Millennium Management LLC Decreases Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

Millennium Management LLC reduced its position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 44.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 269,935 shares of the company's stock after selling 217,595 shares during the quarter. Millennium Management LLC owned 0.37% of Churchill Downs worth $37,683,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CHDN. UMB Bank n.a. boosted its stake in shares of Churchill Downs by 59.8% during the first quarter. UMB Bank n.a. now owns 286 shares of the company's stock valued at $35,000 after purchasing an additional 107 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in shares of Churchill Downs in the 1st quarter valued at $44,000. CWM LLC raised its position in shares of Churchill Downs by 36.8% in the 2nd quarter. CWM LLC now owns 439 shares of the company's stock worth $61,000 after acquiring an additional 118 shares in the last quarter. Bank & Trust Co purchased a new stake in shares of Churchill Downs during the 2nd quarter worth $84,000. Finally, GAMMA Investing LLC boosted its position in Churchill Downs by 72.4% during the second quarter. GAMMA Investing LLC now owns 612 shares of the company's stock valued at $85,000 after purchasing an additional 257 shares in the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on CHDN shares. Jefferies Financial Group increased their price target on shares of Churchill Downs from $153.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, July 11th. JMP Securities lifted their price target on shares of Churchill Downs from $158.00 to $166.00 and gave the stock a "market outperform" rating in a report on Friday, July 26th. Truist Financial reiterated a "buy" rating and set a $166.00 price objective (up previously from $165.00) on shares of Churchill Downs in a report on Friday, July 26th. Stifel Nicolaus boosted their target price on Churchill Downs from $153.00 to $160.00 and gave the stock a "buy" rating in a research note on Monday, July 22nd. Finally, StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $156.90.

Churchill Downs Stock Performance

CHDN traded up $0.50 during midday trading on Wednesday, hitting $136.43. 333,544 shares of the company were exchanged, compared to its average volume of 430,386. The company's 50 day simple moving average is $137.52 and its 200 day simple moving average is $133.87. The firm has a market capitalization of $10.03 billion, a price-to-earnings ratio of 30.39, a price-to-earnings-growth ratio of 2.01 and a beta of 0.97. Churchill Downs Incorporated has a 1-year low of $106.45 and a 1-year high of $146.64. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 4.65.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data on Wednesday, July 24th. The company reported $2.89 earnings per share for the quarter, beating analysts' consensus estimates of $2.71 by $0.18. Churchill Downs had a net margin of 15.61% and a return on equity of 47.53%. The company had revenue of $890.70 million during the quarter, compared to analysts' expectations of $858.59 million. During the same quarter in the previous year, the company earned $2.24 earnings per share. The firm's revenue for the quarter was up 15.9% on a year-over-year basis. As a group, sell-side analysts predict that Churchill Downs Incorporated will post 6.13 earnings per share for the current year.

Churchill Downs Company 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.