State Treasurer State of Michigan Has $935,000 Stake in Churchill Downs, Incorporated (NASDAQ:CHDN)
State Treasurer State of Michigan boosted its stake in Churchill Downs, Incorporated (NASDAQ:CHDN) by 2.0% during the second quarter, Holdings Channel reports. The institutional investor owned 5,100 shares of the company’s stock after buying an additional 100 shares during the period. State Treasurer State of Michigan’s holdings in Churchill Downs, were worth $935,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of CHDN. LS Investment Advisors LLC raised its stake in Churchill Downs, by 96.6% in the first quarter. LS Investment Advisors LLC now owns 743 shares of the company’s stock valued at $118,000 after buying an additional 365 shares in the last quarter. Van ECK Associates Corp raised its stake in Churchill Downs, by 6.3% in the first quarter. Van ECK Associates Corp now owns 1,588 shares of the company’s stock valued at $252,000 after buying an additional 94 shares in the last quarter. Profund Advisors LLC raised its stake in Churchill Downs, by 3.9% in the first quarter. Profund Advisors LLC now owns 1,602 shares of the company’s stock valued at $254,000 after buying an additional 60 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Churchill Downs, by 7.7% in the fourth quarter. Thrivent Financial for Lutherans now owns 2,110 shares of the company’s stock valued at $317,000 after buying an additional 150 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in Churchill Downs, during the fourth quarter valued at about $331,000. Institutional investors and hedge funds own 74.54% of the company’s stock.
Shares of Churchill Downs, Incorporated (CHDN) traded up 0.661% during trading on Tuesday, reaching $194.225. 10,366 shares of the company traded hands. The firm’s 50-day moving average is $182.75 and its 200-day moving average is $164.45. The stock has a market capitalization of $3.13 billion, a PE ratio of 26.544 and a beta of 0.88. Churchill Downs, Incorporated has a 12-month low of $129.85 and a 12-month high of $195.30.
Churchill Downs, (NASDAQ:CHDN) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $4.81 EPS for the quarter, beating the consensus estimate of $4.51 by $0.30. The company had revenue of $451.90 million during the quarter, compared to analysts’ expectations of $439.33 million. Churchill Downs, had a net margin of 9.22% and a return on equity of 15.83%. Churchill Downs,’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.11 earnings per share. On average, equities analysts predict that Churchill Downs, Incorporated will post $6.72 earnings per share for the current fiscal year.
Churchill Downs, declared that its board has approved a share buyback program on Tuesday, April 25th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to buy up to 99% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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Several research firms recently issued reports on CHDN. Zacks Investment Research lowered shares of Churchill Downs, from a “hold” rating to a “sell” rating in a research report on Wednesday, June 28th. Imperial Capital increased their price target on shares of Churchill Downs, from $184.00 to $208.00 and gave the stock an “outperform” rating in a research report on Friday, July 28th. BidaskClub upgraded shares of Churchill Downs, from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Finally, Telsey Advisory Group lowered shares of Churchill Downs, from an “outperform” rating to a “market perform” rating and set a $174.00 price target on the stock. in a research 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 assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $191.25.
In related news, Director R Alex Rankin purchased 1,000 shares of the business’s stock in a transaction on Wednesday, May 17th. The stock was acquired at an average price of $164.17 per share, with a total value of $164,170.00. Following the purchase, the director now directly owns 11,214 shares in the company, valued at $1,841,002.38. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard L. Duchossois purchased 4,548 shares of the business’s stock in a transaction on Thursday, May 18th. The stock was bought at an average cost of $164.95 per share, with a total value of $750,192.60. Following the purchase, the director now owns 9,509 shares in the company, valued at $1,568,509.55. The disclosure for this purchase can be found here. 18.44% of the stock is currently 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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