Barlow Wealth Partners Inc. Purchases New Shares in Churchill Downs Incorporated (NASDAQ:CHDN)

Barlow Wealth Partners Inc. acquired a new stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 153,182 shares of the company’s stock, valued at approximately $20,669,000. Churchill Downs accounts for about 2.9% of Barlow Wealth Partners Inc.’s investment portfolio, making the stock its 5th biggest holding. Barlow Wealth Partners Inc. owned approximately 0.21% of Churchill Downs at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Boston Partners bought a new stake in shares of Churchill Downs during the third quarter valued at approximately $47,479,000. Jennison Associates LLC boosted its position in shares of Churchill Downs by 28.9% in the 4th quarter. Jennison Associates LLC now owns 803,074 shares of the company’s stock worth $108,359,000 after purchasing an additional 179,814 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of Churchill Downs by 1,560.2% in the 3rd quarter. Federated Hermes Inc. now owns 134,622 shares of the company’s stock worth $15,622,000 after buying an additional 126,513 shares during the last quarter. Sapient Capital LLC bought a new position in Churchill Downs during the 4th quarter valued at approximately $11,277,000. Finally, Ameriprise Financial Inc. raised its stake in Churchill Downs by 8.3% during the third quarter. Ameriprise Financial Inc. now owns 1,086,275 shares of the company’s stock valued at $126,051,000 after buying an additional 83,214 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors.

Insider Activity at Churchill Downs

In other news, Director Paul C. Varga acquired 3,800 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was purchased at an average price of $130.22 per share, for a total transaction of $494,836.00. Following the completion of the transaction, the director now directly owns 28,902 shares in the company, valued at approximately $3,763,618.44. The acquisition was disclosed in a filing with the SEC, which is available through this link. 5.13% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Stifel Nicolaus increased their target price on Churchill Downs from $150.00 to $153.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Truist Financial lifted their target price on shares of Churchill Downs from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, April 26th. JMP Securities reiterated a “market outperform” rating and issued a $156.00 target price on shares of Churchill Downs in a research note on Monday. Wells Fargo & Company raised shares of Churchill Downs from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $137.00 to $141.00 in a research report on Monday, April 15th. Finally, StockNews.com upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $145.25.

Churchill Downs Stock Performance

Churchill Downs stock traded up $1.02 during midday trading on Wednesday, hitting $139.10. The stock had a trading volume of 450,951 shares, compared to its average volume of 406,961. Churchill Downs Incorporated has a 52-week low of $106.45 and a 52-week high of $147.30. The company has a market capitalization of $10.22 billion, a PE ratio of 30.75, a P/E/G ratio of 3.81 and a beta of 0.99. The firm’s fifty day moving average is $121.85 and its two-hundred day moving average is $121.92. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 5.88.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, April 24th. The company reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.35. Churchill Downs had a net margin of 13.72% and a return on equity of 44.99%. The company had revenue of $590.90 million for the quarter, compared to analysts’ expectations of $565.41 million. Churchill Downs’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.98 EPS. On average, research analysts forecast that Churchill Downs Incorporated will post 5.72 EPS for the current 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; and casino gaming.