Legal & General Group Plc Cuts Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Legal & General Group Plc decreased its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 10.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 105,192 shares of the company’s stock after selling 12,295 shares during the quarter. Legal & General Group Plc’s holdings in Churchill Downs were worth $14,047,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Blue Trust Inc. lifted its holdings in Churchill Downs by 127.2% in the 4th quarter. Blue Trust Inc. now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 103 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Churchill Downs in the third quarter worth $27,000. Fortitude Family Office LLC boosted its position in shares of Churchill Downs by 2,733.3% during the fourth quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock worth $34,000 after acquiring an additional 246 shares during the last quarter. Eagle Bay Advisors LLC purchased a new position in Churchill Downs during the fourth quarter valued at $55,000. Finally, R Squared Ltd bought a new stake in Churchill Downs in the 4th quarter valued at $55,000. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Mizuho cut their price objective on Churchill Downs from $151.00 to $148.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Barclays assumed coverage on Churchill Downs in a research note on Friday, April 11th. They issued an “overweight” rating and a $125.00 price objective on the stock. JMP Securities reiterated a “market outperform” rating and set a $166.00 target price on shares of Churchill Downs in a research report on Thursday, January 16th. Wells Fargo & Company decreased their price target 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, Stifel Nicolaus dropped their price objective on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. One analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $153.44.

Churchill Downs Trading Up 1.0 %

Shares of CHDN opened at $102.63 on Wednesday. The company’s fifty day simple moving average is $112.12 and its 200-day simple moving average is $127.11. The company has a market cap of $7.54 billion, a P/E ratio of 18.07, a P/E/G ratio of 2.95 and a beta of 0.86. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. Churchill Downs Incorporated has a twelve month low of $96.67 and a twelve month high of $150.21.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $620.21 million. As a group, analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Dividend Announcement

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

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

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.