PNC Financial Services Group Inc. Reduces Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

PNC Financial Services Group Inc. trimmed its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 4.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 113,079 shares of the company’s stock after selling 5,359 shares during the period. PNC Financial Services Group Inc. owned about 0.15% of Churchill Downs worth $15,258,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CHDN. Vanguard Group Inc. increased its holdings in Churchill Downs by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 6,726,402 shares of the company’s stock worth $907,593,000 after acquiring an additional 37,065 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Churchill Downs by 6.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 151,377 shares of the company’s stock valued at $20,425,000 after buying an additional 9,354 shares during the period. Balyasny Asset Management L.P. raised its stake in shares of Churchill Downs by 113.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 463,555 shares of the company’s stock valued at $62,547,000 after acquiring an additional 246,769 shares during the period. Capital Research Global Investors lifted its stake in Churchill Downs by 0.5% during the fourth quarter. Capital Research Global Investors now owns 6,814,665 shares of the company’s stock worth $919,513,000 after purchasing an additional 35,337 shares in the last quarter. Finally, Capital International Sarl lifted its stake in Churchill Downs by 12.9% during the 4th quarter. Capital International Sarl now owns 10,469 shares of the company’s stock worth $1,413,000 after acquiring an additional 1,200 shares in the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Churchill Downs

In other Churchill Downs news, Director Paul C. Varga purchased 3,800 shares of the stock in a transaction on Monday, April 29th. The stock was bought at an average price of $130.22 per share, for a total transaction of $494,836.00. Following the acquisition, the director now directly owns 28,902 shares of the company’s stock, valued at $3,763,618.44. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 5.13% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on CHDN. Truist Financial raised their price target on shares of Churchill Downs from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, April 26th. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, May 15th. Stifel Nicolaus boosted their price target on Churchill Downs from $150.00 to $153.00 and gave the company a “buy” rating in a research report on Friday, April 26th. Wells Fargo & Company raised shares of Churchill Downs from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $137.00 to $141.00 in a research note on Monday, April 15th. Finally, Mizuho raised their price target on Churchill Downs from $142.00 to $143.00 and gave the company a “buy” rating in a report on Friday, April 26th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $145.25.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN opened at $139.85 on Tuesday. The company has a debt-to-equity ratio of 5.88, a quick ratio of 0.50 and a current ratio of 0.50. The stock has a market cap of $10.28 billion, a PE ratio of 31.15, a price-to-earnings-growth ratio of 3.67 and a beta of 0.99. Churchill Downs Incorporated has a one year low of $106.45 and a one year high of $140.45. The business’s fifty day moving average price is $131.19 and its two-hundred day moving average price is $125.67.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, April 24th. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.35. The company had revenue of $590.90 million for the quarter, compared to analysts’ expectations of $565.41 million. Churchill Downs had a net margin of 13.72% and a return on equity of 44.99%. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. During the same period last year, the company earned $0.98 EPS. On average, analysts forecast that Churchill Downs Incorporated will post 6.04 EPS for the current fiscal year.

Churchill Downs 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; and casino gaming.