Federated Hermes Inc. Trims Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Federated Hermes Inc. reduced its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 89.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,027 shares of the company’s stock after selling 51,113 shares during the quarter. Federated Hermes Inc.’s holdings in Churchill Downs were worth $841,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Churchill Downs in the 4th quarter valued at about $94,137,000. Balyasny Asset Management L.P. raised its stake in shares of Churchill Downs by 113.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 463,555 shares of the company’s stock valued at $62,547,000 after acquiring an additional 246,769 shares in the last quarter. Assenagon Asset Management S.A. boosted 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 period. Sequoia Financial Advisors LLC bought a new position in Churchill Downs in the second quarter worth approximately $26,384,000. Finally, Capital International Investors increased its holdings in Churchill Downs by 7.5% during the 1st quarter. Capital International Investors now owns 2,560,653 shares of the company’s stock worth $316,881,000 after purchasing an additional 177,900 shares during the period. 82.59% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Truist Financial reissued a “buy” rating and set a $166.00 price target (up previously from $165.00) on shares of Churchill Downs in a research report on Friday, July 26th. Macquarie raised their target price on shares of Churchill Downs from $154.00 to $162.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Stifel Nicolaus upped their price target on shares of Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Bank of America raised shares of Churchill Downs from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $145.00 to $155.00 in a report on Monday, August 12th. Finally, Jefferies Financial Group increased their target price on Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $156.90.

Churchill Downs Price Performance

Shares of CHDN opened at $137.68 on Monday. The company has a 50 day moving average of $138.60 and a two-hundred day moving average of $132.87. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 4.65. Churchill Downs Incorporated has a twelve month low of $106.45 and a twelve month high of $146.64. The company has a market cap of $10.12 billion, a price-to-earnings ratio of 30.66, a price-to-earnings-growth ratio of 2.04 and a beta of 0.97.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, July 24th. The company reported $2.89 earnings per share for the quarter, topping the consensus estimate of $2.71 by $0.18. Churchill Downs had a return on equity of 47.53% and a net margin of 15.61%. The firm had revenue of $890.70 million for the quarter, compared to the consensus estimate of $858.59 million. During the same period in the previous year, the business earned $2.24 EPS. The firm’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, analysts predict that Churchill Downs Incorporated will post 6.17 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.