Baird Financial Group Inc. Has $76.63 Million Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Baird Financial Group Inc. lifted its holdings in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 12.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 573,860 shares of the company's stock after buying an additional 64,497 shares during the period. Baird Financial Group Inc. owned about 0.78% of Churchill Downs worth $76,633,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Churchill Downs during the 4th quarter worth about $74,967,000. Boston Partners grew its holdings in Churchill Downs by 25.6% during the fourth quarter. Boston Partners now owns 1,794,630 shares of the company's stock valued at $239,619,000 after purchasing an additional 366,283 shares during the last quarter. FMR LLC grew its holdings in Churchill Downs by 6.4% during the fourth quarter. FMR LLC now owns 3,592,087 shares of the company's stock valued at $479,687,000 after purchasing an additional 214,694 shares during the last quarter. Clearbridge Investments LLC bought a new position in shares of Churchill Downs in the fourth quarter valued at approximately $28,369,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Churchill Downs during the 4th quarter worth $16,015,000. Institutional investors and hedge funds own 82.59% of the company's stock.

Insider Buying and Selling at Churchill Downs

In other Churchill Downs news, Director R Alex Rankin bought 2,000 shares of the firm's stock in a transaction on Monday, May 5th. The stock was purchased at an average cost of $92.65 per share, with a total value of $185,300.00. Following the completion of the purchase, the director now owns 99,012 shares in the company, valued at approximately $9,173,461.80. The trade was a 2.06 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Douglas C. Grissom acquired 10,000 shares of the stock in a transaction dated 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 transaction, the director now directly owns 38,869 shares of the company's stock, valued at $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. Corporate insiders own 5.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CHDN shares. Jefferies Financial Group cut their target price on shares of Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Truist Financial cut their price objective 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. Stifel Nicolaus dropped their price target on Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Wells Fargo & Company lowered their price objective on shares of Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Finally, Mizuho cut their target price on shares of Churchill Downs from $148.00 to $140.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $143.50.

Churchill Downs Price Performance

Churchill Downs stock traded up $1.32 during trading hours on Friday, hitting $95.04. 986,890 shares of the stock were exchanged, compared to its average volume of 551,504. Churchill Downs Incorporated has a 12 month low of $85.58 and a 12 month high of $150.21. The business's 50-day moving average is $103.50 and its two-hundred day moving average is $121.77. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. The stock has a market capitalization of $6.86 billion, a P/E ratio of 16.73, a P/E/G ratio of 2.95 and a beta of 1.02.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings data 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 company's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.13 EPS. Equities research analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs declared that its board has authorized a stock repurchase program on Wednesday, March 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Churchill Downs Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.25%. Churchill Downs's dividend payout ratio is currently 7.12%.

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.