Independence Bank of Kentucky Buys 5,464 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Independence Bank of Kentucky increased its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 80.5% during the first quarter, HoldingsChannel reports. The firm owned 12,254 shares of the company’s stock after acquiring an additional 5,464 shares during the period. Independence Bank of Kentucky’s holdings in Churchill Downs were worth $1,516,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of CHDN. Capital Research Global Investors raised its stake in shares of Churchill Downs by 0.5% in the fourth quarter. Capital Research Global Investors now owns 6,814,665 shares of the company’s stock valued at $919,513,000 after buying an additional 35,337 shares during the period. Vanguard Group Inc. raised its stake in Churchill Downs by 0.6% in 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 lifted its holdings in Churchill Downs by 6.1% during the fourth quarter. Capital International Investors now owns 2,382,753 shares of the company’s stock valued at $321,508,000 after purchasing an additional 136,197 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Churchill Downs by 8.3% during the third quarter. Ameriprise Financial Inc. now owns 1,086,275 shares of the company’s stock worth $126,051,000 after purchasing an additional 83,214 shares during the period. Finally, Boston Partners increased its stake in shares of Churchill Downs by 98.1% in the fourth quarter. Boston Partners now owns 810,564 shares of the company’s stock worth $109,347,000 after purchasing an additional 401,319 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Price Performance

Shares of NASDAQ CHDN traded down $0.93 during midday trading on Friday, hitting $139.60. 1,023,883 shares of the company’s stock were exchanged, compared to its average volume of 535,247. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 5.88. The business’s fifty day moving average price is $134.22 and its two-hundred day moving average price is $126.86. The company has a market cap of $10.26 billion, a price-to-earnings ratio of 31.09, a PEG ratio of 3.78 and a beta of 0.99. Churchill Downs Incorporated has a 12-month low of $106.45 and a 12-month high of $141.57.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, April 24th. The company reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.35. The business had revenue of $590.90 million during the quarter, compared to analysts’ expectations of $565.41 million. Churchill Downs had a net margin of 13.72% and a return on equity of 44.99%. The business’s quarterly revenue was up 5.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.98 EPS. As a group, research analysts forecast that Churchill Downs Incorporated will post 6.04 EPS for the current fiscal year.

Insider Activity at Churchill Downs

In other news, Director Paul C. Varga acquired 3,800 shares of Churchill Downs 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 transaction, the director now owns 28,902 shares of the company’s stock, valued at $3,763,618.44. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 5.13% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on CHDN. StockNews.com raised shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, May 15th. JMP Securities reiterated a “market outperform” rating and issued a $156.00 price target on shares of Churchill Downs in a research report on Monday, May 6th. Truist Financial increased their price objective on Churchill Downs from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, April 26th. Mizuho lifted their target price on Churchill Downs from $142.00 to $143.00 and gave the company a “buy” rating in a report on Friday, April 26th. Finally, Stifel Nicolaus increased their price target on shares of Churchill Downs from $150.00 to $153.00 and gave the stock a “buy” rating in a report on Friday, April 26th. One analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $145.25.

Churchill Downs 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.