Van ECK Associates Corp Boosts Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

Van ECK Associates Corp raised its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 5.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,868 shares of the company’s stock after buying an additional 669 shares during the quarter. Van ECK Associates Corp’s holdings in Churchill Downs were worth $1,736,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CHDN. Vanguard Group Inc. grew its holdings in shares of Churchill Downs by 0.8% in the third quarter. Vanguard Group Inc. now owns 6,689,337 shares of the company’s stock valued at $776,231,000 after purchasing an additional 56,318 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Churchill Downs by 8.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,086,275 shares of the company’s stock worth $126,051,000 after buying an additional 83,214 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Churchill Downs by 28.9% in the 4th quarter. Jennison Associates LLC now owns 803,074 shares of the company’s stock worth $108,359,000 after buying an additional 179,814 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Churchill Downs by 5.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 668,860 shares of the company’s stock valued at $77,615,000 after buying an additional 32,751 shares in the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Churchill Downs by 0.4% in the 3rd quarter. Northern Trust Corp now owns 490,503 shares of the company’s stock valued at $56,918,000 after acquiring an additional 1,873 shares during the last quarter. Institutional investors own 82.59% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Churchill Downs Price Performance

Shares of CHDN opened at $139.10 on Thursday. Churchill Downs Incorporated has a twelve month low of $106.45 and a twelve month high of $147.30. The company has a 50 day moving average of $122.19 and a two-hundred day moving average of $122.04. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 5.88. The company has a market cap of $10.22 billion, a price-to-earnings ratio of 30.98, a price-to-earnings-growth ratio of 3.81 and a beta of 0.99.

Churchill Downs (NASDAQ:CHDN) last issued 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. Churchill Downs had a return on equity of 44.99% and a net margin of 13.72%. The company had revenue of $590.90 million during the quarter, compared to analysts’ expectations of $565.41 million. During the same quarter in the previous year, the firm posted $0.98 EPS. The firm’s revenue was up 5.6% compared to the same quarter last year. As a group, analysts predict that Churchill Downs Incorporated will post 5.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Paul C. Varga purchased 3,800 shares of Churchill Downs stock in a transaction that occurred on Monday, April 29th. The stock was bought at an average cost of $130.22 per share, for a total transaction of $494,836.00. Following the completion of the transaction, the director now owns 28,902 shares in the company, valued at $3,763,618.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.13% of the stock is owned by insiders.

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; and casino gaming.