Federated Hermes Inc. Sells 204 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Federated Hermes Inc. trimmed its position in Churchill Downs Incorporated (NASDAQ:CHDN) by 2.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,372 shares of the company’s stock after selling 204 shares during the period. Federated Hermes Inc.’s holdings in Churchill Downs were worth $984,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of CHDN. Truist Financial Corp increased its position in Churchill Downs by 22.1% during the 4th quarter. Truist Financial Corp now owns 29,637 shares of the company’s stock valued at $3,958,000 after buying an additional 5,372 shares in the last quarter. Charles Schwab Investment Management Inc. grew 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 worth $80,839,000 after acquiring an additional 10,153 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Churchill Downs during the fourth quarter valued at about $1,927,000. JPMorgan Chase & Co. raised its position in shares of Churchill Downs by 7.1% in the 3rd 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 last quarter. Finally, Victory Capital Management Inc. boosted its stake in Churchill Downs by 4.7% in the 4th quarter. Victory Capital Management Inc. now owns 228,550 shares of the company’s stock worth $30,521,000 after purchasing an additional 10,359 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Stock Up 1.0 %

CHDN opened at $102.63 on Wednesday. The company has a fifty day moving average of $112.12 and a two-hundred day moving average of $127.11. The stock has a market capitalization of $7.54 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 2.95 and a beta of 0.86. Churchill Downs Incorporated has a fifty-two week low of $96.67 and a fifty-two week high of $150.21. 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 (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share 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 analysts’ expectations of $620.21 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. On average, research analysts expect that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.23%. Churchill Downs’s dividend payout ratio (DPR) is 7.04%.

Churchill Downs announced that its Board of Directors has approved a stock repurchase program on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy up to 6.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on CHDN shares. Stifel Nicolaus cut their target price on Churchill Downs from $161.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Barclays started coverage on shares of Churchill Downs in a report on Friday, April 11th. They issued an “overweight” rating and a $125.00 price objective on the stock. Mizuho reduced their target price on shares of Churchill Downs from $151.00 to $148.00 and set an “outperform” rating for the company 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, JMP Securities reaffirmed a “market outperform” rating and set a $166.00 price target on shares of Churchill Downs in a research report on Thursday, January 16th. One investment analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, Churchill Downs currently has a consensus rating of “Moderate Buy” and an average target price of $153.44.

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.