Bank of America Corp DE Decreases Stake in Churchill Downs, Incorporated $CHDN

Key Points

• Bank of America reduced its Churchill Downs stake by 10.5% in the first quarter, selling 73,375 shares and retaining 628,290 shares worth approximately $56.4 million. Institutional investors collectively own 82.59% of CHDN.
• Analysts remain broadly positive, with nine Buy ratings and one Sell rating. Churchill Downs has a consensus “Moderate Buy” rating and an average price target of $136.88.
• Churchill Downs reported quarterly EPS of $3.45, in line with estimates, while revenue of $980 million exceeded forecasts and increased 4.9% year over year. The stock opened at $88.63, with a market capitalization of about $6.18 billion.

Bank of America Corp DE cut its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 10.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 628,290 shares of the company's stock after selling 73,375 shares during the period. Bank of America Corp DE owned approximately 0.90% of Churchill Downs worth $56,439,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Geneos Wealth Management Inc. grew its holdings in shares of 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 purchasing an additional 232 shares in the last quarter. Measured Wealth Private Client Group LLC bought a new position in Churchill Downs during the third quarter valued at $25,000. Parkside Financial Bank & Trust lifted its position in Churchill Downs by 293.8% during the fourth quarter. Parkside Financial Bank & Trust now owns 256 shares of the company's stock valued at $29,000 after purchasing an additional 191 shares during the last quarter. Root Financial Partners LLC grew its stake in shares of Churchill Downs by 1,173.1% in the 1st quarter. Root Financial Partners LLC now owns 331 shares of the company's stock worth $30,000 after buying an additional 305 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Churchill Downs in the 4th quarter worth $38,000. Hedge funds and other institutional investors own 82.59% of the company's stock.

Analyst Upgrades and Downgrades

CHDN has been the topic of several analyst reports. Citigroup reissued an "outperform" rating on shares of Churchill Downs in a research note on Friday, July 31st. Susquehanna raised their price objective on Churchill Downs from $121.00 to $124.00 and gave the company a "positive" rating in a research note on Friday, July 31st. Mizuho lifted their target price on Churchill Downs from $155.00 to $157.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. Jefferies Financial Group reissued a "buy" rating on shares of Churchill Downs in a research report on Thursday, July 2nd. Finally, Citizens Jmp decreased their price target on Churchill Downs from $149.00 to $137.00 and set a "market outperform" rating on the stock in a report on Friday, July 31st. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Churchill Downs has a consensus rating of "Moderate Buy" and an average target price of $136.88.

Churchill Downs Trading Up 2.6%

CHDN opened at $88.63 on Wednesday. The stock has a market cap of $6.18 billion, a price-to-earnings ratio of 15.20, a P/E/G ratio of 0.82 and a beta of 0.68. The stock's 50 day moving average price is $86.75 and its 200-day moving average price is $89.34. Churchill Downs, Incorporated has a one year low of $79.40 and a one year high of $118.35. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $3.45. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The firm had revenue of $980.00 million during the quarter, compared to analyst estimates of $977.38 million. During the same period last year, the company earned $3.10 EPS. Churchill Downs's quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities analysts forecast that Churchill Downs, Incorporated will post 7.14 EPS 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.

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