Churchill Downs Incorporated (NASDAQ:CHDN) Shares Bought by Truist Financial Corp

Truist Financial Corp grew its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 215.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,147 shares of the company’s stock after buying an additional 16,502 shares during the period. Truist Financial Corp’s holdings in Churchill Downs were worth $3,371,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. William Blair Investment Management LLC acquired a new stake in Churchill Downs in the 2nd quarter valued at about $125,418,000. Balyasny Asset Management L.P. grew its position in shares of Churchill Downs by 113.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 463,555 shares of the company’s stock valued at $62,547,000 after purchasing an additional 246,769 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Churchill Downs by 10,126.1% in the second quarter. Assenagon Asset Management S.A. now owns 195,829 shares of the company’s stock valued at $27,338,000 after purchasing an additional 193,914 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in Churchill Downs during the second quarter worth approximately $26,384,000. Finally, Capital International Investors boosted its stake in Churchill Downs by 7.5% during the first quarter. Capital International Investors now owns 2,560,653 shares of the company’s stock worth $316,881,000 after buying an additional 177,900 shares during the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on CHDN. JMP Securities raised their price objective on shares of Churchill Downs from $158.00 to $166.00 and gave the stock a “market outperform” rating in a research report on Friday, July 26th. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Friday, August 2nd. Stifel Nicolaus upped their price objective on Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Macquarie raised their target price on Churchill Downs from $154.00 to $162.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, Truist Financial restated a “buy” rating and issued a $166.00 target price (up previously from $165.00) on shares of Churchill Downs in a research report on Friday, July 26th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Churchill Downs presently has an average rating of “Moderate Buy” and an average target price of $156.90.

Churchill Downs Price Performance

Shares of CHDN opened at $139.03 on Wednesday. The company has a market cap of $10.22 billion, a P/E ratio of 30.96, a PEG ratio of 2.01 and a beta of 0.97. Churchill Downs Incorporated has a fifty-two week low of $106.45 and a fifty-two week high of $146.64. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 4.65. The firm’s 50 day moving average price is $137.13 and its 200 day moving average price is $134.55.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $2.89 earnings per share for the quarter, topping analysts’ consensus estimates of $2.71 by $0.18. The business had revenue of $890.70 million for the quarter, compared to analyst estimates of $858.59 million. Churchill Downs had a return on equity of 47.53% and a net margin of 15.61%. The company’s revenue was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.24 earnings per share. On average, research analysts forecast that Churchill Downs Incorporated will post 6.13 earnings per share for the current fiscal year.

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.