Gabelli Funds LLC Lowers Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Gabelli Funds LLC reduced its position in Churchill Downs Incorporated (NASDAQ:CHDN) by 2.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 141,700 shares of the company’s stock after selling 3,000 shares during the period. Gabelli Funds LLC owned about 0.19% of Churchill Downs worth $17,535,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors grew its position in shares of Churchill Downs by 0.5% during the 4th quarter. Capital Research Global Investors now owns 6,814,665 shares of the company’s stock valued at $919,513,000 after acquiring an additional 35,337 shares during the period. Vanguard Group Inc. grew its position in shares of Churchill Downs by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 6,726,402 shares of the company’s stock valued at $907,593,000 after acquiring an additional 37,065 shares during the period. Capital International Investors grew its position in shares of Churchill Downs by 7.5% during the 1st quarter. Capital International Investors now owns 2,560,653 shares of the company’s stock valued at $316,881,000 after acquiring an additional 177,900 shares during the period. Jennison Associates LLC grew its position in shares of Churchill Downs by 5.6% during the 1st quarter. Jennison Associates LLC now owns 847,847 shares of the company’s stock valued at $104,921,000 after acquiring an additional 44,773 shares during the period. Finally, Boston Partners grew its position in shares of Churchill Downs by 98.1% during the 4th quarter. Boston Partners now owns 810,564 shares of the company’s stock valued at $109,347,000 after acquiring an additional 401,319 shares during the period. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Churchill Downs news, Director Paul C. Varga acquired 3,800 shares of the company’s stock in a transaction dated Monday, April 29th. The shares were purchased at an average cost of $130.22 per share, for a total transaction of $494,836.00. Following the completion of the purchase, the director now owns 28,902 shares in the company, valued at $3,763,618.44. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 5.13% of the company’s stock.

Churchill Downs Trading Up 3.3 %

NASDAQ:CHDN traded up $4.62 during mid-day trading on Friday, hitting $142.58. 814,384 shares of the stock traded hands, compared to its average volume of 496,909. The stock has a market capitalization of $10.48 billion, a price-to-earnings ratio of 31.76, a PEG ratio of 3.05 and a beta of 0.97. Churchill Downs Incorporated has a 52 week low of $106.45 and a 52 week high of $146.64. The firm’s 50 day moving average is $137.50 and its two-hundred day moving average is $128.10. The company has a quick ratio of 0.50, a current ratio of 0.57 and a debt-to-equity ratio of 4.65.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, July 24th. The company reported $2.89 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.18. The business had revenue of $890.70 million for the quarter, compared to the consensus estimate of $858.59 million. Churchill Downs had a net margin of 15.61% and a return on equity of 47.53%. The company’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.24 EPS. On average, equities research analysts predict that Churchill Downs Incorporated will post 6.03 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on CHDN shares. StockNews.com downgraded shares of Churchill Downs from a “hold” rating to a “sell” rating in a report on Thursday. Wells Fargo & Company upped their target price on shares of Churchill Downs from $150.00 to $161.00 and gave the stock an “overweight” rating in a report on Friday. Truist Financial reaffirmed a “buy” rating and issued a $166.00 target price (up previously from $165.00) on shares of Churchill Downs in a report on Friday. Mizuho upped their target price on shares of Churchill Downs from $143.00 to $157.00 and gave the stock an “outperform” rating in a report on Friday. Finally, Jefferies Financial Group boosted their price target on shares of Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. One investment analyst has rated the stock with a sell rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $155.60.

Churchill Downs Company 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.