Churchill Downs Incorporated (NASDAQ:CHDN) Shares Sold by William Blair Investment Management LLC

William Blair Investment Management LLC decreased its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 3.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,032,920 shares of the company’s stock after selling 33,632 shares during the period. William Blair Investment Management LLC owned approximately 1.41% of Churchill Downs worth $137,936,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. boosted its position in shares of Churchill Downs by 6.5% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 11,509 shares of the company’s stock worth $1,537,000 after buying an additional 701 shares during the period. Natixis Advisors LLC boosted its holdings in Churchill Downs by 2.3% in the fourth quarter. Natixis Advisors LLC now owns 123,650 shares of the company’s stock valued at $16,513,000 after purchasing an additional 2,763 shares during the last quarter. Swiss National Bank boosted its holdings in Churchill Downs by 0.5% in the fourth quarter. Swiss National Bank now owns 129,900 shares of the company’s stock valued at $17,347,000 after purchasing an additional 700 shares during the last quarter. Independent Advisor Alliance boosted its holdings in Churchill Downs by 8.0% in the fourth quarter. Independent Advisor Alliance now owns 5,682 shares of the company’s stock valued at $759,000 after purchasing an additional 421 shares during the last quarter. Finally, Johnson Investment Counsel Inc. lifted its holdings in Churchill Downs by 12.2% during the 4th quarter. Johnson Investment Counsel Inc. now owns 3,108 shares of the company’s stock worth $415,000 after buying an additional 338 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on CHDN shares. Mizuho reduced their target price on Churchill Downs from $151.00 to $148.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. Wells Fargo & Company reduced their target price on Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. StockNews.com downgraded Churchill Downs from a “hold” rating to a “sell” rating in a report on Tuesday, March 11th. Stifel Nicolaus reduced their target price on Churchill Downs from $164.00 to $161.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Finally, JMP Securities reiterated a “market outperform” rating and set a $166.00 price target on shares of Churchill Downs in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $159.38.

Churchill Downs Price Performance

Churchill Downs stock opened at $110.50 on Monday. 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 company has a market capitalization of $8.13 billion, a PE ratio of 19.45, a price-to-earnings-growth ratio of 2.95 and a beta of 0.93. Churchill Downs Incorporated has a one year low of $105.18 and a one year high of $150.21. The business has a 50 day simple moving average of $120.98 and a 200 day simple moving average of $132.07.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings data 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 during 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%. On average, sell-side analysts forecast that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs announced that its board has initiated a stock repurchase program 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 programs are typically a sign that the company’s board believes its stock is undervalued.

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.