Churchill Downs, Incorporated $CHDN Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp reduced its stake in Churchill Downs, Incorporated by 4.2% in Q1, selling 24,551 shares and retaining 565,159 shares valued at approximately $62.8 million.
• Churchill Downs reported earnings per share (EPS) of $3.10 for the latest quarter, exceeding analysts' expectations of $3.03 and showcasing a revenue increase of 4.9% year-over-year.
• Various institutional investors have modified their holdings in Churchill Downs, with institutional ownership now at 82.59%, indicating strong interest from large funds.

Northern Trust Corp trimmed its position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 4.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 565,159 shares of the company's stock after selling 24,551 shares during the period. Northern Trust Corp owned approximately 0.78% of Churchill Downs worth $62,772,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Elequin Capital LP purchased a new position in Churchill Downs in the 1st quarter valued at $29,000. 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 purchasing 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 purchasing an additional 129 shares in the last quarter. Private Trust Co. NA boosted its position in shares of Churchill Downs by 154.9% during the 1st quarter. Private Trust Co. NA now owns 543 shares of the company's stock worth $60,000 after purchasing an additional 330 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Churchill Downs by 181.4% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 560 shares of the company's stock worth $62,000 after purchasing an additional 361 shares in the last quarter. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CHDN has been the topic of several research analyst reports. Macquarie boosted their target price on shares of Churchill Downs from $150.00 to $155.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Mizuho boosted their target price on shares of Churchill Downs from $134.00 to $136.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. initiated coverage on shares of Churchill Downs in a research report on Monday, June 23rd. They set an "overweight" rating and a $116.00 target price on the stock. Stifel Nicolaus boosted their target price on shares of Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Finally, Barclays boosted their target price on shares of Churchill Downs from $127.00 to $131.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Ten analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $136.50.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN traded up $0.87 during midday trading on Monday, hitting $103.73. 506,509 shares of the stock were exchanged, compared to its average volume of 504,856. The stock has a market cap of $7.27 billion, a P/E ratio of 17.82, a PEG ratio of 1.94 and a beta of 0.86. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 4.74. Churchill Downs, Incorporated has a twelve month low of $85.58 and a twelve month high of $150.21. The company has a 50 day moving average price of $104.68 and a 200-day moving average price of $103.80.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $3.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.03 by $0.07. The business had revenue of $934.40 million during the quarter, compared to the consensus estimate of $924.36 million. Churchill Downs had a return on equity of 41.46% and a net margin of 15.22%.The business's revenue was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.89 EPS. On average, research analysts forecast that Churchill Downs, Incorporated will post 6.92 earnings per share for the current year.

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.