Norges Bank Acquires Shares of 561,385 Churchill Downs Incorporated (NASDAQ:CHDN)

Norges Bank bought a new position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 561,385 shares of the company’s stock, valued at approximately $74,967,000. Norges Bank owned about 0.76% of Churchill Downs at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

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

Churchill Downs Price Performance

NASDAQ CHDN opened at $111.79 on Thursday. The firm’s fifty day simple moving average is $116.89 and its two-hundred day simple moving average is $129.67. The firm has a market capitalization of $8.22 billion, a P/E ratio of 19.68, a P/E/G ratio of 2.95 and a beta of 0.93. 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 12-month low of $105.18 and a 12-month 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 business had revenue of $624.20 million for the quarter, compared to analyst estimates of $620.21 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. Analysts forecast that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.21%. Churchill Downs’s payout ratio is currently 7.04%.

Churchill Downs declared that its Board of Directors has initiated a share buyback plan on Wednesday, March 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 6.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is 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.