Churchill Downs, Incorporated $CHDN Stock Position Cut by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC cut its Churchill Downs stake by 82.9% in the second quarter, selling 14,101 shares and retaining 2,917 shares valued at approximately $264,000.
• Institutional ownership remains high at 82.59%, while other investors—including BlackRock and First Trust Advisors—established or increased positions in the company.
• Analyst sentiment is favorable, with 10 Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $134.89. Churchill Downs also reported quarterly revenue of $980 million, up 4.9% year over year.

Hsbc Holdings PLC decreased its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 82.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,917 shares of the company's stock after selling 14,101 shares during the period. Hsbc Holdings PLC's holdings in Churchill Downs were worth $264,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CHDN. BlackRock Inc. acquired a new position in shares of Churchill Downs during the second quarter valued at approximately $555,948,000. First Trust Advisors LP lifted 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 worth $6,863,000 after purchasing an additional 49,002 shares during the period. Commerce Bank acquired a new stake in Churchill Downs in the second quarter worth approximately $604,000. Aurora Investment Counsel acquired a new stake in Churchill Downs in the second quarter worth approximately $2,265,000. Finally, Public Employees Retirement System of Ohio bought a new position in Churchill Downs during the 2nd quarter valued at $1,746,000. 82.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Jefferies Financial Group reiterated a "buy" rating on shares of Churchill Downs in a research report on Thursday, July 2nd. Wolfe Research began coverage on Churchill Downs in a research note on Wednesday, September 2nd. They set an "outperform" rating and a $119.00 target price for the company. Mizuho boosted their price target on shares of Churchill Downs from $155.00 to $157.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Susquehanna boosted their price target on shares of Churchill Downs from $121.00 to $124.00 and gave the stock a "positive" rating in a research report on Friday, July 31st. Finally, Weiss Ratings raised shares of Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, September 2nd. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Churchill Downs currently has an average rating of "Moderate Buy" and an average price target of $134.89.

Churchill Downs Trading Up 2.5%

Churchill Downs stock opened at $82.65 on Thursday. The firm has a market cap of $5.76 billion, a price-to-earnings ratio of 14.18, a price-to-earnings-growth ratio of 0.76 and a beta of 0.67. Churchill Downs, Incorporated has a 1 year low of $79.40 and a 1 year high of $118.35. The firm's 50 day moving average price is $86.62 and its two-hundred day moving average price is $88.00. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 EPS for the quarter, meeting analysts' consensus estimates of $3.45. The company had revenue of $980.00 million during 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 company's quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.10 EPS. On average, research analysts predict that Churchill Downs, Incorporated will post 7.14 EPS for the current fiscal year.

Churchill Downs 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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