Swiss National Bank Increases Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Swiss National Bank increased its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 0.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 129,900 shares of the company’s stock after purchasing an additional 700 shares during the period. Swiss National Bank owned 0.18% of Churchill Downs worth $17,347,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Truist Financial Corp grew its position in shares of Churchill Downs by 22.1% in the fourth quarter. Truist Financial Corp now owns 29,637 shares of the company’s stock valued at $3,958,000 after purchasing an additional 5,372 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Churchill Downs by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company’s stock valued at $80,839,000 after purchasing an additional 10,153 shares during the period. Westfield Capital Management Co. LP grew its position in shares of Churchill Downs by 100.0% in the third quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock valued at $103,241,000 after purchasing an additional 381,754 shares during the period. Atria Investments Inc grew its position in shares of Churchill Downs by 3.9% in the third quarter. Atria Investments Inc now owns 6,004 shares of the company’s stock valued at $812,000 after purchasing an additional 224 shares during the period. Finally, JPMorgan Chase & Co. grew 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 valued at $24,824,000 after purchasing an additional 12,226 shares during the period. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Wall Street Analyst Weigh In

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

Churchill Downs Trading Down 1.1 %

Shares of CHDN opened at $110.39 on Wednesday. The stock’s 50-day moving average is $120.14 and its two-hundred day moving average is $131.68. The stock has a market cap of $8.12 billion, a PE ratio of 19.43, a P/E/G 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 debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55.

Churchill Downs (NASDAQ:CHDN) last issued 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). The company had revenue of $624.20 million for the quarter, compared to analyst estimates of $620.21 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. Equities analysts forecast that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs announced that its Board of Directors has initiated a share buyback program on Wednesday, March 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 6.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Churchill Downs Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.22%. Churchill Downs’s dividend payout ratio is presently 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.