Baird Financial Group Inc. Lowers Stock Holdings in Churchill Downs, Incorporated $CHDN

Baird Financial Group Inc. lessened its stake in Churchill Downs, Incorporated (NASDAQ:CHDN) by 16.7% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 205,640 shares of the company’s stock after selling 41,134 shares during the period. Baird Financial Group Inc.’s holdings in Churchill Downs were worth $18,434,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Measured Wealth Private Client Group LLC acquired a new stake in Churchill Downs during the 3rd quarter worth approximately $25,000. Kimelman & Baird LLC acquired a new position in Churchill Downs during the second quarter worth $27,000. Geneos Wealth Management Inc. grew its stake in shares of Churchill Downs by 1,364.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock worth $28,000 after purchasing an additional 232 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Churchill Downs in the second quarter valued at about $29,000. Finally, Parkside Financial Bank & Trust increased its stake in Churchill Downs by 293.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 256 shares of the company’s stock valued at $29,000 after purchasing an additional 191 shares in the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wolfe Research began coverage on shares of Churchill Downs in a report on Wednesday, September 2nd. They issued an “outperform” rating and a $119.00 price target on the stock. Citizens Jmp dropped their price objective on shares of Churchill Downs from $149.00 to $137.00 and set a “market outperform” rating for the company in a research note on Friday, July 31st. Weiss Ratings upgraded Churchill Downs from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, September 2nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Churchill Downs in a research note on Thursday, July 2nd. Finally, Susquehanna increased their target price on Churchill Downs from $121.00 to $124.00 and gave the company a “positive” rating in a report on Friday, July 31st. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $134.89.

Churchill Downs Trading Up 1.3%

NASDAQ CHDN opened at $83.86 on Friday. Churchill Downs, Incorporated has a 12 month low of $79.40 and a 12 month high of $118.35. The company has a 50-day moving average of $86.90 and a 200-day moving average of $88.29. The company has a debt-to-equity ratio of 3.06, a current ratio of 0.36 and a quick ratio of 0.36. The company has a market cap of $5.85 billion, a P/E ratio of 14.38, a P/E/G ratio of 0.78 and a beta of 0.67.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.45. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The business had revenue of $980.00 million for the quarter, compared to analysts’ expectations of $977.38 million. During the same period last year, the company earned $3.10 earnings per share. The company’s quarterly revenue was up 4.9% on a year-over-year basis. As a group, equities analysts predict that Churchill Downs, Incorporated will post 7.14 earnings per share for the current year.

Churchill Downs Company Profile

Churchill Downs Incorporated is a gaming, entertainment and racing company headquartered in Louisville, Kentucky. The company owns and operates Churchill Downs Racetrack, home of the Kentucky Derby, as well as other thoroughbred racing venues, casinos, racinos and historical horse racing facilities.

Its operations include live and historical horse racing, casino gaming, video lottery and other gaming activities, hospitality, dining and entertainment. Through its TwinSpires business, Churchill Downs also provides online horse-racing wagering and related digital betting services in jurisdictions where such activities are permitted.

Founded in 1875, Churchill Downs has expanded from its namesake racetrack into a diversified gaming and entertainment company.