Churchill Downs Incorporated (NASDAQ:CHDN) Stake Lessened by Corient Private Wealth LLC

Corient Private Wealth LLC decreased its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 35.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,023 shares of the company’s stock after selling 3,376 shares during the period. Corient Private Wealth LLC’s holdings in Churchill Downs were worth $804,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CHDN. Truist Financial Corp raised its stake in shares of Churchill Downs by 22.1% in the 4th 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 in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Churchill Downs by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company’s stock worth $80,839,000 after acquiring an additional 10,153 shares during the period. Proficio Capital Partners LLC bought a new stake in Churchill Downs in the fourth quarter worth about $1,927,000. JPMorgan Chase & Co. lifted its holdings in Churchill Downs by 7.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 183,594 shares of the company’s stock valued at $24,824,000 after acquiring an additional 12,226 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its position in shares of Churchill Downs by 4.7% during the 4th quarter. Victory Capital Management Inc. now owns 228,550 shares of the company’s stock valued at $30,521,000 after purchasing an additional 10,359 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CHDN has been the subject of several recent research reports. Stifel Nicolaus cut their target price on shares of Churchill Downs from $164.00 to $161.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Mizuho cut their target price on Churchill Downs from $151.00 to $148.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 19th. JMP Securities reiterated a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a research report on Thursday, January 16th. Wells Fargo & Company cut their price objective on Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Finally, StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, March 19th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $159.38.

Churchill Downs Price Performance

NASDAQ CHDN opened at $112.40 on Friday. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55. The firm has a market capitalization of $8.26 billion, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 2.95 and a beta of 0.93. The company has a 50 day simple moving average of $118.07 and a 200-day simple moving average of $130.55. Churchill Downs Incorporated has a 52-week low of $105.18 and a 52-week high of $150.21.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share (EPS) 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 company had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $620.21 million. Equities research analysts predict that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.21%. Churchill Downs’s dividend payout ratio (DPR) is currently 7.04%.

Churchill Downs announced that its board has authorized a share buyback program on Wednesday, March 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

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.