Pinebridge Investments L.P. Purchases 5,428 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Pinebridge Investments L.P. lifted its stake in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 42.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,147 shares of the company's stock after buying an additional 5,428 shares during the period. Pinebridge Investments L.P.'s holdings in Churchill Downs were worth $2,423,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Louisiana State Employees Retirement System lifted its position in shares of Churchill Downs by 0.5% during the fourth quarter. Louisiana State Employees Retirement System now owns 20,400 shares of the company's stock worth $2,724,000 after purchasing an additional 100 shares in the last quarter. Blue Trust Inc. raised its position in 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 purchasing an additional 103 shares during the last quarter. Arizona State Retirement System lifted its holdings in 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 buying an additional 116 shares in the last quarter. CIBC Asset Management Inc boosted its position in Churchill Downs by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 2,252 shares of the company's stock valued at $301,000 after buying an additional 120 shares during the last quarter. Finally, Cetera Trust Company N.A increased its stake in shares of Churchill Downs by 7.7% in the 4th quarter. Cetera Trust Company N.A now owns 1,877 shares of the company's stock valued at $251,000 after buying an additional 135 shares during the period. Institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Down 1.1 %

CHDN traded down $1.01 during trading on Wednesday, reaching $90.41. The company had a trading volume of 1,060,753 shares, compared to its average volume of 538,561. The business's fifty day moving average price is $107.21 and its 200 day moving average price is $124.28. 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 12 month low of $85.58 and a 12 month high of $150.21. The company has a market cap of $6.53 billion, a P/E ratio of 15.92, a PEG ratio of 2.95 and a beta of 0.86.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The firm's quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.13 earnings per share. Equities analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Announces Dividend

The firm also recently declared 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 annualized dividend and a yield of 0.27%. Churchill Downs's payout ratio is currently 7.12%.

Churchill Downs declared that its Board of Directors has authorized a stock buyback 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 generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently commented on CHDN shares. Mizuho lowered 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 lowered their price target on shares of Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. 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 note on Thursday, April 24th. JMP Securities reaffirmed a "market outperform" rating and set a $157.00 target price on shares of Churchill Downs in a report on Thursday, April 24th. Finally, Wells Fargo & Company cut their price target 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. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Churchill Downs has an average rating of "Moderate Buy" and a consensus target price of $144.80.

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.