Capital Group Private Client Services Inc. Decreases Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Capital Group Private Client Services Inc. lessened its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 42.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 110,993 shares of the company's stock after selling 83,030 shares during the period. Capital Group Private Client Services Inc. owned 0.15% of Churchill Downs worth $14,822,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of CHDN. CANADA LIFE ASSURANCE Co boosted its holdings in shares of Churchill Downs by 0.9% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 49,931 shares of the company's stock worth $6,667,000 after buying an additional 426 shares in the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. acquired a new position in shares of Churchill Downs during the 4th quarter valued at $534,000. Belpointe Asset Management LLC boosted its stake in Churchill Downs by 28.3% during the fourth quarter. Belpointe Asset Management LLC now owns 4,570 shares of the company's stock worth $635,000 after acquiring an additional 1,008 shares in the last quarter. Mariner LLC grew its holdings in Churchill Downs by 11.1% in the fourth quarter. Mariner LLC now owns 7,591 shares of the company's stock worth $1,014,000 after purchasing an additional 759 shares during the period. Finally, Barclays PLC increased its stake in Churchill Downs by 114.8% in the fourth quarter. Barclays PLC now owns 63,532 shares of the company's stock valued at $8,483,000 after purchasing an additional 33,948 shares in the last quarter. Institutional investors own 82.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on CHDN shares. Truist Financial cut their price objective on shares of Churchill Downs from $162.00 to $155.00 and set a "buy" rating on the stock in a research report on Wednesday. Mizuho reduced their price objective on Churchill Downs from $148.00 to $140.00 and set an "outperform" rating for the company in a research note on Tuesday. Wells Fargo & Company lowered their target price on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. StockNews.com downgraded shares of Churchill Downs from a "hold" rating to a "sell" rating in a research report on Tuesday, April 8th. Finally, JMP Securities restated a "market outperform" rating and set a $157.00 price objective on shares of Churchill Downs in a report on Thursday. One equities research analyst has rated the stock with a sell rating and ten have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $149.00.

Churchill Downs Stock Down 14.3 %

Churchill Downs stock traded down $15.01 during midday trading on Thursday, hitting $90.04. 2,612,604 shares of the stock were exchanged, compared to its average volume of 518,419. Churchill Downs Incorporated has a 52-week low of $87.75 and a 52-week high of $150.21. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. The business's 50-day moving average price is $109.71 and its 200-day moving average price is $125.76. The stock has a market capitalization of $6.62 billion, a price-to-earnings ratio of 15.85, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share for the quarter, missing analysts' consensus estimates of $1.16 by ($0.09). The business had revenue of $642.60 million during the quarter, compared to analysts' expectations of $649.68 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. On average, research analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Announces Dividend

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 0.27%. Churchill Downs's payout ratio is 7.04%.

Churchill Downs announced that its board has initiated a share repurchase program on Wednesday, March 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board 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.