Northern Trust Corp Acquires 100,337 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Northern Trust Corp raised its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 20.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 589,710 shares of the company's stock after purchasing an additional 100,337 shares during the quarter. Northern Trust Corp owned 0.80% of Churchill Downs worth $78,750,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Blue Trust Inc. boosted its holdings in shares of Churchill Downs by 127.2% in the 4th quarter. Blue Trust Inc. now owns 184 shares of the company's stock worth $25,000 after buying an additional 103 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Churchill Downs in the third quarter worth $27,000. Fortitude Family Office LLC increased its holdings in Churchill Downs by 2,733.3% in the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company's stock worth $34,000 after acquiring an additional 246 shares during the last quarter. Eagle Bay Advisors LLC bought a new stake in Churchill Downs in the 4th quarter valued at about $55,000. Finally, R Squared Ltd bought a new position in Churchill Downs during the fourth quarter worth about $55,000. 82.59% of the stock is owned by institutional investors.

Churchill Downs Trading Up 1.4 %

NASDAQ:CHDN traded up $1.32 during trading hours on Friday, reaching $95.04. The company's stock had a trading volume of 986,890 shares, compared to its average volume of 550,751. The firm has a 50-day simple moving average of $103.85 and a 200-day simple moving average of $122.13. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. Churchill Downs Incorporated has a 1 year low of $85.58 and a 1 year high of $150.21. The firm has a market capitalization of $6.86 billion, a price-to-earnings ratio of 16.73, a PEG ratio of 2.95 and a beta of 1.02.

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 company had revenue of $642.60 million for the quarter, compared to analysts' expectations of $649.68 million. During the same quarter in the prior year, the company earned $1.13 earnings per share. The company's revenue was up 8.7% compared to the same quarter last year. Research analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, March 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Churchill Downs Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.25%. Churchill Downs's payout ratio is currently 7.12%.

Insiders Place Their Bets

In other Churchill Downs news, Director Douglas C. Grissom purchased 10,000 shares of the stock in a transaction on Wednesday, May 7th. The stock was acquired at an average price of $92.77 per share, with a total value of $927,700.00. Following the transaction, 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 position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director R Alex Rankin acquired 2,000 shares of the business's 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 owns 99,012 shares in the company, valued at approximately $9,173,461.80. The trade was 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.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. StockNews.com upgraded shares of Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Wells Fargo & Company dropped their price objective on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Barclays reduced their target price on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a report on Friday, April 25th. Truist Financial cut their price objective on shares of Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Finally, Stifel Nicolaus lowered their target price on shares of Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $143.50.

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.