Harbor Capital Advisors Inc. Reduces Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Harbor Capital Advisors Inc. lowered its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 18.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,876 shares of the company's stock after selling 8,711 shares during the quarter. Harbor Capital Advisors Inc. owned approximately 0.05% of Churchill Downs worth $4,207,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CHDN. Blue Trust Inc. raised its stake in Churchill Downs by 127.2% in the 4th quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after purchasing an additional 103 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised its holdings in Churchill Downs by 159.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock valued at $46,000 after acquiring an additional 253 shares during the last quarter. Central Pacific Bank Trust Division raised its holdings in Churchill Downs by 39.6% in the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock valued at $51,000 after acquiring an additional 129 shares during the last quarter. Covestor Ltd lifted its stake in Churchill Downs by 46.8% in the 4th quarter. Covestor Ltd now owns 929 shares of the company's stock worth $124,000 after purchasing an additional 296 shares in the last quarter. Finally, Kentucky Trust Co acquired a new position in shares of Churchill Downs during the 4th quarter worth approximately $134,000. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Down 1.1%

Shares of NASDAQ CHDN traded down $1.10 during mid-day trading on Thursday, hitting $99.55. The company had a trading volume of 114,414 shares, compared to its average volume of 584,341. The business's 50-day simple moving average is $96.86 and its 200 day simple moving average is $114.80. 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 1-year low of $85.58 and a 1-year high of $150.21. The company has a market capitalization of $7.19 billion, a PE ratio of 17.53, a price-to-earnings-growth ratio of 2.95 and a beta of 0.94.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share 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 firm had revenue of $642.60 million during the quarter, compared to analyst estimates of $649.68 million. During the same period last year, the business earned $1.13 EPS. The firm's revenue was up 8.7% compared to the same quarter last year. On average, analysts predict that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

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

Churchill Downs Announces Dividend

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

Insider Buying and Selling at Churchill Downs

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Wells Fargo & Company lowered their price objective on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Susquehanna reduced their target price on shares of Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Stifel Nicolaus reduced their price target on shares of Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a research report on Thursday, April 10th. Macquarie lowered their price objective on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Finally, Jefferies Financial Group reduced their target price on Churchill Downs from $160.00 to $127.00 and set a "buy" rating on the stock in a research 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 company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $142.30.

Churchill Downs Company 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.