Pinebridge Investments L.P. Boosts Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Pinebridge Investments L.P. lifted its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 42.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 18,147 shares of the company’s stock after purchasing an additional 5,428 shares during the period. Pinebridge Investments L.P.’s holdings in Churchill Downs were worth $2,423,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CHDN. Truist Financial Corp raised its stake in shares of Churchill Downs by 22.1% during the 4th quarter. Truist Financial Corp now owns 29,637 shares of the company’s stock worth $3,958,000 after acquiring an additional 5,372 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of 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 purchasing an additional 10,153 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Churchill Downs during the 4th quarter valued at $1,927,000. Optimize Financial Inc acquired a new stake in shares of Churchill Downs in the 4th quarter worth $516,000. Finally, JPMorgan Chase & Co. grew its stake in Churchill Downs by 7.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 183,594 shares of the company’s stock worth $24,824,000 after buying an additional 12,226 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors.

Churchill Downs Stock Up 0.4 %

Churchill Downs stock opened at $88.35 on Friday. The stock’s fifty day simple moving average is $108.37 and its 200-day simple moving average is $124.96. 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 market capitalization of $6.49 billion, a P/E ratio of 15.55, a P/E/G ratio of 2.95 and a beta of 0.86. Churchill Downs Incorporated has a twelve month low of $85.58 and a twelve month high of $150.21.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). The business had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. As a group, equities analysts expect that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs declared that its Board of Directors has initiated a stock buyback program on Wednesday, March 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows 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 believes its stock is undervalued.

Churchill Downs Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. Churchill Downs’s dividend payout ratio is presently 7.12%.

Analysts Set New Price Targets

CHDN has been the topic of a number of research analyst reports. Macquarie dropped their price target on Churchill Downs from $172.00 to $154.00 and set an “outperform” rating on the stock in a research note on Thursday. Jefferies Financial Group lowered their price objective on shares of Churchill Downs from $160.00 to $127.00 and set a “buy” rating for the company in a research note on Friday. Barclays reduced their target price on Churchill Downs from $125.00 to $124.00 and set an “overweight” rating for the company in a research note on Friday. Mizuho dropped their price target on Churchill Downs from $148.00 to $140.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 22nd. Finally, Susquehanna decreased their target price on Churchill Downs from $150.00 to $136.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $144.80.

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.