Kentucky Farm Bureau Mutual Insurance Co Takes $2.87 Million Position in Churchill Downs, Incorporated $CHDN

Key Points

• Kentucky Farm Bureau Mutual Insurance Co. purchased 32,000 shares of Churchill Downs worth approximately $2.87 million in the second quarter. Institutional investors now own 82.59% of the company.
• Analyst sentiment is largely positive, with nine Buy ratings and one Sell rating; Churchill Downs has a consensus “Moderate Buy” rating and a $136.88 target price.
• Churchill Downs reported quarterly revenue of $980 million, up 4.9% year over year, while earnings of $3.45 per share matched estimates.

Kentucky Farm Bureau Mutual Insurance Co bought a new position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 32,000 shares of the company's stock, valued at approximately $2,868,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Paladin Partners LLC acquired a new stake in Churchill Downs in the 2nd quarter valued at $65,000. BlackRock Inc. acquired a new position in Churchill Downs during the second quarter worth $555,948,000. Deutsche Bank AG acquired a new position in Churchill Downs during the second quarter worth $903,000. Principle Wealth Partners LLC bought a new position in shares of Churchill Downs during the second quarter valued at $394,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Churchill Downs during the second quarter valued at $29,000. Institutional investors own 82.59% of the company's stock.

Wall Street Analyst Weigh In

CHDN has been the topic of several analyst reports. Citigroup reaffirmed an "outperform" rating on shares of Churchill Downs in a report on Friday, July 31st. Mizuho lifted their price target on shares of Churchill Downs from $155.00 to $157.00 and gave the company an "outperform" rating in a report on Monday, August 3rd. Weiss Ratings reissued a "sell (d+)" rating on shares of Churchill Downs in a report on Friday, July 31st. Susquehanna boosted their price target on shares of Churchill Downs from $121.00 to $124.00 and gave the company a "positive" rating in a research report on Friday, July 31st. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Churchill Downs in a research note on Thursday, July 2nd. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Churchill Downs presently has a consensus rating of "Moderate Buy" and a consensus target price of $136.88.

Churchill Downs Price Performance

Churchill Downs stock opened at $91.75 on Thursday. The business's fifty day moving average is $87.05 and its two-hundred day moving average is $88.88. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36. The firm has a market cap of $6.39 billion, a P/E ratio of 15.74, a P/E/G ratio of 0.84 and a beta of 0.68. Churchill Downs, Incorporated has a 52 week low of $79.40 and a 52 week high of $118.35.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share for the quarter, meeting analysts' consensus estimates of $3.45. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The company had revenue of $980.00 million during the quarter, compared to analyst estimates of $977.38 million. During the same period last year, the company posted $3.10 earnings per share. The firm's quarterly revenue was up 4.9% compared to the same quarter last year. Equities research analysts forecast that Churchill Downs, Incorporated will post 7.14 earnings per share for the current fiscal year.

Churchill Downs Profile

Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.

In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.

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