Churchill Downs Incorporated (NASDAQ:CHDN) Holdings Raised by Independence Bank of Kentucky

Independence Bank of Kentucky boosted its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 6.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,129 shares of the company’s stock after buying an additional 825 shares during the quarter. Independence Bank of Kentucky’s holdings in Churchill Downs were worth $1,910,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of CHDN. William Blair Investment Management LLC acquired a new position in shares of Churchill Downs during the 2nd quarter worth $125,418,000. Assenagon Asset Management S.A. increased its stake in shares of Churchill Downs by 10,126.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 195,829 shares of the company’s stock worth $27,338,000 after purchasing an additional 193,914 shares during the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of Churchill Downs during the 2nd quarter worth $26,384,000. Capital International Investors increased its stake 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 worth $316,881,000 after purchasing an additional 177,900 shares during the last quarter. Finally, Artemis Investment Management LLP grew its stake in Churchill Downs by 60.1% in the 2nd quarter. Artemis Investment Management LLP now owns 347,074 shares of the company’s stock valued at $48,452,000 after buying an additional 130,331 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CHDN shares. Truist Financial reiterated a “buy” rating and issued a $166.00 target price (up from $165.00) on shares of Churchill Downs in a research note on Friday, July 26th. Stifel Nicolaus raised their target price on shares of Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a research note on Friday, August 2nd. JMP Securities raised their target price on shares of Churchill Downs from $158.00 to $166.00 and gave the company a “market outperform” rating in a research note on Friday, July 26th. Finally, Wells Fargo & Company raised their price target on shares of Churchill Downs from $150.00 to $161.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $156.90.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN traded down $0.06 during midday trading on Friday, reaching $139.93. 12,010 shares of the company’s stock were exchanged, compared to its average volume of 427,376. The company’s 50 day simple moving average is $137.07 and its two-hundred day simple moving average is $134.63. The firm has a market capitalization of $10.28 billion, a PE ratio of 25.83, a price-to-earnings-growth ratio of 2.06 and a beta of 0.97. Churchill Downs Incorporated has a 12 month low of $106.45 and a 12 month high of $146.64. The company has a debt-to-equity ratio of 4.65, a quick ratio of 0.57 and a current ratio of 0.57.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data on Wednesday, July 24th. The company reported $2.89 EPS for the quarter, topping analysts’ consensus estimates of $2.71 by $0.18. The company had revenue of $890.70 million during 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 firm’s revenue for the quarter was up 15.9% compared to the same quarter last year. During the same period last year, the firm earned $2.24 EPS. Equities research analysts expect that Churchill Downs Incorporated will post 6.13 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.