Raymond James Financial Inc. Takes Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Raymond James Financial Inc. acquired a new stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 119,920 shares of the company’s stock, valued at approximately $16,015,000. Raymond James Financial Inc. owned approximately 0.16% of Churchill Downs as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Arizona State Retirement System lifted its holdings in Churchill Downs by 0.6% in the 4th quarter. Arizona State Retirement System now owns 19,165 shares of the company’s stock worth $2,559,000 after purchasing an additional 116 shares in the last quarter. Aigen Investment Management LP lifted its holdings in Churchill Downs by 134.5% in the 4th quarter. Aigen Investment Management LP now owns 8,951 shares of the company’s stock worth $1,195,000 after purchasing an additional 5,134 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in Churchill Downs in the 4th quarter worth approximately $1,927,000. Atria Investments Inc lifted its holdings in Churchill Downs by 12.0% in the 4th quarter. Atria Investments Inc now owns 6,725 shares of the company’s stock worth $898,000 after purchasing an additional 721 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Churchill Downs by 4.7% in the 4th quarter. Victory Capital Management Inc. now owns 228,550 shares of the company’s stock worth $30,521,000 after purchasing an additional 10,359 shares in the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Trading Down 1.1 %

CHDN stock opened at $110.39 on Wednesday. Churchill Downs Incorporated has a twelve month low of $105.18 and a twelve month high of $150.21. The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth ratio of 2.95 and a beta of 0.93. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. The firm’s fifty day simple moving average is $120.14 and its two-hundred day simple moving average is $131.68.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.92 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.06). The firm 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%. As a group, analysts anticipate that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs declared that its Board of Directors has approved a stock buyback plan on Wednesday, March 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 6.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Churchill Downs Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.22%. Churchill Downs’s payout ratio is 7.04%.

Analysts Set New Price Targets

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

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.