Vanguard Group Inc. Decreases Stake in Churchill Downs, Incorporated (NASDAQ:CHDN)

Key Points

• Vanguard Group Inc. has reduced its holdings in Churchill Downs, owning 6,774,570 shares valued at approximately $752.45 million after a 0.5% decrease during the first quarter.
• Churchill Downs reported $3.10 earnings per share for the last quarter, surpassing expectations, with a quarterly revenue increase of 4.9% year-over-year.
• Institutional investors hold 82.59% of Churchill Downs' stock, indicating strong support from large financial entities.

Vanguard Group Inc. lessened its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 0.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,774,570 shares of the company's stock after selling 33,751 shares during the quarter. Vanguard Group Inc. owned approximately 9.38% of Churchill Downs worth $752,451,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. raised its stake in shares of Churchill Downs by 3.9% during the 1st quarter. Envestnet Asset Management Inc. now owns 306,771 shares of the company's stock worth $34,073,000 after buying an additional 11,460 shares during the last quarter. Aurora Investment Counsel acquired a new position in shares of Churchill Downs during the 1st quarter worth $2,675,000. Landmark Investment Partners L.P. purchased a new stake in Churchill Downs during the 4th quarter worth about $13,317,000. Lighthouse Investment Partners LLC acquired a new position in Churchill Downs in the 4th quarter valued at about $6,133,000. Finally, Teacher Retirement System of Texas raised its stake in Churchill Downs by 19.3% in the 1st quarter. Teacher Retirement System of Texas now owns 10,970 shares of the company's stock valued at $1,218,000 after purchasing an additional 1,774 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Trading Up 0.0%

Shares of NASDAQ CHDN traded up $0.01 on Thursday, reaching $103.58. 361,397 shares of the company traded hands, compared to its average volume of 677,975. 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 50 day moving average of $103.65 and a 200 day moving average of $105.56. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 4.74. The stock has a market capitalization of $7.26 billion, a PE ratio of 17.80, a P/E/G ratio of 1.94 and a beta of 0.95.

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CHDN shares. Jefferies Financial Group cut 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 note on Friday, April 25th. Wall Street Zen raised shares of Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Mizuho boosted their target price on shares of Churchill Downs from $134.00 to $136.00 and gave the company an "outperform" rating in a research note on Tuesday, July 22nd. Truist Financial cut 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 note on Wednesday, July 16th. Finally, Macquarie boosted their target price on shares of Churchill Downs from $150.00 to $155.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $136.50.

Churchill Downs 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.