Churchill Downs Incorporated (NASDAQ:CHDN) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. reduced its position in Churchill Downs Incorporated (NASDAQ:CHDN) by 26.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,680 shares of the company’s stock after selling 10,402 shares during the period. Prudential Financial Inc.’s holdings in Churchill Downs were worth $4,123,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in CHDN. Truist Financial Corp raised 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 worth $3,958,000 after acquiring an additional 5,372 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Churchill Downs by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company’s stock worth $80,839,000 after purchasing an additional 10,153 shares during the period. Proficio Capital Partners LLC acquired a new position in Churchill Downs in the 4th quarter worth about $1,927,000. JPMorgan Chase & Co. boosted its position in Churchill Downs by 7.1% during the third quarter. JPMorgan Chase & Co. now owns 183,594 shares of the company’s stock worth $24,824,000 after purchasing an additional 12,226 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Churchill Downs by 4.7% in 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 in the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Churchill Downs Stock Performance

Shares of Churchill Downs stock opened at $110.72 on Wednesday. The business’s 50 day moving average price is $117.16 and its 200 day moving average price is $129.80. The company has a market cap of $8.14 billion, a price-to-earnings ratio of 19.49, a PEG ratio of 2.95 and a beta of 0.93. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. Churchill Downs Incorporated has a one year low of $105.18 and a one year high of $150.21.

Churchill Downs (NASDAQ:CHDN) last issued its 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). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The firm had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $620.21 million. On average, research analysts predict that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.22%. Churchill Downs’s payout ratio is 7.04%.

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

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.