Raymond James Financial Inc. Acquires Shares of 119,920 Churchill Downs Incorporated (NASDAQ:CHDN)

Raymond James Financial Inc. bought a new position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 119,920 shares of the company’s stock, valued at approximately $16,015,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Truist Financial Corp grew its holdings in Churchill Downs by 22.1% during the 4th 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Churchill Downs by 1.7% during 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 in the last quarter. Westfield Capital Management Co. LP increased its holdings in Churchill Downs by 100.0% during the third quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock valued at $103,241,000 after buying an additional 381,754 shares during the period. Atria Investments Inc raised its stake in Churchill Downs by 3.9% in the third quarter. Atria Investments Inc now owns 6,004 shares of the company’s stock worth $812,000 after buying an additional 224 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings 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 buying an additional 12,226 shares during the period. Institutional investors own 82.59% of the company’s stock.

Churchill Downs Trading Down 1.1 %

Churchill Downs stock opened at $110.39 on Wednesday. The stock has a 50-day moving average of $120.14 and a two-hundred day moving average of $131.68. 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. The stock has a market cap of $8.12 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 2.95 and a beta of 0.93.

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). 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 analysts’ expectations of $620.21 million. On average, research analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.22%. Churchill Downs’s dividend payout ratio is presently 7.04%.

Churchill Downs declared that its Board of Directors has authorized a share repurchase plan on Wednesday, March 12th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

CHDN has been the subject of several recent research reports. JMP Securities reissued a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a research report on Thursday, January 16th. Stifel Nicolaus reduced their target price on shares of Churchill Downs from $164.00 to $161.00 and set a “buy” rating for the company in a report on Friday, February 21st. Mizuho lowered their price target on shares of Churchill Downs from $151.00 to $148.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. Wells Fargo & Company decreased 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. Finally, StockNews.com raised shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday. 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, the stock has an average rating of “Moderate Buy” and a consensus price target of $159.38.

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.