Bank of New York Mellon Corp Sells 31,956 Shares of Churchill Downs, Incorporated $CHDN

Bank of New York Mellon Corp lowered its holdings in Churchill Downs, Incorporated (NASDAQ:CHDN) by 6.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 467,457 shares of the company’s stock after selling 31,956 shares during the period. Bank of New York Mellon Corp’s holdings in Churchill Downs were worth $41,992,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in CHDN. Sanctuary Advisors LLC raised its position in shares of Churchill Downs by 0.5% in the first quarter. Sanctuary Advisors LLC now owns 27,600 shares of the company’s stock valued at $2,479,000 after buying an additional 125 shares in the last quarter. State of Michigan Retirement System increased its stake in Churchill Downs by 1.9% during the 1st quarter. State of Michigan Retirement System now owns 15,980 shares of the company’s stock worth $1,435,000 after acquiring an additional 300 shares during the period. Principal Financial Group Inc. raised its holdings in Churchill Downs by 4.9% in the 1st quarter. Principal Financial Group Inc. now owns 148,969 shares of the company’s stock valued at $13,382,000 after acquiring an additional 6,916 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new position in Churchill Downs in the 1st quarter valued at $290,000. Finally, Teachers Retirement System of The State of Kentucky lifted its position in shares of Churchill Downs by 59.1% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 74,488 shares of the company’s stock valued at $6,690,000 after acquiring an additional 27,675 shares during the period. Institutional investors and hedge funds own 82.59% of the company’s stock.

Analysts Set New Price Targets

CHDN has been the topic of several analyst reports. Citigroup reissued an “outperform” rating on shares of Churchill Downs in a report on Friday, April 24th. Mizuho upped their price objective on shares of Churchill Downs from $146.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Jefferies Financial Group reiterated a “buy” rating on shares of Churchill Downs in a research note on Thursday, July 2nd. Wells Fargo & Company decreased their target price on shares of Churchill Downs from $132.00 to $120.00 and set an “overweight” rating on the stock in a report on Tuesday, July 14th. Finally, Weiss Ratings cut shares of Churchill Downs from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Nine investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $138.50.

Churchill Downs Stock Performance

NASDAQ:CHDN opened at $86.50 on Friday. Churchill Downs, Incorporated has a twelve month low of $80.24 and a twelve month high of $118.35. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 4.44. The stock’s 50-day simple moving average is $86.77 and its 200 day simple moving average is $91.28. The firm has a market capitalization of $6.03 billion, a PE ratio of 16.02, a price-to-earnings-growth ratio of 0.54 and a beta of 0.67.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, April 22nd. The company reported $1.21 EPS for the quarter, topping the consensus estimate of $1.06 by $0.15. The firm had revenue of $663.00 million during the quarter, compared to the consensus estimate of $659.32 million. Churchill Downs had a return on equity of 43.50% and a net margin of 13.21%.The business’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.07 earnings per share. On average, analysts anticipate that Churchill Downs, Incorporated will post 7.14 EPS for the current fiscal year.

About Churchill Downs

Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.

In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.