Fmr LLC Acquires 214,694 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Fmr LLC lifted its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 6.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 3,592,087 shares of the company’s stock after acquiring an additional 214,694 shares during the period. Fmr LLC owned approximately 4.89% of Churchill Downs worth $479,687,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CHDN. Blue Trust Inc. lifted its holdings in shares of Churchill Downs by 127.2% during the 4th quarter. Blue Trust Inc. now owns 184 shares of the company’s stock worth $25,000 after acquiring an additional 103 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Churchill Downs during the 3rd quarter worth about $27,000. Fortitude Family Office LLC increased its position in shares of Churchill Downs by 2,733.3% during the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock worth $34,000 after purchasing an additional 246 shares in the last quarter. Eagle Bay Advisors LLC acquired a new stake in shares of Churchill Downs during the 4th quarter worth about $55,000. Finally, R Squared Ltd acquired a new stake in shares of Churchill Downs during the 4th quarter worth about $55,000. 82.59% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on CHDN shares. Stifel Nicolaus dropped their target price on shares of Churchill Downs from $164.00 to $161.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Mizuho dropped their target price on shares of Churchill Downs from $151.00 to $148.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Wells Fargo & Company dropped their target price on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. StockNews.com cut shares of Churchill Downs from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, JMP Securities restated a “market outperform” rating and issued a $166.00 price objective on shares of Churchill Downs in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Churchill Downs has an average rating of “Moderate Buy” and a consensus target price of $159.38.

Churchill Downs Stock Up 8.1 %

Shares of NASDAQ CHDN opened at $105.90 on Thursday. The firm has a market capitalization of $7.78 billion, a PE ratio of 18.64, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. 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 1 year low of $96.67 and a 1 year high of $150.21. The firm’s 50-day moving average is $113.76 and its 200-day moving average is $127.97.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.06). The business had revenue of $624.20 million during the quarter, compared to the consensus estimate of $620.21 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. Equities analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs declared that its board has authorized a stock repurchase program on Wednesday, March 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Churchill Downs Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.23%. 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.