Independence Bank of Kentucky Acquires 5,464 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Independence Bank of Kentucky grew its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 80.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,254 shares of the company’s stock after acquiring an additional 5,464 shares during the quarter. Independence Bank of Kentucky’s holdings in Churchill Downs were worth $1,516,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of CHDN. Benjamin F. Edwards & Company Inc. acquired a new stake in Churchill Downs in the 4th quarter worth $39,000. Vestor Capital LLC acquired a new position in Churchill Downs in the 4th quarter valued at approximately $45,000. GAMMA Investing LLC bought a new stake in shares of Churchill Downs in the 4th quarter worth approximately $66,000. KBC Group NV acquired a new stake in shares of Churchill Downs during the 4th quarter worth approximately $149,000. Finally, Fifth Third Bancorp increased its position in shares of Churchill Downs by 15.1% during the fourth quarter. Fifth Third Bancorp now owns 1,437 shares of the company’s stock valued at $194,000 after purchasing an additional 189 shares during the period. 82.59% of the stock is owned by institutional investors.

Churchill Downs Price Performance

Shares of Churchill Downs stock traded down $0.93 during trading on Friday, reaching $139.60. The company’s stock had a trading volume of 1,023,883 shares, compared to its average volume of 535,247. Churchill Downs Incorporated has a one year low of $106.45 and a one year high of $141.57. The stock has a 50-day moving average price of $134.22 and a two-hundred day moving average price of $126.86. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 5.88. The stock has a market capitalization of $10.26 billion, a P/E ratio of 31.09, a price-to-earnings-growth ratio of 3.78 and a beta of 0.99.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, April 24th. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.35. The company had revenue of $590.90 million for the quarter, compared to analyst estimates of $565.41 million. Churchill Downs had a net margin of 13.72% and a return on equity of 44.99%. Churchill Downs’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.98 earnings per share. As a group, sell-side analysts anticipate that Churchill Downs Incorporated will post 6.04 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Mizuho lifted their price target on shares of Churchill Downs from $142.00 to $143.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Stifel Nicolaus increased their price target on shares of Churchill Downs from $150.00 to $153.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. JMP Securities restated a “market outperform” rating and set a $156.00 price target on shares of Churchill Downs in a research note on Monday, May 6th. Wells Fargo & Company raised Churchill Downs from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $137.00 to $141.00 in a report on Monday, April 15th. Finally, Truist Financial raised their target price on Churchill Downs from $140.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $145.25.

Insider Buying and Selling at Churchill Downs

In other Churchill Downs news, Director Paul C. Varga purchased 3,800 shares of the company’s stock in a transaction that occurred on Monday, April 29th. The stock was acquired at an average cost of $130.22 per share, with a total value of $494,836.00. Following the completion of the purchase, the director now directly owns 28,902 shares in the company, valued at approximately $3,763,618.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.13% of the company’s stock.

About Churchill Downs

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.