Strategy Asset Managers LLC Makes New $221,000 Investment in Churchill Downs Incorporated (NASDAQ:CHDN)

Strategy Asset Managers LLC purchased a new position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) during the first quarter, Holdings Channel.com reports. The fund purchased 974 shares of the company’s stock, valued at approximately $221,000.

Other hedge funds have also recently added to or reduced their stakes in the company. CWM LLC increased its stake in shares of Churchill Downs by 1,850.0% during the first quarter. CWM LLC now owns 117 shares of the company’s stock worth $27,000 after buying an additional 111 shares during the period. CI Investments Inc. increased its stake in shares of Churchill Downs by 55.4% during the fourth quarter. CI Investments Inc. now owns 202 shares of the company’s stock worth $39,000 after buying an additional 72 shares during the period. Sowell Financial Services LLC purchased a new stake in shares of Churchill Downs during the first quarter worth approximately $65,000. Invictus RG purchased a new stake in shares of Churchill Downs during the fourth quarter worth approximately $77,000. Finally, Fifth Third Bancorp increased its stake in shares of Churchill Downs by 162.0% during the first quarter. Fifth Third Bancorp now owns 524 shares of the company’s stock worth $119,000 after buying an additional 324 shares during the period. Hedge funds and other institutional investors own 72.15% of the company’s stock.

In related news, SVP Austin W. Miller sold 400 shares of the stock in a transaction on Thursday, April 22nd. The stock was sold at an average price of $225.47, for a total transaction of $90,188.00. Following the completion of the sale, the senior vice president now directly owns 30,951 shares of the company’s stock, valued at $6,978,521.97. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Austin W. Miller sold 3,000 shares of the firm’s stock in a transaction on Thursday, May 6th. The shares were sold at an average price of $199.27, for a total value of $597,810.00. Following the completion of the sale, the senior vice president now directly owns 25,149 shares of the company’s stock, valued at approximately $5,011,441.23. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 6,400 shares of company stock valued at $1,302,308. Corporate insiders own 4.28% of the company’s stock.

Several equities analysts have commented on CHDN shares. Zacks Investment Research upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a research note on Tuesday, April 27th. Jefferies Financial Group upgraded shares of Churchill Downs from a “hold” rating to a “buy” rating and set a $244.00 price target on the stock in a research note on Friday, May 14th. Finally, KeyCorp increased their price target on shares of Churchill Downs from $239.00 to $250.00 and gave the company an “overweight” rating in a research note on Monday, March 1st. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $216.50.

CHDN stock opened at $198.50 on Friday. The firm has a market capitalization of $7.65 billion, a P/E ratio of -342.24 and a beta of 1.34. Churchill Downs Incorporated has a twelve month low of $121.56 and a twelve month high of $258.32. The company has a 50 day moving average price of $207.17. The company has a debt-to-equity ratio of 9.71, a current ratio of 1.14 and a quick ratio of 1.14.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings results on Tuesday, April 20th. The company reported $0.87 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.56 by $0.31. Churchill Downs had a positive return on equity of 21.83% and a negative net margin of 1.99%. The firm had revenue of $324.30 million during the quarter, compared to the consensus estimate of $290.95 million. During the same period last year, the company earned $0.05 earnings per share. The company’s revenue for the quarter was up 28.2% on a year-over-year basis. On average, equities research analysts expect that Churchill Downs Incorporated will post 5.53 EPS 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: Churchill Downs, Online Wagering, and Gaming. As of March 18, 2021, the company owned and operated three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines (HRMs) in Kentucky; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; seven retail sportsbooks; and casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals, and 200 table games.

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Institutional Ownership by Quarter for Churchill Downs (NASDAQ:CHDN)

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