Bank of America Corp DE Decreases Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Bank of America Corp DE decreased its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 3.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 398,706 shares of the company's stock after selling 15,826 shares during the quarter. Bank of America Corp DE owned about 0.54% of Churchill Downs worth $53,243,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Churchill Downs by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 6,808,321 shares of the company's stock valued at $909,183,000 after purchasing an additional 107,737 shares during the period. FMR LLC lifted its holdings in Churchill Downs by 6.4% during the 4th quarter. FMR LLC now owns 3,592,087 shares of the company's stock worth $479,687,000 after purchasing an additional 214,694 shares in the last quarter. Boston Partners increased its stake in Churchill Downs by 25.6% in the 4th quarter. Boston Partners now owns 1,794,630 shares of the company's stock worth $239,619,000 after acquiring an additional 366,283 shares during the last quarter. Schroder Investment Management Group increased its stake in Churchill Downs by 5.4% in the 4th quarter. Schroder Investment Management Group now owns 1,499,874 shares of the company's stock worth $201,223,000 after acquiring an additional 77,213 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC increased its stake in Churchill Downs by 4.6% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 1,344,595 shares of the company's stock worth $179,557,000 after acquiring an additional 59,657 shares during the last quarter. Institutional investors own 82.59% of the company's stock.

Insider Transactions at Churchill Downs

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

Analyst Upgrades and Downgrades

CHDN has been the topic of several recent research reports. JMP Securities reiterated a "market outperform" rating and set a $144.00 price objective on shares of Churchill Downs in a research report on Monday, May 5th. Wells Fargo & Company dropped their price objective on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a report on Friday, February 21st. StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Truist Financial lowered their target price on Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Stifel Nicolaus dropped their target price on Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $143.50.

Churchill Downs Stock Performance

Churchill Downs stock traded up $0.43 during mid-day trading on Friday, reaching $98.27. 702,254 shares of the stock traded hands, compared to its average volume of 559,779. The stock has a market capitalization of $7.10 billion, a PE ratio of 17.30, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55. 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 $102.17 and its 200-day moving average is $120.42.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 EPS for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). The company 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%. The business's quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.13 EPS. As a group, sell-side analysts predict that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs declared that its Board of Directors has approved a share repurchase plan on Wednesday, March 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

Churchill Downs Dividend Announcement

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