Bank of America Corp DE Sells 15,826 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Bank of America Corp DE reduced its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 3.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 398,706 shares of the company’s stock after selling 15,826 shares during the period. Bank of America Corp DE’s holdings in Churchill Downs were worth $53,243,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of Churchill Downs by 59.2% during the third quarter. Barclays PLC now owns 29,584 shares of the company’s stock worth $4,000,000 after buying an additional 11,006 shares in the last quarter. Eagle Bay Advisors LLC acquired a new position in shares of Churchill Downs in the fourth quarter valued at about $55,000. Community Trust & Investment Co. increased its position in Churchill Downs by 2.3% during the fourth quarter. Community Trust & Investment Co. now owns 132,565 shares of the company’s stock worth $17,703,000 after acquiring an additional 2,936 shares during the period. Park Avenue Securities LLC raised its stake in Churchill Downs by 20.6% in the 4th quarter. Park Avenue Securities LLC now owns 10,943 shares of the company’s stock worth $1,461,000 after purchasing an additional 1,871 shares in the last quarter. Finally, Argent Capital Management LLC boosted its holdings in Churchill Downs by 9.7% in the 4th quarter. Argent Capital Management LLC now owns 21,435 shares of the company’s stock valued at $2,862,000 after purchasing an additional 1,893 shares during the period. 82.59% of the stock is currently owned by institutional investors.

Insider Activity at Churchill Downs

In other news, Director Douglas C. Grissom purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, May 7th. The stock was bought at an average cost of $92.77 per share, for a total transaction of $927,700.00. Following the purchase, the director now owns 38,869 shares of the company’s stock, valued at approximately $3,605,877.13. The trade was a 34.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director R Alex Rankin acquired 2,000 shares of Churchill Downs stock in a transaction that occurred on Monday, May 5th. The shares were purchased at an average price of $92.65 per share, for a total transaction of $185,300.00. Following the transaction, the director now directly owns 99,012 shares in the company, valued at $9,173,461.80. The trade was a 2.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.34% of the stock is owned by insiders.

Churchill Downs Price Performance

Churchill Downs stock opened at $98.36 on Wednesday. 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 52 week low of $85.58 and a 52 week high of $150.21. The stock has a market capitalization of $7.10 billion, a P/E ratio of 17.32, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. The stock has a fifty day moving average of $102.87 and a 200-day moving average of $121.19.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The business had revenue of $642.60 million during the quarter, compared to the consensus estimate of $649.68 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The business’s revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.13 EPS. On average, sell-side analysts expect that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

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

Churchill Downs Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.24%. Churchill Downs’s payout ratio is 7.12%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Barclays decreased their target price on shares of Churchill Downs from $125.00 to $124.00 and set an “overweight” rating on the stock in a research report on Friday, April 25th. StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a research report on Thursday, April 24th. Wells Fargo & Company dropped their price objective on Churchill Downs from $165.00 to $158.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Jefferies Financial Group cut their target price on Churchill Downs from $160.00 to $127.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Finally, Macquarie decreased their price target on Churchill Downs from $172.00 to $154.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $143.50.

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.