Comerica Bank Sells 113,396 Shares of Churchill Downs, Incorporated $CHDN

Key Points

• Comerica Bank significantly reduced its holdings in Churchill Downs, Incorporated by 74.4% in the first quarter, now owning 38,950 shares worth approximately $4.33 million.
• Multiple hedge funds have adjusted their positions in Churchill Downs, with institutions now owning 82.59% of the company's stock.
• Churchill Downs recently reported a quarterly EPS of $3.10, surpassing analyst expectations and indicating a 4.9% year-over-year revenue growth.

Comerica Bank trimmed its position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 74.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 38,950 shares of the company's stock after selling 113,396 shares during the period. Comerica Bank owned about 0.05% of Churchill Downs worth $4,326,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CHDN. SG Americas Securities LLC lifted its position in shares of Churchill Downs by 28,864.9% during the 1st quarter. SG Americas Securities LLC now owns 512,099 shares of the company's stock valued at $56,879,000 after buying an additional 510,331 shares in the last quarter. Point72 Asset Management L.P. lifted its position in shares of Churchill Downs by 97.9% during the 4th quarter. Point72 Asset Management L.P. now owns 431,165 shares of the company's stock valued at $57,578,000 after buying an additional 213,311 shares in the last quarter. Balyasny Asset Management L.P. lifted its position in shares of Churchill Downs by 57.1% during the 4th quarter. Balyasny Asset Management L.P. now owns 533,064 shares of the company's stock valued at $71,185,000 after buying an additional 193,677 shares in the last quarter. Nuveen LLC purchased a new position in shares of Churchill Downs during the 1st quarter valued at about $19,267,000. Finally, Assenagon Asset Management S.A. lifted its position in shares of Churchill Downs by 444.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 185,925 shares of the company's stock valued at $20,651,000 after buying an additional 151,805 shares in the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Price Performance

NASDAQ:CHDN traded up $0.35 during trading hours on Thursday, reaching $101.94. The stock had a trading volume of 415,196 shares, compared to its average volume of 479,970. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.60 and a current ratio of 0.60. Churchill Downs, Incorporated has a 52 week low of $85.58 and a 52 week high of $150.21. The company has a 50 day moving average price of $104.87 and a two-hundred day moving average price of $103.51. The stock has a market capitalization of $7.15 billion, a PE ratio of 17.52, a PEG ratio of 1.90 and a beta of 0.86.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data 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. Churchill Downs had a return on equity of 41.46% and a net margin of 15.22%.The business had revenue of $934.40 million for the quarter, compared to the consensus estimate of $924.36 million. During the same quarter in the previous year, the company posted $2.89 EPS. The company's revenue was up 4.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CHDN. JPMorgan Chase & Co. began coverage on Churchill Downs in a research report on Monday, June 23rd. They set an "overweight" rating and a $116.00 price objective on the stock. Mizuho lifted their price objective on Churchill Downs from $134.00 to $136.00 and gave the company an "outperform" rating in a research report on Tuesday, July 22nd. Truist Financial decreased their target price on Churchill Downs from $150.00 to $145.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Barclays boosted their price target on Churchill Downs from $127.00 to $131.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Finally, Stifel Nicolaus boosted their price target on Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a report on Friday, July 11th. Ten analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $136.50.

Churchill Downs 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.