Churchill Downs, Incorporated (NASDAQ:CHDN) Stake Lowered by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 6.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 566,271 shares of the company's stock after selling 36,430 shares during the quarter. Bank of New York Mellon Corp owned 0.77% of Churchill Downs worth $62,896,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Churchill Downs by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 6,808,321 shares of the company's stock worth $909,183,000 after purchasing an additional 107,737 shares in the last quarter. FMR LLC lifted its stake in shares of Churchill Downs by 6.4% in the fourth quarter. FMR LLC now owns 3,592,087 shares of the company's stock worth $479,687,000 after acquiring an additional 214,694 shares in the last quarter. Boston Partners lifted its stake in shares of Churchill Downs by 25.6% in the fourth quarter. Boston Partners now owns 1,794,630 shares of the company's stock worth $239,619,000 after acquiring an additional 366,283 shares in the last quarter. Schroder Investment Management Group lifted its stake in shares of Churchill Downs by 5.4% in the fourth quarter. Schroder Investment Management Group now owns 1,499,874 shares of the company's stock worth $201,223,000 after acquiring an additional 77,213 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC lifted its stake in shares of Churchill Downs by 4.6% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,344,595 shares of the company's stock worth $179,557,000 after acquiring an additional 59,657 shares in the last quarter. Institutional investors and hedge funds own 82.59% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on CHDN. Susquehanna cut their price target on Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Mizuho cut their price target on Churchill Downs from $137.00 to $134.00 and set an "outperform" rating on the stock in a research note on Friday, May 23rd. Jefferies Financial Group cut their price target on Churchill Downs from $160.00 to $127.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. Finally, Barclays cut their price target on 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 analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Churchill Downs presently has a consensus rating of "Moderate Buy" and a consensus target price of $139.09.

Insider Activity at Churchill Downs

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

Churchill Downs Stock Down 0.9%

Churchill Downs stock traded down $1.00 during midday trading on Friday, hitting $105.80. The stock had a trading volume of 484,342 shares, compared to its average volume of 590,629. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 4.49. The stock has a market cap of $7.64 billion, a P/E ratio of 18.83, a P/E/G ratio of 3.05 and a beta of 0.95. Churchill Downs, Incorporated has a 12 month low of $85.58 and a 12 month high of $150.21. The business has a fifty day moving average price of $98.37 and a 200 day moving average price of $109.37.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced 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 firm had revenue of $642.60 million during the quarter, compared to the consensus estimate of $649.68 million. Churchill Downs had a net margin of 15.19% and a return on equity of 40.73%. The firm's quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.13 earnings per share. Research analysts predict that Churchill Downs, Incorporated will post 6.92 EPS 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.