Private Trust Co. NA Acquires 330 Shares of Churchill Downs, Incorporated (NASDAQ:CHDN)

Private Trust Co. NA boosted its holdings in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 154.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 543 shares of the company’s stock after purchasing an additional 330 shares during the period. Private Trust Co. NA’s holdings in Churchill Downs were worth $60,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its position in Churchill Downs by 159.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company’s stock worth $46,000 after purchasing an additional 253 shares during the last quarter. Central Pacific Bank Trust Division boosted its position in shares of Churchill Downs by 39.6% in the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company’s stock worth $51,000 after purchasing an additional 129 shares during the last quarter. Covestor Ltd increased its stake in shares of Churchill Downs by 46.8% in 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 last quarter. Larson Financial Group LLC raised its position in shares of Churchill Downs by 119,900.0% in the 4th quarter. Larson Financial Group LLC now owns 1,200 shares of the company’s stock valued at $160,000 after acquiring an additional 1,199 shares during the period. Finally, Ossiam boosted its stake in 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 acquiring an additional 1,880 shares during the last quarter. Institutional investors own 82.59% of the company’s stock.

Insiders Place Their Bets

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

Analysts Set New Price Targets

A number of research analysts have issued reports on CHDN shares. JMP Securities decreased their target price 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. Jefferies Financial Group decreased their price objective on Churchill Downs from $160.00 to $127.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Barclays dropped their target price on shares of Churchill Downs from $125.00 to $124.00 and set an “overweight” rating on the stock in a report on Friday, April 25th. Wall Street Zen upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Thursday, April 24th. Finally, Stifel Nicolaus reduced their target price on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Churchill Downs has a consensus rating of “Moderate Buy” and a consensus price target of $139.91.

Churchill Downs Stock Performance

NASDAQ:CHDN opened at $105.38 on Thursday. The company has a fifty day moving average of $97.80 and a 200-day moving average of $109.72. The firm has a market capitalization of $7.61 billion, a P/E ratio of 18.75, a P/E/G ratio of 2.99 and a beta of 0.95. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 4.49. Churchill Downs, Incorporated has a twelve month low of $85.58 and a twelve month high of $150.21.

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

Churchill Downs announced that its Board of Directors has authorized a stock buyback plan on Wednesday, March 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 6.4% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is 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.