Schulhoff & Co. Inc. Invests $418,000 in Churchill Downs, Incorporated (NASDAQ:CHDN)

Key Points

• Schulhoff & Co. Inc. invested approximately $418,000 in Churchill Downs, Incorporated (NASDAQ:CHDN) by purchasing 3,760 shares in the first quarter of the year.
• Churchill Downs reported earnings of $3.10 per share for the last quarter, surpassing analysts' estimates, with quarterly revenue reaching $934.40 million.
• Institutional investors now own 82.59% of Churchill Downs' stock, reflecting significant interest from various hedge funds and financial institutions.

Schulhoff & Co. Inc. purchased a new position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 3,760 shares of the company's stock, valued at approximately $418,000.

Several other hedge funds have also recently modified their holdings of CHDN. Teacher Retirement System of Texas lifted its position in shares of Churchill Downs by 10.0% in the 4th quarter. Teacher Retirement System of Texas now owns 9,196 shares of the company's stock worth $1,228,000 after purchasing an additional 836 shares during the period. Sei Investments Co. lifted its position in shares of Churchill Downs by 6.0% in the 4th quarter. Sei Investments Co. now owns 41,892 shares of the company's stock worth $5,594,000 after purchasing an additional 2,356 shares during the period. LPL Financial LLC lifted its position in shares of Churchill Downs by 107.8% in the 4th quarter. LPL Financial LLC now owns 40,356 shares of the company's stock worth $5,389,000 after purchasing an additional 20,938 shares during the period. Vanguard Group Inc. lifted its position in shares of Churchill Downs by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 6,808,321 shares of the company's stock worth $909,183,000 after purchasing an additional 107,737 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of Churchill Downs by 15.8% in the 4th quarter. JPMorgan Chase & Co. now owns 212,663 shares of the company's stock worth $28,399,000 after purchasing an additional 29,069 shares during the period. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Trading Down 0.2%

Shares of Churchill Downs stock opened at $113.53 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.53 and a debt-to-equity ratio of 4.74. Churchill Downs, Incorporated has a 12-month low of $85.58 and a 12-month high of $150.21. The firm has a market capitalization of $7.96 billion, a price-to-earnings ratio of 19.51, a PEG ratio of 3.13 and a beta of 0.95. The firm's 50 day simple moving average is $100.83 and its two-hundred day simple moving average is $107.51.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $3.10 earnings per share for the quarter, topping analysts' consensus estimates of $3.03 by $0.07. The firm had revenue of $934.40 million for the quarter, compared to analyst estimates of $924.36 million. Churchill Downs had a net margin of 15.22% and a return on equity of 41.46%. The business's quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.89 earnings per share. Analysts predict that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. JMP Securities decreased their target price on shares of 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. Mizuho increased their target price on shares of Churchill Downs from $134.00 to $136.00 and gave the company an "outperform" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. assumed 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 for the company. Truist Financial decreased their target price on shares of Churchill Downs from $150.00 to $145.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, Jefferies Financial Group decreased their target price on shares of Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a research report on Friday, April 25th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, Churchill Downs has a consensus rating of "Moderate Buy" and an average target price of $138.09.

Insiders Place Their Bets

In other news, Director R Alex Rankin purchased 2,000 shares of the company's stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average price of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the transaction, the director owned 99,012 shares in the company, 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 SEC, which is accessible through this link. Also, Director Douglas C. Grissom purchased 10,000 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The shares were purchased at an average price of $92.77 per share, for a total transaction of $927,700.00. Following the transaction, the director owned 38,869 shares of the company's stock, 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. 5.34% of the stock is owned by corporate insiders.

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.

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