Churchill Downs, Incorporated $CHDN Shares Sold by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp cut its stake in Churchill Downs by 39.3% in the first quarter, selling 20,710 shares and ending the period with 31,939 shares worth about $2.87 million.
• Churchill Downs reported better-than-expected quarterly results, with earnings of $1.21 per share versus the $1.06 estimate and revenue of $663 million, up 3.1% from a year ago.
• Analyst sentiment remains mostly positive, with nine Buy ratings and a consensus Moderate Buy rating, though Weiss Ratings downgraded the stock and Wells Fargo trimmed its price target to $120.

Fifth Third Bancorp lessened its holdings in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 39.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,939 shares of the company's stock after selling 20,710 shares during the quarter. Fifth Third Bancorp's holdings in Churchill Downs were worth $2,869,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CHDN. State Street Corp grew its holdings in Churchill Downs by 0.6% during the 4th quarter. State Street Corp now owns 1,956,295 shares of the company's stock worth $223,424,000 after acquiring an additional 11,523 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Churchill Downs by 0.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,384,089 shares of the company's stock worth $157,482,000 after purchasing an additional 7,687 shares in the last quarter. Geode Capital Management LLC lifted its holdings in 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 last quarter. Boston Partners grew its position in shares of Churchill Downs by 0.9% in the 3rd quarter. Boston Partners now owns 1,257,725 shares of the company's stock worth $121,998,000 after acquiring an additional 11,653 shares in the last quarter. Finally, William Blair Investment Management LLC increased its holdings in shares of Churchill Downs by 12.5% in the 4th quarter. William Blair Investment Management LLC now owns 1,145,413 shares of the company's stock valued at $130,325,000 after acquiring an additional 127,687 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN opened at $83.71 on Tuesday. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.44. The firm's 50 day moving average is $86.95 and its two-hundred day moving average is $91.95. The firm has a market capitalization of $5.83 billion, a P/E ratio of 15.50, a PEG ratio of 0.57 and a beta of 0.67. Churchill Downs, Incorporated has a 52 week low of $80.24 and a 52 week high of $118.46.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $1.21 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.15. The business had revenue of $663.00 million during the quarter, compared to the consensus estimate of $659.32 million. Churchill Downs had a net margin of 13.21% and a return on equity of 43.50%. The company's quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.07 earnings per share. Analysts anticipate that Churchill Downs, Incorporated will post 7.14 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CHDN. Weiss Ratings lowered shares of Churchill Downs from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, May 4th. Wells Fargo & Company reduced their price target on shares of Churchill Downs from $132.00 to $120.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 14th. Truist Financial set a $145.00 price target on shares of Churchill Downs in a report on Friday, June 12th. Citigroup reaffirmed an "outperform" rating on shares of Churchill Downs in a research report on Friday, April 24th. Finally, Citizens Jmp raised their target price on shares of Churchill Downs from $146.00 to $149.00 and gave the stock a "market outperform" rating in a report on Friday, April 24th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $138.50.

About Churchill Downs

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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