Sterling Capital Management LLC Trims Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Sterling Capital Management LLC lowered its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 11.6% in the fourth quarter, Holdings Channel.com reports. The firm owned 1,126 shares of the company’s stock after selling 148 shares during the period. Sterling Capital Management LLC’s holdings in Churchill Downs were worth $150,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Covestor Ltd lifted its holdings in shares of Churchill Downs by 46.8% during the 4th quarter. Covestor Ltd now owns 929 shares of the company’s stock worth $124,000 after acquiring an additional 296 shares during the period. Treasurer of the State of North Carolina raised its stake in Churchill Downs by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 30,633 shares of the company’s stock worth $4,091,000 after purchasing an additional 190 shares during the period. Bessemer Group Inc. boosted its holdings in shares of Churchill Downs by 9,113.4% in the 4th quarter. Bessemer Group Inc. now owns 6,173 shares of the company’s stock valued at $824,000 after purchasing an additional 6,106 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Churchill Downs during the 4th quarter valued at $16,015,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Churchill Downs by 15.5% during the 4th quarter. Renaissance Technologies LLC now owns 84,950 shares of the company’s stock worth $11,344,000 after buying an additional 11,400 shares during the last quarter. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Churchill Downs Stock Down 1.3 %

Shares of Churchill Downs stock opened at $100.00 on Tuesday. 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 Incorporated has a 1-year low of $96.67 and a 1-year high of $150.21. The business has a 50-day moving average of $110.46 and a 200-day moving average of $126.06. The company has a market capitalization of $7.35 billion, a PE ratio of 17.61, a P/E/G ratio of 2.95 and a beta of 0.86.

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

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

Churchill Downs Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.24%. Churchill Downs’s dividend payout ratio is presently 7.04%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. StockNews.com downgraded Churchill Downs from a “hold” rating to a “sell” rating in a research report on Tuesday, April 8th. Stifel Nicolaus dropped their target price on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Mizuho decreased their price objective on shares of Churchill Downs from $151.00 to $148.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. Wells Fargo & Company cut their target price on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Finally, Barclays started coverage on Churchill Downs in a report on Friday, April 11th. They issued an “overweight” rating and a $125.00 price target for the company. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Churchill Downs presently has an average rating of “Moderate Buy” and a consensus price target of $153.44.

Churchill Downs 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.