Envestnet Portfolio Solutions Inc. Sells 5,147 Shares of Churchill Downs, Incorporated (NASDAQ:CHDN)

Envestnet Portfolio Solutions Inc. trimmed its stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 44.7% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,362 shares of the company's stock after selling 5,147 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Churchill Downs were worth $707,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in Churchill Downs by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company's stock worth $80,839,000 after buying an additional 10,153 shares during the period. Proficio Capital Partners LLC acquired a new stake in Churchill Downs during the 4th quarter worth about $1,927,000. Landmark Investment Partners L.P. acquired a new stake in shares of Churchill Downs in the fourth quarter worth $13,317,000. Lighthouse Investment Partners LLC acquired a new stake in shares of Churchill Downs in the fourth quarter worth $6,133,000. Finally, Millennium Management LLC grew its holdings in shares of Churchill Downs by 29.4% during the fourth quarter. Millennium Management LLC now owns 264,431 shares of the company's stock valued at $35,312,000 after buying an additional 60,080 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Churchill Downs

In other Churchill Downs news, Director Douglas C. Grissom bought 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The stock was purchased at an average price of $92.77 per share, for a total transaction of $927,700.00. Following the purchase, the director now directly owns 38,869 shares in the company, valued at $3,605,877.13. This trade represents a 34.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director R Alex Rankin bought 2,000 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The shares were acquired at an average price of $92.65 per share, with a total value of $185,300.00. Following the purchase, the director now owns 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 corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on CHDN shares. JPMorgan Chase & Co. started coverage on Churchill Downs in a report on Monday, June 23rd. They set an "overweight" rating and a $116.00 price target on the stock. Susquehanna lowered their price target on Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Macquarie lowered their price target on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Stifel Nicolaus dropped their price objective on shares of Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Finally, Barclays dropped their price objective on shares of 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 research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $139.91.

Churchill Downs Stock Up 0.3%

NASDAQ CHDN traded up $0.35 on Friday, reaching $100.95. The stock had a trading volume of 1,279,761 shares, compared to its average volume of 587,567. The business has a 50 day moving average price of $96.21 and a 200 day moving average price of $110.99. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 4.49. Churchill Downs, Incorporated has a 1 year low of $85.58 and a 1 year high of $150.21. The company has a market capitalization of $7.29 billion, a price-to-earnings ratio of 17.96, a P/E/G ratio of 2.61 and a beta of 0.94.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $1.07 EPS for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). Churchill Downs had a net margin of 15.19% and a return on equity of 40.73%. The firm had revenue of $642.60 million during the quarter, compared to analysts' expectations of $649.68 million. During the same quarter last year, the firm earned $1.13 EPS. The business's revenue for the quarter was up 8.7% compared to the same quarter last year. On average, analysts forecast that Churchill Downs, Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

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.