Commerce Bank Buys 234 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Commerce Bank grew its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 4.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,306 shares of the company’s stock after purchasing an additional 234 shares during the period. Commerce Bank’s holdings in Churchill Downs were worth $709,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CANADA LIFE ASSURANCE Co lifted its position in Churchill Downs by 0.9% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 49,931 shares of the company’s stock worth $6,667,000 after buying an additional 426 shares during the last quarter. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of Churchill Downs in the fourth quarter valued at $534,000. Belpointe Asset Management LLC lifted its holdings in shares of Churchill Downs by 28.3% in the 4th quarter. Belpointe Asset Management LLC now owns 4,570 shares of the company’s stock worth $635,000 after acquiring an additional 1,008 shares during the last quarter. Mariner LLC boosted its stake in shares of Churchill Downs by 11.1% during the 4th quarter. Mariner LLC now owns 7,591 shares of the company’s stock worth $1,014,000 after purchasing an additional 759 shares during the period. Finally, Barclays PLC grew its holdings in Churchill Downs by 114.8% during the 4th quarter. Barclays PLC now owns 63,532 shares of the company’s stock valued at $8,483,000 after purchasing an additional 33,948 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Price Performance

Shares of CHDN opened at $103.00 on Wednesday. The stock has a market capitalization of $7.57 billion, a PE ratio of 18.13, a PEG ratio of 2.95 and a beta of 0.86. The company has a 50 day moving average price of $110.05 and a 200-day moving average price of $125.90. 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 fifty-two week low of $96.67 and a fifty-two week high of $150.21.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results 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 company had revenue of $624.20 million for the quarter, compared to the consensus estimate of $620.21 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. Equities analysts predict that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs declared that its board has approved a stock repurchase program on Wednesday, March 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Churchill Downs Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.23%. Churchill Downs’s payout ratio is 7.04%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Barclays assumed coverage on shares of Churchill Downs in a research note on Friday, April 11th. They issued an “overweight” rating and a $125.00 price objective for the company. Stifel Nicolaus decreased their price target on Churchill Downs from $161.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, April 10th. Susquehanna cut their price objective on Churchill Downs from $150.00 to $136.00 and set a “positive” rating on the stock in a research report on Tuesday. 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. Finally, Wells Fargo & Company reduced 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. One research analyst has rated the stock with a sell rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Churchill Downs presently has an average rating of “Moderate Buy” and a consensus price target of $150.90.

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.