Westfield Capital Management Co. LP Cuts Stock Holdings in Churchill Downs, Incorporated (NASDAQ:CHDN)

Key Points

• Westfield Capital Management Co. LP has reduced its stake in Churchill Downs by 61.3%, now holding 346,452 shares valued at approximately $38.48 million.
• In contrast, other institutional investors have increased their holdings, with MassMutual Private Wealth & Trust FSB raising theirs by 159.1% during the first quarter.
• Churchill Downs reported earnings of $3.10 per share for Q2, exceeding analysts' expectations, and revenue increased by 4.9% year-over-year.

Westfield Capital Management Co. LP cut its holdings in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 61.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 346,452 shares of the company's stock after selling 547,757 shares during the period. Westfield Capital Management Co. LP owned 0.48% of Churchill Downs worth $38,480,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in CHDN. MassMutual Private Wealth & Trust FSB raised its stake 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 in the last quarter. Central Pacific Bank Trust Division lifted its position in 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 purchasing an additional 129 shares during the period. Private Trust Co. NA lifted its position in 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 purchasing an additional 330 shares during the period. Covestor Ltd lifted its position in shares of Churchill Downs by 46.8% during the 4th quarter. Covestor Ltd now owns 929 shares of the company's stock valued at $124,000 after acquiring an additional 296 shares during the period. Finally, Ossiam raised its position in shares of Churchill Downs by 2,292.7% during the 4th quarter. Ossiam now owns 1,962 shares of the company's stock worth $262,000 after purchasing an additional 1,880 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Trading Down 0.1%

NASDAQ CHDN traded down $0.14 during trading on Thursday, reaching $102.17. 399,262 shares of the stock traded hands, compared to its average volume of 699,919. The firm has a market cap of $7.16 billion, a price-to-earnings ratio of 17.55, a price-to-earnings-growth ratio of 1.91 and a beta of 0.95. 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 quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 4.74. The stock's 50-day moving average price is $102.92 and its 200 day moving average price is $106.36.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings results 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 firm had revenue of $934.40 million during the quarter, compared to analysts' expectations of $924.36 million. During the same quarter last year, the company posted $2.89 earnings per share. The company's revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts predict that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. JMP Securities lowered 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 note on Tuesday, May 27th. Wall Street Zen upgraded shares of Churchill Downs from a "sell" rating to a "hold" rating in a report on Thursday, April 24th. Barclays upped their target price on shares of Churchill Downs from $127.00 to $131.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Mizuho increased their price objective on shares of Churchill Downs from $134.00 to $136.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. Finally, Stifel Nicolaus upped their target price 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 equities research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $138.18.

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.