Victory Capital Management Inc. Reduces Stock Holdings in Churchill Downs, Incorporated (NASDAQ:CHDN)

Victory Capital Management Inc. reduced its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 72.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 63,905 shares of the company's stock after selling 164,645 shares during the quarter. Victory Capital Management Inc. owned 0.09% of Churchill Downs worth $7,098,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Edgestream Partners L.P. raised its holdings in shares of Churchill Downs by 490.4% during the 1st quarter. Edgestream Partners L.P. now owns 64,790 shares of the company's stock valued at $7,196,000 after buying an additional 53,817 shares during the period. Aurora Investment Counsel purchased a new stake in shares of Churchill Downs during the 1st quarter valued at about $2,675,000. Cardinal Strategic Wealth Guidance raised its holdings in shares of Churchill Downs by 100.3% during the 1st quarter. Cardinal Strategic Wealth Guidance now owns 5,357 shares of the company's stock valued at $595,000 after buying an additional 2,682 shares during the period. Louisiana State Employees Retirement System raised its holdings in shares of Churchill Downs by 1.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 20,600 shares of the company's stock valued at $2,288,000 after buying an additional 200 shares during the period. Finally, Xponance Inc. raised its holdings in shares of Churchill Downs by 2.7% during the 1st quarter. Xponance Inc. now owns 14,735 shares of the company's stock valued at $1,637,000 after buying an additional 390 shares during the period. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Churchill Downs

In other news, Director Douglas C. Grissom bought 10,000 shares of the firm's stock in a transaction dated Wednesday, May 7th. The stock was bought 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 in the company, valued at $3,605,877.13. The trade was a 34.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director R Alex Rankin acquired 2,000 shares of Churchill Downs stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average price of $92.65 per share, with a total value of $185,300.00. Following the transaction, the director directly owned 99,012 shares in the company, valued at approximately $9,173,461.80. This trade represents a 2.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.34% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CHDN shares. Truist Financial dropped their target price on Churchill Downs from $150.00 to $145.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Jefferies Financial Group lowered their price objective on Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Susquehanna raised their price objective on Churchill Downs from $121.00 to $126.00 and gave the company a "positive" rating in a research note on Wednesday. Stifel Nicolaus raised their price objective on Churchill Downs from $130.00 to $133.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Finally, Macquarie lowered their price objective on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $138.09.

Churchill Downs Price Performance

Shares of CHDN opened at $113.53 on Friday. The firm has a market cap of $7.96 billion, a price-to-earnings ratio of 19.51, a PEG ratio of 3.14 and a beta of 0.95. The stock has a 50 day moving average of $100.83 and a 200-day moving average of $107.66. 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 52 week low of $85.58 and a 52 week high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The company reported $3.10 EPS for the quarter, topping the consensus estimate of $3.03 by $0.07. The company had revenue of $934.40 million during the quarter, compared to analyst estimates 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 last year, the firm earned $2.89 EPS. As a group, analysts forecast that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Churchill Downs Company 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.

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