22 / 36 met price target	31% upside $165	Buy Reiterated	25 Oct 2024
Mizuho Ben Chaiken 56% 1-year accuracy 32 / 57 met price target	20% upside $151	Outperform Maintained	22 Oct 2024