Ameriprise Financial Inc. Raises Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Ameriprise Financial Inc. raised its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 5.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,060,846 shares of the company's stock after acquiring an additional 58,507 shares during the quarter. Ameriprise Financial Inc. owned about 1.44% of Churchill Downs worth $141,669,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Barclays PLC grew its stake in Churchill Downs by 59.2% during the third quarter. Barclays PLC now owns 29,584 shares of the company's stock worth $4,000,000 after purchasing an additional 11,006 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Churchill Downs during the 3rd quarter worth approximately $27,000. Tidal Investments LLC increased its stake in shares of Churchill Downs by 295.2% in the 3rd quarter. Tidal Investments LLC now owns 6,988 shares of the company's stock valued at $945,000 after acquiring an additional 5,220 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Churchill Downs by 6.6% during the 3rd quarter. Franklin Resources Inc. now owns 197,118 shares of the company's stock valued at $27,338,000 after acquiring an additional 12,156 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of Churchill Downs by 7.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 183,594 shares of the company's stock valued at $24,824,000 after acquiring an additional 12,226 shares during the period. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on CHDN. Macquarie reduced their price target on shares of Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Truist Financial decreased their target price on Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Wells Fargo & Company cut their price target on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Finally, Barclays decreased their price objective on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a report on Friday, April 25th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Churchill Downs presently has an average rating of "Moderate Buy" and a consensus price target of $143.50.

Insider Transactions at Churchill Downs

In related news, Director R Alex Rankin purchased 2,000 shares of Churchill Downs stock in a transaction dated Monday, May 5th. The stock was bought at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the transaction, the director now owns 99,012 shares in the company, valued at $9,173,461.80. This trade represents a 2.06% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Douglas C. Grissom bought 10,000 shares of Churchill Downs stock in a transaction on Wednesday, May 7th. The shares were bought at an average cost of $92.77 per share, with a total value of $927,700.00. Following the acquisition, the director now directly owns 38,869 shares in the company, valued at approximately $3,605,877.13. This represents a 34.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 5.34% of the company's stock.

Churchill Downs Stock Up 3.1%

Shares of CHDN traded up $2.96 during trading hours on Monday, reaching $98.00. 163,510 shares of the stock traded hands, compared to its average volume of 550,061. Churchill Downs Incorporated has a 52 week low of $85.58 and a 52 week high of $150.21. The company has a market cap of $7.08 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 2.95 and a beta of 1.02. The stock has a fifty day simple moving average of $103.50 and a 200 day simple moving average of $121.64. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). The business had revenue of $642.60 million during the quarter, compared to the consensus estimate of $649.68 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The business's revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.13 earnings per share. On average, equities analysts forecast that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.24%. Churchill Downs's payout ratio is 7.12%.

Churchill Downs announced that its board has authorized a share buyback plan on Wednesday, March 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.

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.