Churchill Downs, Incorporated $CHDN Shares Sold by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System reduced its Churchill Downs position by 1.9%, selling 1,367 shares and retaining 72,259 shares valued at approximately $6.48 million. Institutional investors and hedge funds collectively own 82.59% of the company.
• Churchill Downs reported quarterly EPS of $3.45, matching estimates, while revenue reached $980 million and increased 4.9% year over year. Analysts expect full-year EPS of $7.14.
• Shares fell 1.9% to $81.97, near the stock’s 12-month low, despite analysts maintaining a generally positive outlook with a consensus “Moderate Buy” rating and a $134.89 price target.

California State Teachers Retirement System lowered its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 1.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 72,259 shares of the company's stock after selling 1,367 shares during the period. California State Teachers Retirement System owned 0.10% of Churchill Downs worth $6,477,297 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Kimelman & Baird LLC bought a new position in shares of Churchill Downs during the second quarter worth about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Churchill Downs in the 2nd quarter valued at $29,000. Root Financial Partners LLC increased its stake in Churchill Downs by 1,173.1% during the 1st quarter. Root Financial Partners LLC now owns 331 shares of the company's stock worth $30,000 after purchasing an additional 305 shares in the last quarter. Twin Tree Management LP acquired a new position in shares of Churchill Downs during the 2nd quarter worth about $36,000. Finally, NewEdge Advisors LLC acquired a new stake in Churchill Downs during the first quarter worth approximately $50,000. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Stock Down 1.9%

NASDAQ CHDN traded down $1.63 during trading hours on Tuesday, hitting $81.97. 420,116 shares of the company traded hands, compared to its average volume of 969,297. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36. The stock has a market capitalization of $5.71 billion, a price-to-earnings ratio of 14.10, a P/E/G ratio of 0.80 and a beta of 0.67. Churchill Downs, Incorporated has a twelve month low of $79.40 and a twelve month high of $118.35. The business's 50-day moving average is $86.78 and its 200-day moving average is $88.16.

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

Analysts Set New Price Targets

Several research firms have commented on CHDN. Wells Fargo & Company dropped their target price on shares of Churchill Downs from $120.00 to $117.00 and set an "overweight" rating on the stock in a research report on Friday, July 31st. Weiss Ratings upgraded Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, September 2nd. Citigroup reiterated an "outperform" rating on shares of Churchill Downs in a research report on Friday, July 31st. Jefferies Financial Group reissued a "buy" rating on shares of Churchill Downs in a research report on Thursday, July 2nd. Finally, Truist Financial set a $145.00 price target on shares of Churchill Downs in a report on Friday, June 12th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price 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.

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.