Wealthedge Investment Advisors LLC Purchases Shares of 6,633 Churchill Downs, Incorporated (NASDAQ:CHDN)

Key Points

• Wealthedge Investment Advisors LLC acquired 6,633 shares of Churchill Downs, Incorporated (NASDAQ:CHDN) valued at approximately $737,000 in the 1st quarter of the year.
• Churchill Downs reported a quarterly EPS of $3.10, surpassing analysts' estimates, and the company experienced a 4.9% year-over-year revenue increase to $934.40 million.
• Institutional investors own 82.59% of Churchill Downs’ stock, indicating strong institutional interest in the company.

Wealthedge Investment Advisors LLC purchased a new stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 6,633 shares of the company's stock, valued at approximately $737,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd boosted its position in Churchill Downs by 181.4% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 560 shares of the company's stock valued at $62,000 after buying an additional 361 shares during the period. Russell Investments Group Ltd. boosted its position in Churchill Downs by 1.4% in the 1st quarter. Russell Investments Group Ltd. now owns 33,308 shares of the company's stock valued at $3,700,000 after buying an additional 458 shares during the period. Meridian Wealth Management LLC boosted its position in Churchill Downs by 17.8% in the 1st quarter. Meridian Wealth Management LLC now owns 3,477 shares of the company's stock valued at $386,000 after buying an additional 526 shares during the period. Nuveen LLC purchased a new position in Churchill Downs in the 1st quarter valued at approximately $19,267,000. Finally, Invesco Ltd. boosted its position in Churchill Downs by 47.8% in the 1st quarter. Invesco Ltd. now owns 226,157 shares of the company's stock valued at $25,119,000 after buying an additional 73,100 shares during the period. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN opened at $103.58 on Friday. The company has a debt-to-equity ratio of 4.74, a current ratio of 0.60 and a quick ratio of 0.60. The firm has a market capitalization of $7.26 billion, a P/E ratio of 17.80, a P/E/G ratio of 1.94 and a beta of 0.95. Churchill Downs, Incorporated has a 12 month low of $85.58 and a 12 month high of $150.21. The company's fifty day moving average price is $103.65 and its 200 day moving average price is $105.56.

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. The company 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%. Churchill Downs's quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the business posted $2.89 earnings per share. As a group, sell-side analysts predict that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal year.

Analyst Ratings Changes

CHDN has been the subject of several recent analyst reports. JMP Securities decreased their price objective 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. Jefferies Financial Group decreased their price objective 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. Truist Financial decreased their price objective 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. Susquehanna lifted their price objective on shares of Churchill Downs from $121.00 to $126.00 and gave the stock a "positive" rating in a research report on Wednesday, July 23rd. Finally, Stifel Nicolaus lifted their price objective on shares of Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Churchill Downs presently has a consensus rating of "Moderate Buy" and an average price target of $136.50.

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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