Harbor Capital Advisors Inc. Decreases Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

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

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System lifted its holdings in Churchill Downs by 0.5% in the fourth quarter. Louisiana State Employees Retirement System now owns 20,400 shares of the company's stock valued at $2,724,000 after acquiring an additional 100 shares during the last quarter. Utah Retirement Systems raised its position in Churchill Downs by 2.7% in the fourth quarter. Utah Retirement Systems now owns 3,800 shares of the company's stock valued at $507,000 after purchasing an additional 100 shares during the period. Blue Trust Inc. lifted its stake in shares of 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. Arizona State Retirement System grew its holdings in shares of Churchill Downs by 0.6% during the 4th quarter. Arizona State Retirement System now owns 19,165 shares of the company's stock worth $2,559,000 after purchasing an additional 116 shares during the period. Finally, CIBC Asset Management Inc grew its holdings in shares of Churchill Downs by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 2,252 shares of the company's stock worth $301,000 after purchasing an additional 120 shares during the period. Institutional investors and hedge funds own 82.59% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on CHDN shares. Wells Fargo & Company decreased their target price on shares of Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Stifel Nicolaus dropped their target price on shares of Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Barclays decreased their price target on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a research note on Friday, April 25th. Jefferies Financial Group cut 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. Finally, Macquarie dropped their target price 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. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $142.30.

Insider Buying and Selling

In other Churchill Downs news, Director Douglas C. Grissom bought 10,000 shares of the business's stock in a transaction on Wednesday, May 7th. The stock was bought at an average price of $92.77 per share, for a total transaction of $927,700.00. Following the completion of the transaction, the director now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director R Alex Rankin purchased 2,000 shares of the stock in a transaction dated Monday, May 5th. The stock was acquired at an average price of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the transaction, the director now directly owns 99,012 shares of the company's stock, valued at approximately $9,173,461.80. The trade was a 2.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 5.34% of the company's stock.

Churchill Downs Stock Performance

Shares of Churchill Downs stock traded down $3.51 during trading hours on Friday, hitting $95.84. 647,665 shares of the company were exchanged, compared to its average volume of 588,242. The business has a 50-day moving average of $96.81 and a 200-day moving average of $114.02. Churchill Downs Incorporated has a 1 year low of $85.58 and a 1 year high of $150.21. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. The stock has a market capitalization of $6.92 billion, a price-to-earnings ratio of 16.87, a P/E/G 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 return on equity of 43.67% and a net margin of 15.61%. The company had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. During the same quarter in the previous year, the company posted $1.13 earnings per share. The company's quarterly revenue was up 8.7% compared to the same quarter last year. As a group, analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Announces Dividend

The company also recently declared 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 annualized dividend and a dividend yield of 0.25%. Churchill Downs's dividend payout ratio (DPR) is presently 7.12%.

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

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.