Churchill Downs, Incorporated (NASDAQ:CHDN) Shares Acquired by State of Alaska Department of Revenue

State of Alaska Department of Revenue increased its holdings in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 2.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,601 shares of the company’s stock after purchasing an additional 220 shares during the quarter. State of Alaska Department of Revenue’s holdings in Churchill Downs were worth $955,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Blue Trust Inc. lifted its stake in Churchill Downs by 127.2% in the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock valued at $25,000 after buying an additional 103 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Churchill Downs by 159.1% during 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 last quarter. Central Pacific Bank Trust Division boosted its stake in shares of Churchill Downs by 39.6% during 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 last quarter. Covestor Ltd lifted its position in Churchill Downs by 46.8% during the fourth quarter. Covestor Ltd now owns 929 shares of the company’s stock worth $124,000 after buying an additional 296 shares during the period. Finally, Larson Financial Group LLC lifted its position in Churchill Downs by 119,900.0% during the fourth quarter. Larson Financial Group LLC now owns 1,200 shares of the company’s stock worth $160,000 after buying an additional 1,199 shares during the period. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Analysts Set New Price Targets

CHDN has been the topic of a number of research reports. Wall Street Zen upgraded Churchill Downs from a “sell” rating to a “hold” rating in a report on Thursday, April 24th. Susquehanna decreased their target price on Churchill Downs from $150.00 to $136.00 and set a “positive” rating for the company in a research report on Tuesday, April 22nd. Truist Financial cut their price target on Churchill Downs from $162.00 to $155.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. JMP Securities cut their price target on Churchill Downs from $144.00 to $138.00 and set a “market outperform” rating on the stock in a report on Tuesday, May 27th. Finally, Jefferies Financial Group cut their target price on Churchill Downs from $160.00 to $127.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Churchill Downs currently has an average rating of “Moderate Buy” and a consensus price target of $139.91.

Churchill Downs Stock Performance

Shares of NASDAQ CHDN opened at $100.60 on Friday. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 4.49. The stock has a market capitalization of $7.27 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 2.57 and a beta of 0.94. The stock’s fifty day simple moving average is $96.22 and its 200 day simple moving average is $111.62. Churchill Downs, Incorporated has a 52-week low of $85.58 and a 52-week high of $150.21.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Churchill Downs had a net margin of 15.19% and a return on equity of 40.73%. The business had revenue of $642.60 million for the quarter, compared to analysts’ expectations of $649.68 million. During the same quarter in the prior year, the firm posted $1.13 EPS. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs announced that its Board of Directors has authorized a stock buyback program on Wednesday, March 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to buy up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, Director Douglas C. Grissom purchased 10,000 shares of Churchill Downs stock in a transaction on Wednesday, May 7th. The stock was bought at an average price of $92.77 per share, with a total value of $927,700.00. Following the completion of the transaction, the director now directly owns 38,869 shares of the company’s stock, valued at approximately $3,605,877.13. This represents a 34.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director R Alex Rankin acquired 2,000 shares of the business’s stock in a transaction that occurred on Monday, May 5th. The shares were acquired at an average cost of $92.65 per share, with a total value of $185,300.00. Following the transaction, the director now directly owns 99,012 shares in the company, valued at $9,173,461.80. The trade was a 2.06% increase in their position. The disclosure for this purchase can be found here. 5.34% of the stock is currently owned by corporate insiders.

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.