Fmr LLC Has $479.69 Million Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Fmr LLC grew its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 6.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,592,087 shares of the company’s stock after acquiring an additional 214,694 shares during the quarter. Fmr LLC’s holdings in Churchill Downs were worth $479,687,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CHDN. HighTower Advisors LLC raised its holdings in shares of Churchill Downs by 21.3% in the third quarter. HighTower Advisors LLC now owns 11,687 shares of the company’s stock valued at $1,579,000 after purchasing an additional 2,055 shares during the last quarter. Quantinno Capital Management LP raised its holdings in shares of Churchill Downs by 294.3% in the third quarter. Quantinno Capital Management LP now owns 12,598 shares of the company’s stock valued at $1,703,000 after purchasing an additional 9,403 shares during the last quarter. State Street Corp raised its holdings in shares of Churchill Downs by 5.8% in the third quarter. State Street Corp now owns 2,078,031 shares of the company’s stock valued at $280,971,000 after purchasing an additional 114,018 shares during the last quarter. XTX Topco Ltd raised its holdings in shares of Churchill Downs by 3.1% in the third quarter. XTX Topco Ltd now owns 6,564 shares of the company’s stock valued at $888,000 after purchasing an additional 195 shares during the last quarter. Finally, MML Investors Services LLC raised its holdings in shares of Churchill Downs by 8.7% in the third quarter. MML Investors Services LLC now owns 27,510 shares of the company’s stock valued at $3,720,000 after purchasing an additional 2,198 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on CHDN shares. Stifel Nicolaus lowered their target price on shares of Churchill Downs from $164.00 to $161.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Wells Fargo & Company lowered their target price 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. Mizuho lowered their target price on shares of Churchill Downs from $151.00 to $148.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. StockNews.com downgraded shares of Churchill Downs from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, JMP Securities restated a “market outperform” rating and set a $166.00 target price on shares of Churchill Downs in a report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Churchill Downs has a consensus rating of “Moderate Buy” and a consensus target price of $159.38.

Churchill Downs Price Performance

NASDAQ:CHDN opened at $105.90 on Thursday. Churchill Downs Incorporated has a one year low of $96.67 and a one year high of $150.21. The company has a market cap of $7.78 billion, a P/E ratio of 18.64, a P/E/G ratio of 2.95 and a beta of 0.86. The firm’s fifty day moving average price is $113.76 and its two-hundred day moving average price is $127.97. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results 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 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%. Equities analysts expect that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.23%. Churchill Downs’s payout ratio is presently 7.04%.

Churchill Downs announced that its Board of Directors has initiated a share buyback plan on Wednesday, March 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Churchill Downs Company 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.