Northern Trust Corp raised its position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 20.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 589,710 shares of the company's stock after purchasing an additional 100,337 shares during the period. Northern Trust Corp owned 0.80% of Churchill Downs worth $78,750,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Churchill Downs by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 6,808,321 shares of the company's stock worth $909,183,000 after acquiring an additional 107,737 shares during the period. FMR LLC increased its position in shares of 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 during the last quarter. Boston Partners increased its position in shares of Churchill Downs by 25.6% during the 4th quarter. Boston Partners now owns 1,794,630 shares of the company's stock worth $239,619,000 after purchasing an additional 366,283 shares during the last quarter. Schroder Investment Management Group increased its position in shares of Churchill Downs by 5.4% during the 4th quarter. Schroder Investment Management Group now owns 1,499,874 shares of the company's stock worth $201,223,000 after purchasing an additional 77,213 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Churchill Downs by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,309,460 shares of the company's stock valued at $174,917,000 after acquiring an additional 10,018 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on CHDN shares. Barclays dropped their target price on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. 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, April 22nd. Wells Fargo & Company cut their price objective on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. Susquehanna dropped their price target on Churchill Downs from $150.00 to $136.00 and set a "positive" rating for the company in a research report on Tuesday, April 22nd. Finally, Stifel Nicolaus dropped their price objective on Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a research 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 company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $143.50.
Get Our Latest Stock Report on Churchill Downs
Churchill Downs Stock Performance
CHDN traded up $1.32 during trading on Friday, reaching $95.04. 986,890 shares of the company were exchanged, compared to its average volume of 551,504. The stock has a market cap of $6.86 billion, a P/E ratio of 16.73, a PEG ratio of 2.95 and a beta of 1.02. The firm has a 50 day moving average of $103.50 and a 200 day moving average of $121.64. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. Churchill Downs Incorporated has a 52 week low of $85.58 and a 52 week high of $150.21.
Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). The business had revenue of $642.60 million during the quarter, compared to the consensus estimate of $649.68 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The company's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.13 EPS. On average, sell-side analysts forecast that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.
Churchill Downs Announces Dividend
The company also recently announced 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 annualized dividend and a yield of 0.25%. Churchill Downs's payout ratio is currently 7.12%.
Churchill Downs announced that its board has approved a share repurchase plan on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its stock is undervalued.
Insiders Place Their Bets
In related news, Director Douglas C. Grissom purchased 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were acquired at an average price of $92.77 per share, with a total value of $927,700.00. Following the purchase, the director now directly owns 38,869 shares in the company, valued at $3,605,877.13. This represents a 34.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director R Alex Rankin acquired 2,000 shares of Churchill Downs stock in a transaction on Monday, May 5th. The stock was acquired at an average cost of $92.65 per share, for a total transaction 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 represents a 2.06% increase in their position. The disclosure for this purchase can be found here. Insiders own 5.34% of the company's stock.
About Churchill Downs
(
Free Report)
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.
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