Voya Investment Management LLC Cuts Position in Churchill Downs, Incorporated $CHDN

Key Points

• Voya Investment Management LLC has reduced its stake in Churchill Downs by 17.2%, selling 59,767 shares, and currently holds approximately 0.40% of the company valued at $31.9 million.
• Other hedge funds have also made notable moves in Churchill Downs, with SG Americas Securities LLC increasing their position by an astounding 28,864.9% during the first quarter.
• Churchill Downs reported earnings of $3.10 per share for the last quarter, surpassing analyst expectations, and has a consensus rating of "Buy" with an average price target of $136.50.

Voya Investment Management LLC reduced its position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 17.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 287,189 shares of the company's stock after selling 59,767 shares during the quarter. Voya Investment Management LLC owned about 0.40% of Churchill Downs worth $31,898,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CHDN. Geneos Wealth Management Inc. boosted its holdings in shares of Churchill Downs by 1,364.7% in the first 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. Elequin Capital LP acquired a new stake in shares of Churchill Downs in the first quarter valued at approximately $29,000. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Churchill Downs by 159.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock valued at $46,000 after acquiring an additional 253 shares during the period. Central Pacific Bank Trust Division boosted its holdings in shares of Churchill Downs by 39.6% in the first quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock valued at $51,000 after acquiring an additional 129 shares during the period. Finally, Private Trust Co. NA boosted its holdings in shares of Churchill Downs by 154.9% in the first quarter. Private Trust Co. NA now owns 543 shares of the company's stock valued at $60,000 after acquiring an additional 330 shares during the period. 82.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CHDN shares. Truist Financial decreased their price objective on Churchill Downs from $150.00 to $145.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. JMP Securities cut their price target on Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating for the company in a research note on Tuesday, May 27th. Susquehanna increased their price target on Churchill Downs from $121.00 to $126.00 and gave the stock a "positive" rating in a report on Wednesday, July 23rd. Barclays increased their price target on Churchill Downs from $127.00 to $131.00 and gave the stock an "overweight" rating in a report on Friday, July 25th. Finally, JPMorgan Chase & Co. began coverage on Churchill Downs in a report on Monday, June 23rd. They set an "overweight" rating and a $116.00 price target for the company. Ten research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Churchill Downs has a consensus rating of "Buy" and an average target price of $136.50.

Churchill Downs Price Performance

NASDAQ:CHDN traded up $0.28 during trading hours on Thursday, hitting $96.38. The company's stock had a trading volume of 177,618 shares, compared to its average volume of 698,661. The business's 50-day moving average is $103.74 and its two-hundred day moving average is $102.29. The company has a market capitalization of $6.76 billion, a PE ratio of 16.56, a PEG ratio of 1.80 and a beta of 0.86. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.60 and a current ratio of 0.60. 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 released its quarterly earnings data 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 firm had revenue of $934.40 million during the quarter, compared to analysts' expectations of $924.36 million. Churchill Downs had a return on equity of 41.46% and a net margin of 15.22%.Churchill Downs's revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.89 earnings per share. As a group, research analysts anticipate that Churchill Downs, Incorporated will post 6.92 EPS for the current fiscal 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.