Churchill Downs, Incorporated $CHDN Shares Sold by Baird Financial Group Inc.

Key Points

• Baird Financial Group reduced its Churchill Downs stake by 16.7% in the second quarter, selling 41,134 shares and retaining 205,640 shares worth approximately $18.4 million. Institutional investors collectively own 82.59% of the company.
• Churchill Downs reported quarterly EPS of $3.45, matching analyst estimates, while revenue of $980 million exceeded expectations and increased 4.9% year over year. Analysts expect full-year EPS of $7.14.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $134.89, well above the stock’s reported price of $83.86.

Baird Financial Group Inc. reduced its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 16.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 205,640 shares of the company's stock after selling 41,134 shares during the period. Baird Financial Group Inc. owned 0.30% of Churchill Downs worth $18,434,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Trust Advisors LP raised its position in Churchill Downs by 178.9% in the first quarter. First Trust Advisors LP now owns 76,395 shares of the company's stock valued at $6,863,000 after purchasing an additional 49,002 shares during the period. Commerce Bank purchased a new position in shares of Churchill Downs during the second quarter worth $604,000. BlackRock Inc. purchased a new position in shares of Churchill Downs during the second quarter worth $555,948,000. Sei Investments Co. grew its stake in shares of Churchill Downs by 97.5% in the first quarter. Sei Investments Co. now owns 105,917 shares of the company's stock valued at $9,516,000 after buying an additional 52,286 shares in the last quarter. Finally, Aurora Investment Counsel acquired a new stake in shares of Churchill Downs in the second quarter valued at $2,265,000. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Up 1.3%

Churchill Downs stock opened at $83.86 on Friday. Churchill Downs, Incorporated has a fifty-two week low of $79.40 and a fifty-two week 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. The company has a market capitalization of $5.85 billion, a P/E ratio of 14.38, a PEG ratio of 0.78 and a beta of 0.67. The stock has a 50-day simple moving average of $86.90 and a 200-day simple moving average of $88.29.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released 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. The firm had revenue of $980.00 million for the quarter, compared to the consensus estimate of $977.38 million. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The firm's quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.10 EPS. Equities research analysts expect that Churchill Downs, Incorporated will post 7.14 earnings per share for the current year.

Analyst Ratings Changes

CHDN has been the topic of several research reports. Weiss Ratings raised Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, September 2nd. Wolfe Research began coverage on Churchill Downs in a research report on Wednesday, September 2nd. They issued an "outperform" rating and a $119.00 target price for the company. Citigroup reiterated an "outperform" rating on shares of Churchill Downs in a research note 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, Susquehanna raised their price objective on shares of Churchill Downs from $121.00 to $124.00 and gave the company a "positive" rating in a research note on Friday, July 31st. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average 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.

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