Bank of New York Mellon Corp Makes New $39.78 Million Investment in Churchill Downs, Incorporated $CHDN

Key Points

• Bank of New York Mellon acquired 443,785 Churchill Downs shares worth approximately $39.78 million, representing a 0.64% stake. Institutional investors collectively own 82.59% of the company.
• Analysts maintain a generally positive outlook, with nine Buy ratings and one Sell rating producing a consensus “Moderate Buy” rating and a $136.88 price target.
• Churchill Downs matched quarterly earnings expectations at $3.45 per share and exceeded revenue estimates with $980 million, while revenue increased 4.9% year over year.

Bank of New York Mellon Corp bought a new stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 443,785 shares of the company's stock, valued at approximately $39,781,000. Bank of New York Mellon Corp owned 0.64% of Churchill Downs as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. grew its position in Churchill Downs by 1,364.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock worth $28,000 after purchasing an additional 232 shares during the period. Measured Wealth Private Client Group LLC bought a new position in shares of Churchill Downs during the 3rd quarter valued at $25,000. Parkside Financial Bank & Trust boosted its stake in shares of Churchill Downs by 293.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 256 shares of the company's stock worth $29,000 after buying an additional 191 shares during the last quarter. Root Financial Partners LLC boosted 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 during the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Churchill Downs in the fourth quarter worth $38,000. 82.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Citigroup restated an "outperform" rating on shares of Churchill Downs in a research note on Friday, July 31st. Truist Financial set a $145.00 price objective on shares of Churchill Downs in a research note on Friday, June 12th. Weiss Ratings reissued a "sell (d+)" rating on shares of Churchill Downs in a report on Friday, July 31st. Mizuho boosted their target price on shares of Churchill Downs from $155.00 to $157.00 and gave the company an "outperform" rating in a research report on Monday, August 3rd. Finally, Wells Fargo & Company reduced their target price on shares of Churchill Downs from $120.00 to $117.00 and set an "overweight" rating for the company 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 company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $136.88.

Churchill Downs Price Performance

CHDN stock opened at $89.90 on Friday. The stock has a market cap of $6.27 billion, a PE ratio of 15.42, a P/E/G ratio of 0.82 and a beta of 0.68. The company has a 50-day moving average price of $87.24 and a 200 day moving average price of $88.68. Churchill Downs, Incorporated has a 12 month low of $79.40 and a 12 month 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.

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

Churchill Downs Company Profile

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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