Three Bays Capital Lp buys $235,789,188 stake in Churchill Downs (CHDN)

Churchill Downs (CHDN) : Three Bays Capital Lp scooped up 254,644 additional shares in Churchill Downs during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 1,627,030 shares of Churchill Downs which is valued at $235,789,188.Churchill Downs makes up approximately 22.33% of Three Bays Capital Lp’s portfolio.

Other Hedge Funds, Including , Landscape Capital Management L.l.c. sold out all of its stake in CHDN during the most recent quarter. The investment firm sold 5,199 shares of CHDN which is valued $753,439.Brant Point Investment Management boosted its stake in CHDN in the latest quarter, The investment management firm added 100 additional shares and now holds a total of 35,200 shares of Churchill Downs which is valued at $5,101,184. Churchill Downs makes up approx 0.92% of Brant Point Investment Management’s portfolio.Renaissance Technologies reduced its stake in CHDN by selling 33,900 shares or 26.97% in the most recent quarter. The Hedge Fund company now holds 91,775 shares of CHDN which is valued at $13,300,033. Churchill Downs makes up approx 0.02% of Renaissance Technologies’s portfolio.Teacher Retirement System Of Texas reduced its stake in CHDN by selling 3,696 shares or 67.87% in the most recent quarter. The Hedge Fund company now holds 1,750 shares of CHDN which is valued at $248,850. Hanseatic Management Services Inc sold out all of its stake in CHDN during the most recent quarter. The investment firm sold 12,861 shares of CHDN which is valued $1,823,561.

Churchill Downs opened for trading at $149.26 and hit $150.305 on the upside on Thursday, eventually ending the session at $149.85, with a gain of 0.31% or 0.47 points. The heightened volatility saw the trading volume jump to 74,794 shares. Company has a market cap of $2,486 M.

On the company’s financial health, Churchill Downs reported $4.11 EPS for the quarter, beating the analyst consensus estimate by $ 0.54 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $3.57. The company had revenue of $438.50 million for the quarter, compared to analysts expectations of $432.83 million. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.10 EPS.

Many Wall Street Analysts have commented on Churchill Downs. Company shares were Reiterated by Telsey Advisory Group on Aug 5, 2016 to “Outperform”, Firm has raised the Price Target to $ 176 from a previous price target of $173 .

Churchill Downs Incorporated is a diversified provider of pari-mutuel horseracing online account wagering on horseracing and casino gaming. The Company is the producers and distributors of online and mobile casual games. It operates in five segments: Racing Casinos TwinSpires Big Fish Games Inc. (Big Fish Games) and Other Investments. Its racing segment includes Churchill Downs Racetrack Arlington International Race Course Fair Grounds Race Course and Calder Race Course. Casinos segment includes Oxford Casino Riverwalk Casino Hotel and Harlow’s Casino Resort & Spa among others. The TwinSpires maintains computerized databases of pedigree and racing information for the thoroughbred horse industry. Big Fish Games develops casual games for Personal Computers (PCs) and mobile devices. Other Investments include Capital View Casino & Resort United Tote and Bluff Media.

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