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

Federated Hermes Inc. lessened its stake in Churchill Downs Incorporated (NASDAQ:CHDN – Get Rating) by 24.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,189 shares of the company’s stock after selling 1,641 shares during the quarter. Federated Hermes Inc.’s holdings in Churchill Downs were worth $956,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. First Trust Advisors LP raised its position in shares of Churchill Downs by 121.7% in the 3rd quarter. First Trust Advisors LP now owns 45,154 shares of the company’s stock worth $8,315,000 after purchasing an additional 24,786 shares during the last quarter. Blueshift Asset Management LLC raised its position in shares of Churchill Downs by 454.0% in the 3rd quarter. Blueshift Asset Management LLC now owns 7,352 shares of the company’s stock worth $1,354,000 after purchasing an additional 6,025 shares during the last quarter. Segall Bryant & Hamill LLC raised its position in shares of Churchill Downs by 0.9% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 88,450 shares of the company’s stock worth $16,287,000 after purchasing an additional 789 shares during the last quarter. Royal Bank of Canada raised its position in shares of Churchill Downs by 544.9% in the 3rd quarter. Royal Bank of Canada now owns 33,000 shares of the company’s stock worth $6,077,000 after purchasing an additional 27,883 shares during the last quarter. Finally, Guggenheim Capital LLC raised its position in shares of Churchill Downs by 42.1% in the 3rd quarter. Guggenheim Capital LLC now owns 5,404 shares of the company’s stock worth $995,000 after purchasing an additional 1,602 shares during the last quarter. Hedge funds and other institutional investors own 72.61% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on CHDN shares. Wells Fargo & Company decreased their target price on Churchill Downs from $268.00 to $260.00 and set an “overweight” rating for the company in a research report on Wednesday, December 14th. JPMorgan Chase & Co. started coverage on Churchill Downs in a research report on Thursday, December 8th. They issued a “neutral” rating and a $243.00 target price for the company. JMP Securities started coverage on Churchill Downs in a research report on Tuesday, January 17th. They issued an “outperform” rating and a $273.00 target price for the company. Finally, Susquehanna boosted their target price on Churchill Downs from $283.00 to $286.00 and gave the stock a “positive” rating in a research report on Monday, February 27th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $268.40.

Churchill Downs Trading Down 2.0 %

Churchill Downs stock opened at $234.56 on Tuesday. The business has a 50-day simple moving average of $238.78 and a two-hundred day simple moving average of $217.95. The company has a market cap of $8.77 billion, a P/E ratio of 20.59, a P/E/G ratio of 0.88 and a beta of 1.12. Churchill Downs Incorporated has a 52-week low of $172.75 and a 52-week high of $253.29. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 8.27.

Churchill Downs (NASDAQ:CHDN – Get Rating) last released its quarterly earnings results on Wednesday, February 22nd. The company reported $1.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.20). The firm had revenue of $480.10 million for the quarter, compared to the consensus estimate of $473.71 million. Churchill Downs had a net margin of 24.28% and a return on equity of 60.32%. The company’s revenue for the quarter was up 31.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.27 earnings per share. Analysts predict that Churchill Downs Incorporated will post 11.16 EPS for the current year.

Insider Activity at Churchill Downs

In related news, COO William E. Mudd sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $246.46, for a total transaction of $4,929,200.00. Following the completion of the transaction, the chief operating officer now directly owns 306,003 shares in the company, valued at approximately $75,417,499.38. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 4.64% of the stock is currently owned by corporate insiders.

About Churchill Downs

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Churchill Downs, Inc operates as a provider of pari-mutuel horse racing, online account wagering on horse racing and casino gaming. It operates through the following business segments: Racing, Casino, Online Wagering, Corporate, and Other Investments. The Racing segment includes Churchill Downs Racetrack, Arlington Park Racecourse, Calder Race Course, and Fair Grounds Race Course.