Vanguard Group Inc. Sells 323,383 Shares of Churchill Downs, Incorporated $CHDN

Key Points

• Vanguard Group Inc. trimmed its stake in Churchill Downs by 5.1%, selling 323,383 shares and ending the quarter with 6,036,416 shares—about an 8.66% stake valued at roughly $686.8 million.
• Churchill Downs beat estimates with quarterly EPS of $1.21 on $663 million in revenue, and Wall Street remains broadly positive with an average price target of $139 and 11 analysts rating the stock a Buy versus one Hold.

Vanguard Group Inc. lessened its position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 5.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,036,416 shares of the company's stock after selling 323,383 shares during the period. Vanguard Group Inc. owned about 8.66% of Churchill Downs worth $686,823,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of CHDN. AQR Capital Management LLC grew its position in shares of Churchill Downs by 29.8% in the 1st quarter. AQR Capital Management LLC now owns 3,415 shares of the company's stock valued at $373,000 after acquiring an additional 784 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Churchill Downs by 33.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 483,252 shares of the company's stock valued at $53,675,000 after acquiring an additional 121,204 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Churchill Downs by 7.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 225,800 shares of the company's stock valued at $25,080,000 after acquiring an additional 15,161 shares during the period. Geneos Wealth Management Inc. grew its position in shares of Churchill Downs by 1,364.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock valued at $28,000 after acquiring an additional 232 shares during the period. Finally, Sivia Capital Partners LLC bought a new position in shares of Churchill Downs in the 2nd quarter valued at about $229,000. Institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Performance

Shares of CHDN stock opened at $98.65 on Monday. The company has a market capitalization of $6.88 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 0.65 and a beta of 0.73. The company has a debt-to-equity ratio of 4.44, a quick ratio of 0.54 and a current ratio of 0.54. The company has a 50-day simple moving average of $90.35 and a 200 day simple moving average of $99.19. Churchill Downs, Incorporated has a 52 week low of $80.24 and a 52 week high of $118.46.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its earnings results on Wednesday, April 22nd. The company reported $1.21 EPS for the quarter, topping the consensus estimate of $1.06 by $0.15. The business had revenue of $663.00 million during the quarter, compared to the consensus estimate of $659.32 million. Churchill Downs had a net margin of 13.21% and a return on equity of 43.50%. Churchill Downs's revenue was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.07 EPS. On average, sell-side analysts predict that Churchill Downs, Incorporated will post 7.32 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CHDN has been the subject of a number of analyst reports. Citizens Jmp lifted their price objective on shares of Churchill Downs from $146.00 to $149.00 and gave the company a "market outperform" rating in a research report on Friday, April 24th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Churchill Downs in a report on Tuesday, April 21st. Mizuho lifted their target price on shares of Churchill Downs from $146.00 to $155.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $130.00 target price (up from $124.00) on shares of Churchill Downs in a report on Thursday, April 16th. Finally, Citigroup reaffirmed an "outperform" rating on shares of Churchill Downs in a report on Friday, April 24th. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $139.00.

About Churchill Downs

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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