Meridian Wealth Management LLC Raises Stock Holdings in Churchill Downs, Incorporated (NASDAQ:CHDN)

Meridian Wealth Management LLC raised its position in Churchill Downs, Incorporated (NASDAQ:CHDN) by 17.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,477 shares of the company’s stock after buying an additional 526 shares during the quarter. Meridian Wealth Management LLC’s holdings in Churchill Downs were worth $386,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its stake in shares of Churchill Downs by 159.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company’s stock worth $46,000 after purchasing an additional 253 shares during the last quarter. Central Pacific Bank Trust Division raised its stake in shares of Churchill Downs by 39.6% during the first quarter. Central Pacific Bank Trust Division now owns 455 shares of the company’s stock worth $51,000 after purchasing an additional 129 shares during the last quarter. Private Trust Co. NA raised its stake in shares of Churchill Downs by 154.9% during the first quarter. Private Trust Co. NA now owns 543 shares of the company’s stock worth $60,000 after purchasing an additional 330 shares during the last quarter. Ossiam raised its stake in shares of Churchill Downs by 2,292.7% during the fourth quarter. Ossiam now owns 1,962 shares of the company’s stock worth $262,000 after purchasing an additional 1,880 shares during the last quarter. Finally, Centiva Capital LP purchased a new stake in shares of Churchill Downs during the fourth quarter worth approximately $293,000. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Stock Up 1.4%

Churchill Downs stock opened at $103.57 on Thursday. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.60 and a current ratio of 0.60. The firm has a market capitalization of $7.26 billion, a price-to-earnings ratio of 17.80, a price-to-earnings-growth ratio of 1.91 and a beta of 0.95. Churchill Downs, Incorporated has a fifty-two week low of $85.58 and a fifty-two week high of $150.21. The stock’s fifty day moving average is $103.50 and its two-hundred day moving average is $105.71.

Churchill Downs (NASDAQ:CHDN) last posted its earnings results on Wednesday, July 23rd. The company reported $3.10 earnings per share for the quarter, beating the consensus estimate of $3.03 by $0.07. The company had revenue of $934.40 million for the quarter, compared to analyst estimates of $924.36 million. Churchill Downs had a return on equity of 41.46% and a net margin of 15.22%. Churchill Downs’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.89 earnings per share. Analysts predict that Churchill Downs, Incorporated will post 6.92 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Susquehanna upped their price target on Churchill Downs from $121.00 to $126.00 and gave the stock a “positive” rating in a research note on Wednesday, July 23rd. Macquarie upped their price target on Churchill Downs from $150.00 to $155.00 and gave the stock an “outperform” rating in a research note on Monday, July 28th. JPMorgan Chase & Co. assumed coverage on Churchill Downs in a research note on Monday, June 23rd. They set an “overweight” rating and a $116.00 price target for the company. Mizuho upped their price objective on Churchill Downs from $134.00 to $136.00 and gave the stock an “outperform” rating in a report on Tuesday, July 22nd. Finally, Jefferies Financial Group dropped their price objective on Churchill Downs from $160.00 to $127.00 and set a “buy” rating on the stock in a report on Friday, April 25th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $136.50.

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; casino gaming; and Terre Haute Casino Resort.