Pictet Asset Management Holding SA Raises Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Pictet Asset Management Holding SA lifted its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 11.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 10,819 shares of the company’s stock after acquiring an additional 1,146 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Churchill Downs were worth $1,445,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in CHDN. Blue Trust Inc. raised its stake in Churchill Downs by 127.2% in the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock worth $25,000 after buying an additional 103 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Churchill Downs during the 3rd quarter valued at $27,000. Fortitude Family Office LLC increased its holdings in shares of Churchill Downs by 2,733.3% in the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock valued at $34,000 after acquiring an additional 246 shares during the period. Eagle Bay Advisors LLC bought a new position in shares of Churchill Downs in the 4th quarter worth $55,000. Finally, R Squared Ltd purchased a new stake in shares of Churchill Downs during the 4th quarter worth $55,000. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Trading Down 5.8 %

NASDAQ:CHDN opened at $102.66 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. The firm has a fifty day simple moving average of $116.11 and a 200-day simple moving average of $129.19. Churchill Downs Incorporated has a 12 month low of $101.62 and a 12 month high of $150.21. The company has a market capitalization of $7.54 billion, a P/E ratio of 18.07, a PEG ratio of 2.95 and a beta of 0.86.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.06). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The firm had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $620.21 million. On average, equities research analysts anticipate that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

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

Churchill Downs Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given 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 dividend payout ratio is presently 7.04%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CHDN. Stifel Nicolaus reduced their target price on shares of Churchill Downs from $164.00 to $161.00 and set a “buy” rating for the company in a report on Friday, February 21st. 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. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a research note on Wednesday, March 19th. Mizuho reduced their price target 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. Finally, JMP Securities reissued a “market outperform” rating and issued a $166.00 price objective on shares of Churchill Downs in a research report on Thursday, January 16th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $159.38.

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.