Bank of Montreal Can Sells 47,972 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Bank of Montreal Can reduced its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 82.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,974 shares of the company’s stock after selling 47,972 shares during the period. Bank of Montreal Can’s holdings in Churchill Downs were worth $1,332,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CHDN. Blue Trust Inc. raised its stake in Churchill Downs by 127.2% during the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 103 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Churchill Downs during the 3rd quarter valued at $27,000. Fortitude Family Office LLC lifted its position in Churchill Downs by 2,733.3% in the fourth quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock worth $34,000 after buying an additional 246 shares during the last quarter. Eagle Bay Advisors LLC purchased a new position in Churchill Downs during the fourth quarter worth $55,000. Finally, R Squared Ltd bought a new position in Churchill Downs during the fourth quarter valued at $55,000. Institutional investors own 82.59% of the company’s stock.

Churchill Downs Trading Up 0.4 %

CHDN opened at $101.36 on Friday. The firm has a market capitalization of $7.45 billion, a price-to-earnings ratio of 17.85, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. The company’s 50 day simple moving average is $111.28 and its two-hundred day simple moving average is $126.70. Churchill Downs Incorporated has a 1-year low of $96.67 and a 1-year high of $150.21. 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 (NASDAQ:CHDN) last released 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). 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 analyst estimates of $620.21 million. Analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Announces Dividend

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

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

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Mizuho reduced their price objective 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 downgraded Churchill Downs from a “hold” rating to a “sell” rating in a report on Tuesday, April 8th. Barclays started coverage on Churchill Downs in a report on Friday, April 11th. They set an “overweight” rating and a $125.00 price objective for the company. JMP Securities reiterated a “market outperform” rating and issued a $166.00 target price on shares of Churchill Downs in a research note on Thursday, January 16th. Finally, Stifel Nicolaus cut their price target on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. 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, Churchill Downs presently has an average rating of “Moderate Buy” and an average price target of $153.44.

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.