Brant Point Investment Management LLC cut its holdings in shares of Churchill Downs, Inc. (NASDAQ:CHDN) by 29.6% during the fourth quarter, Holdings Channel reports. The fund owned 22,950 shares of the company’s stock after selling 9,650 shares during the quarter. Brant Point Investment Management LLC’s holdings in Churchill Downs were worth $5,340,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also bought and sold shares of the stock. BlackRock Inc. increased its holdings in shares of Churchill Downs by 1.7% during the 4th quarter. BlackRock Inc. now owns 1,364,375 shares of the company’s stock worth $317,491,000 after acquiring an additional 23,081 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Churchill Downs by 15.3% during the 3rd quarter. Victory Capital Management Inc. now owns 355,575 shares of the company’s stock worth $73,320,000 after acquiring an additional 47,313 shares during the last quarter. Acadian Asset Management LLC increased its holdings in shares of Churchill Downs by 89.7% during the 4th quarter. Acadian Asset Management LLC now owns 213,914 shares of the company’s stock worth $49,775,000 after acquiring an additional 101,124 shares during the last quarter. Cypress Funds LLC increased its holdings in shares of Churchill Downs by 13.0% during the 4th quarter. Cypress Funds LLC now owns 183,000 shares of the company’s stock worth $42,584,000 after acquiring an additional 21,000 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Churchill Downs by 2.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 176,823 shares of the company’s stock worth $36,461,000 after acquiring an additional 4,786 shares during the last quarter. 72.29% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have commented on the company. Jefferies Group assumed coverage on Churchill Downs in a report on Thursday, January 18th. They issued a “hold” rating and a $261.00 price objective on the stock. Zacks Investment Research raised Churchill Downs from a “hold” rating to a “buy” rating and set a $283.00 price objective on the stock in a report on Tuesday, January 16th. Finally, BidaskClub raised Churchill Downs from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 10th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $240.25.
Churchill Downs announced that its board has authorized a share repurchase plan on Wednesday, November 29th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other Churchill Downs news, Director Robert L. Evans sold 32,866 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $265.00, for a total value of $8,709,490.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 18.44% of the company’s stock.
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 five segments: Racing, Casinos, TwinSpires, Other Investments and Corporate.
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