Commerce Bank Takes $604,000 Position in Churchill Downs, Incorporated $CHDN

Commerce Bank acquired a new position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 6,733 shares of the company’s stock, valued at approximately $604,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Fifth Third Bancorp increased its holdings in Churchill Downs by 6,547.6% during the 4th quarter. Fifth Third Bancorp now owns 52,649 shares of the company’s stock worth $5,990,000 after purchasing an additional 51,857 shares in the last quarter. UBS Group AG lifted its holdings in shares of Churchill Downs by 26.9% in the fourth quarter. UBS Group AG now owns 350,982 shares of the company’s stock valued at $39,935,000 after purchasing an additional 74,421 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Churchill Downs by 178.9% during the first quarter. First Trust Advisors LP now owns 76,395 shares of the company’s stock worth $6,863,000 after buying an additional 49,002 shares during the period. BlackRock Inc. acquired a new position in shares of Churchill Downs during the second quarter worth about $555,948,000. Finally, Aurora Investment Counsel acquired a new position in shares of Churchill Downs during the second quarter worth about $2,265,000. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CHDN shares. Jefferies Financial Group reissued a “buy” rating on shares of Churchill Downs in a research report on Thursday, July 2nd. Mizuho upped their price target on Churchill Downs from $155.00 to $157.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. Wells Fargo & Company lowered their price objective on shares of Churchill Downs from $120.00 to $117.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. Citigroup reissued an “outperform” rating on shares of Churchill Downs in a research report on Friday, July 31st. Finally, Truist Financial set a $145.00 target price on shares of Churchill Downs in a report on Friday, June 12th. Nine research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $136.88.

Churchill Downs Price Performance

Shares of NASDAQ CHDN opened at $86.51 on Friday. The company has a debt-to-equity ratio of 3.06, a current ratio of 0.36 and a quick ratio of 0.36. The business has a 50-day moving average of $87.21 and a 200-day moving average of $88.67. The stock has a market capitalization of $6.03 billion, a price-to-earnings ratio of 14.84, a PEG ratio of 0.83 and a beta of 0.68. Churchill Downs, Incorporated has a fifty-two week low of $79.40 and a fifty-two week high of $118.35.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.45. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The business had revenue of $980.00 million for the quarter, compared to analyst estimates of $977.38 million. During the same quarter in the prior year, the company posted $3.10 earnings per share. Churchill Downs’s revenue was up 4.9% on a year-over-year basis. As a group, sell-side analysts predict that Churchill Downs, Incorporated will post 7.14 earnings per share 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.