Emerald Advisers LLC Has $17.12 Million Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Emerald Advisers LLC cut its position in Churchill Downs Incorporated (NASDAQ:CHDN) by 1.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 128,200 shares of the company’s stock after selling 1,644 shares during the quarter. Emerald Advisers LLC owned approximately 0.17% of Churchill Downs worth $17,120,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Westfield Capital Management Co. LP increased its holdings in shares of Churchill Downs by 100.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock worth $103,241,000 after purchasing an additional 381,754 shares during the period. Boston Partners increased its holdings 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 period. Kovitz Investment Group Partners LLC bought a new position in shares of Churchill Downs during the 3rd quarter worth about $18,368,000. Raymond James Financial Inc. bought a new position in shares of Churchill Downs during the 4th quarter worth about $16,015,000. Finally, State Street Corp increased its holdings in shares of Churchill Downs by 5.8% during the 3rd quarter. State Street Corp now owns 2,078,031 shares of the company’s stock worth $280,971,000 after purchasing an additional 114,018 shares during the period. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday. Stifel Nicolaus lowered their target price on shares of Churchill Downs from $164.00 to $161.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. JMP Securities reissued a “market outperform” rating and issued a $166.00 target price on shares of Churchill Downs in a research note on Thursday, January 16th. Mizuho lowered their target price on shares of Churchill Downs from $151.00 to $148.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company lowered 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 note on Friday, February 21st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $159.38.

Churchill Downs Price Performance

NASDAQ:CHDN opened at $112.10 on Friday. The firm has a market cap of $8.24 billion, a PE ratio of 19.74, a price-to-earnings-growth ratio of 2.95 and a beta of 0.93. Churchill Downs Incorporated has a 12 month low of $105.18 and a 12 month high of $150.21. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. The company’s 50-day moving average price is $119.19 and its two-hundred day moving average price is $131.19.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, February 19th. The company reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.06). The firm had revenue of $624.20 million during the quarter, compared to analyst estimates of $620.21 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. On average, equities analysts anticipate 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 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 repurchase up to 6.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Churchill Downs Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.21%. Churchill Downs’s payout ratio is 7.04%.

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.