PNC Financial Services Group Inc. Lowers Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

PNC Financial Services Group Inc. decreased its position in Churchill Downs Incorporated (NASDAQ:CHDN) by 4.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,079 shares of the company’s stock after selling 5,359 shares during the period. PNC Financial Services Group Inc.’s holdings in Churchill Downs were worth $15,258,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. purchased a new position in Churchill Downs in the fourth quarter worth about $39,000. Vestor Capital LLC purchased a new position in Churchill Downs in the 4th quarter worth approximately $45,000. GAMMA Investing LLC bought a new position in Churchill Downs in the 4th quarter valued at approximately $66,000. Covestor Ltd boosted its stake in Churchill Downs by 44.0% during the 3rd quarter. Covestor Ltd now owns 848 shares of the company’s stock valued at $98,000 after purchasing an additional 259 shares during the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of Churchill Downs by 15.1% in the 4th quarter. Fifth Third Bancorp now owns 1,437 shares of the company’s stock worth $194,000 after purchasing an additional 189 shares in the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Stock Performance

NASDAQ:CHDN opened at $135.47 on Wednesday. The company has a debt-to-equity ratio of 5.88, a quick ratio of 0.50 and a current ratio of 0.50. The stock has a 50-day simple moving average of $125.88 and a two-hundred day simple moving average of $123.68. The firm has a market capitalization of $9.96 billion, a PE ratio of 30.17, a P/E/G ratio of 3.84 and a beta of 0.99. Churchill Downs Incorporated has a 52-week low of $106.45 and a 52-week high of $144.81.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings data on Wednesday, April 24th. The company reported $1.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.35. Churchill Downs had a return on equity of 44.99% and a net margin of 13.72%. The company had revenue of $590.90 million during the quarter, compared to the consensus estimate of $565.41 million. During the same period in the previous year, the company posted $0.98 EPS. The firm’s revenue was up 5.6% on a year-over-year basis. Analysts forecast that Churchill Downs Incorporated will post 5.72 EPS for the current year.

Insider Transactions at Churchill Downs

In other news, Director Paul C. Varga bought 3,800 shares of the stock in a transaction that occurred on Monday, April 29th. The shares were bought at an average price of $130.22 per share, for a total transaction of $494,836.00. Following the purchase, the director now owns 28,902 shares in the company, valued at $3,763,618.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.13% of the company’s stock.

Wall Street Analysts Forecast Growth

CHDN has been the subject of a number of research analyst reports. Stifel Nicolaus lifted their price target on shares of Churchill Downs from $150.00 to $153.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. JMP Securities reissued a “market outperform” rating and set a $156.00 price target on shares of Churchill Downs in a report on Monday, May 6th. StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, May 15th. Wells Fargo & Company raised Churchill Downs from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $137.00 to $141.00 in a report on Monday, April 15th. Finally, Truist Financial boosted their price target on Churchill Downs from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, April 26th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Churchill Downs presently has an average rating of “Moderate Buy” and an average target price of $145.25.

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.