Bessemer Group Inc. Holds Position in Churchill Downs, Incorporated (CHDN)
Bessemer Group Inc. held its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) during the second quarter, Holdings Channel reports. The fund owned 16,741 shares of the company’s stock at the end of the second quarter. Bessemer Group Inc.’s holdings in Churchill Downs, were worth $3,069,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the company. LS Investment Advisors LLC boosted its stake in shares of Churchill Downs, by 96.6% in the first quarter. LS Investment Advisors LLC now owns 743 shares of the company’s stock worth $118,000 after buying an additional 365 shares during the last quarter. Strs Ohio boosted its stake in shares of Churchill Downs, by 150.0% in the second quarter. Strs Ohio now owns 1,000 shares of the company’s stock worth $183,000 after buying an additional 600 shares during the last quarter. Van ECK Associates Corp boosted its stake in shares of Churchill Downs, by 6.3% in the first quarter. Van ECK Associates Corp now owns 1,588 shares of the company’s stock worth $252,000 after buying an additional 94 shares during the last quarter. Profund Advisors LLC boosted its stake in shares of Churchill Downs, by 3.9% in the first quarter. Profund Advisors LLC now owns 1,602 shares of the company’s stock worth $254,000 after buying an additional 60 shares during the last quarter. Finally, ING Groep NV acquired a new stake in shares of Churchill Downs, during the second quarter worth $276,000. Hedge funds and other institutional investors own 74.54% of the company’s stock.
Shares of Churchill Downs, Incorporated (NASDAQ:CHDN) opened at 192.95 on Tuesday. Churchill Downs, Incorporated has a 12 month low of $129.85 and a 12 month high of $196.00. The stock has a market cap of $3.11 billion, a P/E ratio of 26.37 and a beta of 0.88. The company has a 50 day moving average of $182.75 and a 200 day moving average of $164.45.
Churchill Downs, (NASDAQ:CHDN) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $4.81 EPS for the quarter, topping the consensus estimate of $4.51 by $0.30. Churchill Downs, had a net margin of 9.22% and a return on equity of 15.83%. The company had revenue of $451.90 million during the quarter, compared to analysts’ expectations of $439.33 million. During the same quarter in the previous year, the company earned $4.11 EPS. Churchill Downs,’s revenue was up 3.1% on a year-over-year basis. Equities research analysts expect that Churchill Downs, Incorporated will post $6.72 earnings per share for the current fiscal year.
Churchill Downs, declared that its Board of Directors has initiated a share buyback plan on Tuesday, April 25th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the company to reacquire up to 99% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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A number of analysts recently weighed in on the stock. Zacks Investment Research cut shares of Churchill Downs, from a “hold” rating to a “sell” rating in a report on Wednesday, June 28th. Imperial Capital raised their target price on shares of Churchill Downs, from $184.00 to $208.00 and gave the stock an “outperform” rating in a report on Friday, July 28th. BidaskClub upgraded shares of Churchill Downs, from a “hold” rating to a “buy” rating in a report on Saturday, June 24th. Finally, Telsey Advisory Group cut shares of Churchill Downs, from an “outperform” rating to a “market perform” rating and set a $174.00 target price for the company. in a report on Friday, April 28th. Three investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $191.25.
In other news, Director Richard L. Duchossois acquired 4,548 shares of the firm’s stock in a transaction that occurred on Thursday, May 18th. The stock was purchased at an average price of $164.95 per share, for a total transaction of $750,192.60. Following the completion of the acquisition, the director now owns 9,509 shares in the company, valued at $1,568,509.55. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director R Alex Rankin acquired 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The shares were purchased at an average price of $164.17 per share, with a total value of $164,170.00. Following the acquisition, the director now owns 11,214 shares of the company’s stock, valued at approximately $1,841,002.38. The disclosure for this purchase can be found here. 18.44% of the stock is owned by insiders.
Churchill Downs, Company Profile
Churchill Downs Incorporated is a racing, gaming and online entertainment company. The Company is engaged in brick-and-mortar casino gaming with approximately 9,030 gaming positions in seven states, and is a legal mobile and online platform for betting on horseracing in the United States. It operates through six segments: Racing, Casinos, TwinSpires, Big Fish Games, Other Investments and Corporate.
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