Envestnet Portfolio Solutions Inc. reduced its position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 44.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm 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.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Churchill Downs by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 6,808,321 shares of the company's stock worth $909,183,000 after acquiring an additional 107,737 shares in the last quarter. FMR LLC increased its position in 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 purchasing an additional 214,694 shares during the period. Boston Partners boosted its holdings in Churchill Downs by 25.6% during the fourth quarter. Boston Partners now owns 1,794,630 shares of the company's stock worth $239,619,000 after buying an additional 366,283 shares during the last quarter. Schroder Investment Management Group boosted its holdings in Churchill Downs by 5.4% during the fourth quarter. Schroder Investment Management Group now owns 1,499,874 shares of the company's stock worth $201,223,000 after buying an additional 77,213 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC boosted its holdings in Churchill Downs by 4.6% during 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 last quarter. 82.59% of the stock is owned by institutional investors.
Analyst Ratings Changes
Several equities analysts have recently weighed in on CHDN shares. Susquehanna cut their price objective on Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. JPMorgan Chase & Co. started coverage on Churchill Downs in a research report on Monday. They set an "overweight" rating and a $116.00 price target on the stock. Stifel Nicolaus decreased their target price on Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Truist Financial decreased their target price on Churchill Downs from $162.00 to $155.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Finally, Mizuho reduced their price target on Churchill Downs from $137.00 to $134.00 and set an "outperform" rating for the company in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $139.91.
Check Out Our Latest Stock Analysis on CHDN
Churchill Downs Price Performance
Shares of NASDAQ CHDN opened at $99.71 on Thursday. The stock has a market cap of $7.20 billion, a PE ratio of 17.74, a price-to-earnings-growth ratio of 2.58 and a beta of 0.94. Churchill Downs, Incorporated has a fifty-two week low of $85.58 and a fifty-two week high of $150.21. 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 stock has a fifty day moving average of $96.23 and a 200-day moving average of $111.88.
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 (EPS) 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 firm had revenue of $642.60 million during the quarter, compared to analysts' expectations of $649.68 million. During the same quarter in the previous year, the company posted $1.13 earnings per share. Churchill Downs's revenue for the quarter was up 8.7% compared to the same quarter last year. Equities research analysts anticipate that Churchill Downs, Incorporated will post 6.92 earnings per share for the current year.
Churchill Downs declared that its Board of Directors has approved a share buyback program on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 6.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board believes its shares are undervalued.
Insiders Place Their Bets
In related news, Director R Alex Rankin bought 2,000 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the transaction, the director now owns 99,012 shares of the company's stock, valued at approximately $9,173,461.80. This trade represents a 2.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas C. Grissom bought 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were acquired at an average cost 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 position. The disclosure for this purchase can be found here. Company insiders own 5.34% of the company's stock.
Churchill Downs Profile
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Free Report)
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.
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