First Trust Advisors LP Reduces Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

First Trust Advisors LP reduced its holdings in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 44.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,810 shares of the company's stock after selling 43,426 shares during the period. First Trust Advisors LP owned approximately 0.07% of Churchill Downs worth $7,186,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Truist Financial Corp raised its holdings in shares of Churchill Downs by 22.1% during the 4th quarter. Truist Financial Corp now owns 29,637 shares of the company's stock worth $3,958,000 after acquiring an additional 5,372 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Churchill Downs by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company's stock worth $80,839,000 after purchasing an additional 10,153 shares during the period. Proficio Capital Partners LLC acquired a new position in Churchill Downs in the 4th quarter valued at about $1,927,000. Optimize Financial Inc purchased a new stake in shares of Churchill Downs in the 4th quarter valued at approximately $516,000. Finally, JPMorgan Chase & Co. increased its holdings 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 worth $24,824,000 after buying an additional 12,226 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Stock Up 2.5 %

Shares of NASDAQ CHDN traded up $2.28 during midday trading on Friday, hitting $93.23. The company's stock had a trading volume of 802,898 shares, compared to its average volume of 539,730. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55. The firm has a market capitalization of $6.73 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. The business's fifty day simple moving average is $105.78 and its two-hundred day simple moving average is $123.40. Churchill Downs Incorporated has a 1 year low of $85.58 and a 1 year high of $150.21.

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 the consensus estimate of $1.08 by ($0.01). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The business had revenue of $642.60 million during the quarter, compared to analysts' expectations of $649.68 million. During the same period in the prior year, the business earned $1.13 EPS. The business's quarterly revenue was up 8.7% on a year-over-year basis. On average, equities analysts predict that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs declared that its Board of Directors has approved a share buyback program on Wednesday, March 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 6.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.

Churchill Downs Announces Dividend

The business also recently declared 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 annualized dividend and a yield of 0.26%. Churchill Downs's dividend payout ratio (DPR) is 7.12%.

Analyst Upgrades and Downgrades

CHDN has been the topic of a number of recent analyst reports. Jefferies Financial Group decreased their price objective on Churchill Downs from $160.00 to $127.00 and set a "buy" rating on the stock in a report on Friday, April 25th. StockNews.com raised Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Mizuho cut their price objective on Churchill Downs from $148.00 to $140.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Barclays decreased their target price on shares of Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a research report on Friday, April 25th. Finally, Macquarie dropped their price target on shares of Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $144.80.

Churchill Downs Profile

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.