Bank of America Corp DE Invests $69.10 Million in Churchill Downs, Incorporated $CHDN

Key Points

• Bank of America acquired a new $69.1 million stake in Churchill Downs, purchasing 770,846 shares, or approximately 1.11% of the company. Institutional investors collectively own 82.59% of CHDN.
• Churchill Downs reported quarterly revenue of $980 million, up 4.9% year over year, while earnings of $3.45 per share matched analyst expectations.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $134.89, well above the stock’s reported $81.91 price.

Bank of America Corp DE purchased a new stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 770,846 shares of the company's stock, valued at approximately $69,099,000. Bank of America Corp DE owned about 1.11% of Churchill Downs at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of CHDN. BlackRock Inc. acquired a new stake in shares of Churchill Downs in the 2nd quarter valued at $555,948,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Churchill Downs by 0.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,384,089 shares of the company's stock valued at $157,482,000 after purchasing an additional 7,687 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Churchill Downs by 2.5% during the 4th quarter. Geode Capital Management LLC now owns 1,327,655 shares of the company's stock worth $151,089,000 after buying an additional 32,445 shares during the period. William Blair Investment Management LLC raised its stake in shares of Churchill Downs by 12.5% during the fourth quarter. William Blair Investment Management LLC now owns 1,145,413 shares of the company's stock worth $130,325,000 after buying an additional 127,687 shares during the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings in Churchill Downs by 94.1% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,020,393 shares of the company's stock valued at $116,100,000 after buying an additional 494,553 shares during the period. Institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Performance

CHDN stock opened at $81.91 on Friday. Churchill Downs, Incorporated has a 1-year low of $79.40 and a 1-year high of $118.35. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 3.06. The firm has a market cap of $5.71 billion, a PE ratio of 14.05, a P/E/G ratio of 0.78 and a beta of 0.67. The business's 50-day moving average price is $86.47 and its two-hundred day moving average price is $87.89.

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

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CHDN. Wolfe Research began coverage on Churchill Downs in a research report on Wednesday, September 2nd. They issued an "outperform" rating and a $119.00 price target on the stock. Jefferies Financial Group reiterated a "buy" rating on shares of Churchill Downs in a report on Thursday, July 2nd. Wells Fargo & Company cut their target price on Churchill Downs from $120.00 to $117.00 and set an "overweight" rating on the stock in a research note on Friday, July 31st. Citizens Jmp reduced their target price 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. Finally, Weiss Ratings upgraded Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, September 2nd. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, Churchill Downs currently has a consensus rating of "Moderate Buy" and an average price target of $134.89.

Churchill Downs Company Profile

Churchill Downs Incorporated is a gaming, entertainment and racing company headquartered in Louisville, Kentucky. The company owns and operates Churchill Downs Racetrack, home of the Kentucky Derby, as well as other thoroughbred racing venues, casinos, racinos and historical horse racing facilities.

Its operations include live and historical horse racing, casino gaming, video lottery and other gaming activities, hospitality, dining and entertainment. Through its TwinSpires business, Churchill Downs also provides online horse-racing wagering and related digital betting services in jurisdictions where such activities are permitted.

Founded in 1875, Churchill Downs has expanded from its namesake racetrack into a diversified gaming and entertainment company.

Want to see what other hedge funds are holding CHDN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.