Fifth Third Bancorp Trims Stake in Churchill Downs, Incorporated $CHDN

Fifth Third Bancorp decreased its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 20.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 1,331 shares of the company’s stock after selling 332 shares during the period. Fifth Third Bancorp’s holdings in Churchill Downs were worth $134,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CHDN. Geneos Wealth Management Inc. grew its holdings in shares of Churchill Downs by 1,364.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock worth $28,000 after acquiring an additional 232 shares during the period. Elequin Capital LP purchased a new position in shares of Churchill Downs during the 1st quarter worth approximately $29,000. Private Trust Co. NA boosted its position in shares of Churchill Downs by 154.9% in the 1st quarter. Private Trust Co. NA now owns 543 shares of the company’s stock worth $60,000 after purchasing an additional 330 shares in the last quarter. State of Wyoming bought a new stake in shares of Churchill Downs in the 1st quarter worth approximately $60,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Churchill Downs by 181.4% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 560 shares of the company’s stock worth $62,000 after purchasing an additional 361 shares in the last quarter. 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 analyst reports. Barclays boosted their price target on Churchill Downs from $127.00 to $131.00 and gave the stock an “overweight” rating in a research report on Friday, July 25th. Macquarie boosted their price target on Churchill Downs from $150.00 to $155.00 and gave the stock an “outperform” rating in a research report on Monday, July 28th. Susquehanna boosted their price target on Churchill Downs from $121.00 to $126.00 and gave the stock a “positive” rating in a research report on Wednesday, July 23rd. Truist Financial dropped their price target on Churchill Downs from $150.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, July 16th. Finally, JPMorgan Chase & Co. initiated coverage on Churchill Downs in a research report on Monday, June 23rd. They issued an “overweight” rating and a $116.00 price target on the stock. Ten investment analysts have rated the stock with a Buy rating, According to MarketBeat, Churchill Downs currently has a consensus rating of “Buy” and a consensus target price of $136.50.

Churchill Downs Stock Performance

CHDN stock opened at $96.61 on Thursday. The stock has a market capitalization of $6.77 billion, a PE ratio of 16.60, a price-to-earnings-growth ratio of 1.81 and a beta of 0.83. Churchill Downs, Incorporated has a 12-month low of $85.58 and a 12-month high of $150.21. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 4.74. The stock’s 50 day simple moving average is $101.81 and its 200 day simple moving average is $101.30.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $3.10 earnings per share for the quarter, beating the consensus estimate of $3.03 by $0.07. The firm had revenue of $934.40 million for the quarter, compared to analysts’ expectations of $924.36 million. Churchill Downs had a return on equity of 41.46% and a net margin of 15.22%.The company’s revenue was up 4.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.89 EPS. As a group, research analysts forecast that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal year.

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.