Churchill Downs Incorporated (NASDAQ:CHDN) Shares Purchased by State of Michigan Retirement System

State of Michigan Retirement System raised its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 2.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 16,680 shares of the company’s stock after buying an additional 400 shares during the period. State of Michigan Retirement System’s holdings in Churchill Downs were worth $2,064,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Barlow Wealth Partners Inc. purchased a new stake in shares of Churchill Downs in the fourth quarter valued at $20,669,000. Capital Research Global Investors increased its position 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 acquiring an additional 35,337 shares during the period. Balyasny Asset Management L.P. raised its stake in Churchill Downs by 113.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 463,555 shares of the company’s stock valued at $62,547,000 after purchasing an additional 246,769 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Churchill Downs by 6.6% during the fourth 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 last quarter. Finally, Nations Financial Group Inc. IA ADV lifted its position in shares of Churchill Downs by 1.6% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 11,684 shares of the company’s stock worth $1,577,000 after acquiring an additional 181 shares during the period. 82.59% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Churchill Downs

In other news, Director Paul C. Varga acquired 3,800 shares of Churchill Downs stock in a transaction dated Monday, April 29th. The stock was bought at an average cost of $130.22 per share, with a total value of $494,836.00. Following the completion of the transaction, the director now directly owns 28,902 shares of the company’s stock, valued at $3,763,618.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.13% of the company’s stock.

Wall Street Analyst Weigh In

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

Churchill Downs Stock Performance

Shares of CHDN stock opened at $140.00 on Friday. The company has a market capitalization of $10.29 billion, a P/E ratio of 31.18, a price-to-earnings-growth ratio of 3.72 and a beta of 0.97. Churchill Downs Incorporated has a 52 week low of $106.45 and a 52 week high of $141.57. 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 company’s 50 day moving average price is $135.42 and its two-hundred day moving average price is $127.17.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings data on Wednesday, April 24th. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.35. The business had revenue of $590.90 million for the quarter, compared to analyst estimates of $565.41 million. Churchill Downs had a net margin of 13.72% and a return on equity of 44.99%. The firm’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period last year, the business posted $0.98 earnings per share. On average, analysts expect that Churchill Downs Incorporated will post 6.04 earnings per share 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.