Cerity Partners LLC Sells 9,223 Shares of Churchill Downs, Incorporated (NASDAQ:CHDN)

Cerity Partners LLC lessened its holdings in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 11.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,292 shares of the company's stock after selling 9,223 shares during the period. Cerity Partners LLC owned about 0.09% of Churchill Downs worth $7,585,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CHDN. MassMutual Private Wealth & Trust FSB lifted its holdings in Churchill Downs by 159.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock worth $46,000 after purchasing an additional 253 shares during the last quarter. Central Pacific Bank Trust Division raised its stake in shares of Churchill Downs by 39.6% in the first quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock valued at $51,000 after purchasing an additional 129 shares in the last quarter. Private Trust Co. NA boosted its position in shares of Churchill Downs by 154.9% during the 1st quarter. Private Trust Co. NA now owns 543 shares of the company's stock valued at $60,000 after acquiring an additional 330 shares in the last quarter. Covestor Ltd raised its holdings in shares of Churchill Downs by 46.8% in the 4th quarter. Covestor Ltd now owns 929 shares of the company's stock worth $124,000 after buying an additional 296 shares in the last quarter. Finally, Ossiam lifted its holdings in shares of Churchill Downs by 2,292.7% during the fourth quarter. Ossiam now owns 1,962 shares of the company's stock valued at $262,000 after acquiring an additional 1,880 shares during the period. Institutional investors and hedge funds own 82.59% of the company's stock.

Insiders Place Their Bets

In other news, Director R Alex Rankin bought 2,000 shares of the company's stock in a transaction dated Monday, May 5th. The stock was bought at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the transaction, the director owned 99,012 shares of the company's stock, valued at $9,173,461.80. This represents a 2.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas C. Grissom bought 10,000 shares of the business's stock in a transaction on Wednesday, May 7th. The shares were acquired at an average price of $92.77 per share, with a total value of $927,700.00. Following the completion of the purchase, the director directly owned 38,869 shares of the company's stock, valued at approximately $3,605,877.13. The trade was a 34.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have issued reports on CHDN. Mizuho cut their price objective on Churchill Downs from $137.00 to $134.00 and set an "outperform" rating for the company in a research report on Friday, May 23rd. Wall Street Zen upgraded Churchill Downs from a "sell" rating to a "hold" rating in a report on Thursday, April 24th. Jefferies Financial Group cut their price objective on Churchill Downs from $160.00 to $127.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Stifel Nicolaus increased their target price on Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Finally, Barclays lowered their price target on shares of Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a research note on Friday, April 25th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $138.18.

Churchill Downs Stock Performance

Churchill Downs stock traded up $1.21 during trading hours on Wednesday, hitting $105.41. The company had a trading volume of 631,146 shares, compared to its average volume of 589,408. Churchill Downs, Incorporated has a one year low of $85.58 and a one year high of $150.21. The firm has a 50-day moving average of $98.94 and a 200 day moving average of $108.84. The company has a debt-to-equity ratio of 4.49, a current ratio of 0.53 and a quick ratio of 0.53. The firm has a market cap of $7.61 billion, a PE ratio of 18.76, a PEG ratio of 3.05 and a beta of 0.95.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). The business had revenue of $642.60 million during the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a return on equity of 40.73% and a net margin of 15.19%. Churchill Downs's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter last year, the firm earned $1.13 EPS. On average, sell-side analysts expect that Churchill Downs, Incorporated will post 6.92 earnings per share for the current year.

About Churchill Downs

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; casino gaming; and Terre Haute Casino Resort.