Zurcher Kantonalbank Zurich Cantonalbank Buys 5,265 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 44.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 17,131 shares of the company’s stock after buying an additional 5,265 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Churchill Downs were worth $2,288,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Truist Financial Corp grew its stake in shares of Churchill Downs by 22.1% during the fourth quarter. Truist Financial Corp now owns 29,637 shares of the company’s stock worth $3,958,000 after buying an additional 5,372 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake 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 worth $80,839,000 after purchasing an additional 10,153 shares during the last quarter. Westfield Capital Management Co. LP grew its stake 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 worth $103,241,000 after purchasing an additional 381,754 shares during the last quarter. Atria Investments Inc grew its stake 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 worth $812,000 after purchasing an additional 224 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake 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 worth $24,824,000 after purchasing an additional 12,226 shares during the last quarter. Institutional investors own 82.59% of the company’s stock.

Churchill Downs Stock Performance

NASDAQ CHDN opened at $110.50 on Monday. Churchill Downs Incorporated has a 52-week low of $105.18 and a 52-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. The company has a market capitalization of $8.13 billion, a P/E ratio of 19.45, a P/E/G ratio of 2.95 and a beta of 0.93. The company has a fifty day moving average of $120.98 and a 200-day moving average of $132.07.

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). The business had revenue of $624.20 million during 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 research analysts predict that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CHDN shares. Stifel Nicolaus reduced their price objective on shares of Churchill Downs from $164.00 to $161.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. StockNews.com cut shares of Churchill Downs from a “hold” rating to a “sell” rating in a research note on Tuesday, March 11th. Wells Fargo & Company reduced their price objective 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. 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 report on Wednesday, February 19th. Finally, JMP Securities restated a “market outperform” rating and issued a $166.00 target price on shares of Churchill Downs in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Churchill Downs currently has a consensus rating of “Moderate Buy” and a consensus target price of $159.38.

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.