Legal & General Group Plc Lowers Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Legal & General Group Plc cut its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 10.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,192 shares of the company’s stock after selling 12,295 shares during the quarter. Legal & General Group Plc owned approximately 0.14% of Churchill Downs worth $14,047,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CHDN. Louisiana State Employees Retirement System increased its holdings in shares of Churchill Downs by 0.5% during the fourth quarter. Louisiana State Employees Retirement System now owns 20,400 shares of the company’s stock valued at $2,724,000 after acquiring an additional 100 shares in the last quarter. Blue Trust Inc. grew its position 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 purchasing an additional 103 shares during the last quarter. Arizona State Retirement System increased its stake in Churchill Downs by 0.6% during the 4th quarter. Arizona State Retirement System now owns 19,165 shares of the company’s stock valued at $2,559,000 after purchasing an additional 116 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Churchill Downs by 5.6% in the fourth quarter. CIBC Asset Management Inc now owns 2,252 shares of the company’s stock worth $301,000 after buying an additional 120 shares during the last quarter. Finally, Cetera Trust Company N.A lifted its stake in shares of Churchill Downs by 7.7% in the fourth quarter. Cetera Trust Company N.A now owns 1,877 shares of the company’s stock worth $251,000 after buying an additional 135 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors.

Churchill Downs Stock Performance

Shares of NASDAQ CHDN opened at $102.63 on Wednesday. Churchill Downs Incorporated has a 12-month low of $96.67 and a 12-month high of $150.21. The firm has a market capitalization of $7.54 billion, a price-to-earnings ratio of 18.07, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. 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 50 day moving average of $112.12 and a 200 day moving average of $127.11.

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 analysts’ consensus estimates of $0.98 by ($0.06). The business 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%. On average, 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 approved a share repurchase program on Wednesday, March 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Churchill Downs Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Barclays began coverage on shares of Churchill Downs in a report 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. Mizuho dropped their price objective 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. StockNews.com lowered Churchill Downs from a “hold” rating to a “sell” rating in a research report on Tuesday, April 8th. Finally, Wells Fargo & Company dropped their price target on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $153.44.

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.