Churchill Downs, Incorporated (NASDAQ:CHDN) Position Reduced by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. cut its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 10.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,405 shares of the company’s stock after selling 1,132 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Churchill Downs were worth $1,045,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. MassMutual Private Wealth & Trust FSB lifted its stake in 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 buying an additional 253 shares in the last quarter. Central Pacific Bank Trust Division lifted its stake in 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 buying an additional 129 shares in the last quarter. Covestor Ltd lifted its stake in Churchill Downs by 46.8% during the fourth quarter. Covestor Ltd now owns 929 shares of the company’s stock valued at $124,000 after buying an additional 296 shares in the last quarter. Larson Financial Group LLC lifted its stake 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 valued at $160,000 after buying an additional 1,199 shares in the last quarter. Finally, Machina Capital S.A.S. purchased a new stake in Churchill Downs during the fourth quarter valued at about $202,000. 82.59% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Churchill Downs

In related news, Director Douglas C. Grissom bought 10,000 shares of Churchill Downs stock in a transaction that occurred on Wednesday, May 7th. The stock was purchased at an average cost of $92.77 per share, for a total transaction of $927,700.00. Following the acquisition, the director owned 38,869 shares in the company, valued at $3,605,877.13. This trade represents a 34.64% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director R Alex Rankin bought 2,000 shares of Churchill Downs stock in a transaction that occurred on Monday, May 5th. The stock was bought at an average price of $92.65 per share, with a total value of $185,300.00. Following the completion of the acquisition, the director owned 99,012 shares in the company, valued at approximately $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 insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CHDN shares. JMP Securities reduced 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. Stifel Nicolaus lowered their target price on Churchill Downs from $161.00 to $142.00 and set a “buy” rating on the stock in a research note on Thursday, April 10th. Jefferies Financial Group lowered 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. JPMorgan Chase & Co. began coverage on Churchill Downs in a research note on Monday, June 23rd. They set an “overweight” rating and a $116.00 target price on the stock. Finally, Macquarie lowered their target price on Churchill Downs from $172.00 to $154.00 and set an “outperform” rating on the stock 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. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $139.91.

Churchill Downs Stock Up 0.8%

Shares of Churchill Downs stock opened at $105.76 on Friday. The firm has a market cap of $7.64 billion, a price-to-earnings ratio of 18.82, a P/E/G ratio of 3.00 and a beta of 0.95. The company has a debt-to-equity ratio of 4.49, a current ratio of 0.53 and a quick ratio of 0.53. Churchill Downs, Incorporated has a 52-week low of $85.58 and a 52-week high of $150.21. The stock has a 50-day simple moving average of $96.96 and a 200-day simple moving average of $110.15.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). The firm had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a net margin of 15.19% and a return on equity of 40.73%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.13 earnings per share. On average, equities research analysts expect that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs announced that its board has authorized a stock buyback program on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 6.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.

About Churchill Downs

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.