HighTower Advisors LLC Sells 1,049 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

HighTower Advisors LLC decreased its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 9.0% during the fourth quarter, Holdings Channel reports. The firm owned 10,638 shares of the company’s stock after selling 1,049 shares during the quarter. HighTower Advisors LLC’s holdings in Churchill Downs were worth $1,421,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CHDN. Truist Financial Corp raised its holdings in Churchill Downs by 22.1% in the 4th quarter. Truist Financial Corp now owns 29,637 shares of the company’s stock worth $3,958,000 after purchasing an additional 5,372 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Churchill Downs by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company’s stock valued at $80,839,000 after buying an additional 10,153 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Churchill Downs in the 4th quarter valued at $1,927,000. JPMorgan Chase & Co. lifted its position in shares of Churchill Downs by 7.1% in the third quarter. JPMorgan Chase & Co. now owns 183,594 shares of the company’s stock worth $24,824,000 after buying an additional 12,226 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Churchill Downs by 4.7% during the fourth quarter. Victory Capital Management Inc. now owns 228,550 shares of the company’s stock valued at $30,521,000 after buying an additional 10,359 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Wall Street Analyst Weigh In

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

Churchill Downs Stock Up 1.5 %

NASDAQ CHDN opened at $113.73 on Tuesday. The business has a fifty day moving average price of $118.90 and a 200 day moving average price of $130.97. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. The company has a market cap of $8.36 billion, a P/E ratio of 20.02, a P/E/G ratio of 2.95 and a beta of 0.93. Churchill Downs Incorporated has a one year low of $105.18 and a one year high of $150.21.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.92 EPS for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.06). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The business had revenue of $624.20 million during the quarter, compared to analyst estimates of $620.21 million. Research analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Dividend Announcement

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 issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.21%. Churchill Downs’s payout ratio is 7.04%.

Churchill Downs declared that its board has approved a share repurchase plan on Wednesday, March 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

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.