Community Trust & Investment Co. Increases Position in Churchill Downs, Incorporated (NASDAQ:CHDN)

Community Trust & Investment Co. boosted its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 23.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 163,723 shares of the company's stock after purchasing an additional 31,158 shares during the quarter. Churchill Downs makes up 1.2% of Community Trust & Investment Co.'s investment portfolio, making the stock its 27th biggest holding. Community Trust & Investment Co. owned approximately 0.22% of Churchill Downs worth $18,185,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of CHDN. Blue Trust Inc. boosted its position in shares of Churchill Downs by 127.2% during the 4th quarter. Blue Trust Inc. now owns 184 shares of the company's stock worth $25,000 after acquiring an additional 103 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its position in shares of Churchill Downs by 159.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock worth $46,000 after acquiring an additional 253 shares in the last quarter. Central Pacific Bank Trust Division boosted its position in shares of Churchill Downs by 39.6% during the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock worth $51,000 after acquiring an additional 129 shares in the last quarter. Covestor Ltd boosted its position in shares of Churchill Downs by 46.8% during the 4th quarter. Covestor Ltd now owns 929 shares of the company's stock worth $124,000 after acquiring an additional 296 shares in the last quarter. Finally, Larson Financial Group LLC boosted its position in shares of Churchill Downs by 119,900.0% during the 4th quarter. Larson Financial Group LLC now owns 1,200 shares of the company's stock worth $160,000 after acquiring an additional 1,199 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company's stock.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CHDN shares. Barclays lowered their price objective on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. JMP Securities lowered their price objective on Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating for the company in a research report on Tuesday, May 27th. Wells Fargo & Company lowered their price objective on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Truist Financial dropped their price target on Churchill Downs from $162.00 to $155.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Finally, Susquehanna dropped 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. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $142.30.

Churchill Downs Stock Performance

Churchill Downs stock traded up $0.90 during mid-day trading on Tuesday, reaching $98.30. 540,644 shares of the company were exchanged, compared to its average volume of 588,894. Churchill Downs, Incorporated has a twelve month low of $85.58 and a twelve month high of $150.21. The firm's 50-day simple moving average is $96.80 and its two-hundred day simple moving average is $113.53. The company has a debt-to-equity ratio of 4.49, a quick ratio of 0.53 and a current ratio of 0.53. The firm has a market cap of $7.10 billion, a PE ratio of 17.49, a price-to-earnings-growth ratio of 2.45 and a beta of 0.94.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $1.07 earnings per share for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). Churchill Downs had a return on equity of 40.73% and a net margin of 15.19%. The company had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. During the same period in the previous year, the business posted $1.13 earnings per share. The firm's revenue was up 8.7% compared to the same quarter last year. Equities analysts predict that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, March 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 6.4% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

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.