PNC Financial Services Group Inc. Reduces Position in Churchill Downs, Incorporated (NASDAQ:CHDN)

PNC Financial Services Group Inc. lowered its stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 6.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,160 shares of the company's stock after selling 4,505 shares during the period. PNC Financial Services Group Inc. owned approximately 0.09% of Churchill Downs worth $7,015,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC raised its holdings 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 buying an additional 214,694 shares during the period. ArrowMark Colorado Holdings LLC raised its holdings 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 buying an additional 59,657 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Churchill Downs by 5.8% in the fourth quarter. Ameriprise Financial Inc. now owns 1,060,846 shares of the company's stock worth $141,669,000 after buying an additional 58,507 shares during the period. Jennison Associates LLC raised its holdings in shares of Churchill Downs by 3.0% in the first quarter. Jennison Associates LLC now owns 1,030,846 shares of the company's stock worth $114,496,000 after buying an additional 30,444 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Churchill Downs by 20.5% in the fourth quarter. Northern Trust Corp now owns 589,710 shares of the company's stock worth $78,750,000 after buying an additional 100,337 shares during the period. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CHDN has been the subject of a number of research reports. JPMorgan Chase & Co. initiated coverage on Churchill Downs in a report on Monday, June 23rd. They issued an "overweight" rating and a $116.00 price target for the company. Mizuho boosted their price target on Churchill Downs from $134.00 to $136.00 and gave the company an "outperform" rating in a report on Tuesday, July 22nd. Stifel Nicolaus boosted their price objective on shares of Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a research note on Friday, July 11th. JMP Securities reduced their price objective on shares of Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating for the company in a research note on Tuesday, May 27th. Finally, Jefferies Financial Group reduced their price objective on shares of Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a research note on Friday, April 25th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $138.18.

Churchill Downs Stock Down 1.2%

Shares of CHDN stock traded down $1.27 during trading hours on Friday, reaching $100.90. 617,476 shares of the company's stock were exchanged, compared to its average volume of 689,973. The stock's 50 day moving average is $103.03 and its 200-day moving average is $106.19. The company has a market cap of $7.08 billion, a price-to-earnings ratio of 17.34, a P/E/G ratio of 1.91 and a beta of 0.95. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 4.74. Churchill Downs, Incorporated has a fifty-two week low of $85.58 and a fifty-two week high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $3.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.03 by $0.07. The business had revenue of $934.40 million for the quarter, compared to the consensus estimate of $924.36 million. Churchill Downs had a return on equity of 41.46% and a net margin of 15.22%. The business's quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $2.89 earnings per share. Analysts predict that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal 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.