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

Bank of New York Mellon Corp cut its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 6.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm 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 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in Churchill Downs during the fourth quarter valued at about $74,967,000. SG Americas Securities LLC increased its stake in Churchill Downs by 28,864.9% during the first quarter. SG Americas Securities LLC now owns 512,099 shares of the company's stock valued at $56,879,000 after acquiring an additional 510,331 shares during the period. Boston Partners increased its stake in Churchill Downs by 25.6% during the fourth quarter. Boston Partners now owns 1,794,630 shares of the company's stock valued at $239,619,000 after acquiring an additional 366,283 shares during the period. FMR LLC increased its stake in Churchill Downs by 6.4% during the fourth quarter. FMR LLC now owns 3,592,087 shares of the company's stock valued at $479,687,000 after acquiring an additional 214,694 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in Churchill Downs by 97.9% during the fourth quarter. Point72 Asset Management L.P. now owns 431,165 shares of the company's stock valued at $57,578,000 after acquiring an additional 213,311 shares during the period. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CHDN. Macquarie lowered their price objective on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Jefferies Financial Group reduced their target price 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 boosted their target price on Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a report on Friday. Mizuho reduced their target price on Churchill Downs from $137.00 to $134.00 and set an "outperform" rating on the stock in a report on Friday, May 23rd. Finally, Wall Street Zen raised Churchill Downs from a "sell" rating to a "hold" rating in a report on Thursday, April 24th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $139.09.

Insider Buying and Selling at Churchill Downs

In related news, Director Douglas C. Grissom bought 10,000 shares of the business's stock in a transaction dated Wednesday, May 7th. The shares were purchased at an average price of $92.77 per share, with a total value of $927,700.00. Following the purchase, the director owned 38,869 shares of the company's stock, valued at approximately $3,605,877.13. This trade represents a 34.64% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director R Alex Rankin purchased 2,000 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were acquired at an average cost of $92.65 per share, with a total value of $185,300.00. Following the completion of the transaction, the director owned 99,012 shares in the company, valued at $9,173,461.80. This trade represents a 2.06% 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.

Churchill Downs Stock Performance

Shares of CHDN stock traded down $2.66 during trading on Tuesday, reaching $104.23. 431,657 shares of the company's stock traded hands, compared to its average volume of 589,795. The company has a market capitalization of $7.53 billion, a P/E ratio of 18.55, a PEG ratio of 3.02 and a beta of 0.95. 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 firm's 50-day moving average is $98.37 and its 200 day moving average is $109.05. Churchill Downs, Incorporated has a 1 year low of $85.58 and a 1 year high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) 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 analysts' expectations of $649.68 million. Churchill Downs had a return on equity of 40.73% and a net margin of 15.19%. The business's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.13 earnings per share. Equities research analysts expect that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Churchill Downs Company Profile

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.