Churchill Downs Incorporated (NASDAQ:CHDN) Shares Acquired by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lifted its stake in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 1.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 514,678 shares of the company's stock after buying an additional 4,896 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.70% of Churchill Downs worth $68,730,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Churchill Downs by 1.6% during the fourth quarter. Vanguard Group Inc. now owns 6,808,321 shares of the company's stock valued at $909,183,000 after acquiring an additional 107,737 shares in the last quarter. State Street Corp boosted its stake in shares of Churchill Downs by 5.8% during the 3rd quarter. State Street Corp now owns 2,078,031 shares of the company's stock valued at $280,971,000 after buying an additional 114,018 shares during the last quarter. Boston Partners grew its position in shares of Churchill Downs by 25.6% during the fourth quarter. Boston Partners now owns 1,794,630 shares of the company's stock worth $239,619,000 after buying an additional 366,283 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Churchill Downs by 8.1% in the third quarter. Geode Capital Management LLC now owns 1,299,442 shares of the company's stock worth $175,742,000 after buying an additional 96,910 shares during the last quarter. Finally, Jennison Associates LLC raised its holdings in Churchill Downs by 5.6% in the fourth quarter. Jennison Associates LLC now owns 1,000,402 shares of the company's stock valued at $133,594,000 after acquiring an additional 53,334 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Performance

CHDN traded down $6.36 during trading on Friday, reaching $102.66. 984,270 shares of the company were exchanged, compared to its average volume of 497,417. Churchill Downs Incorporated has a 52 week low of $101.62 and a 52 week high of $150.21. 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 $116.11 and a 200 day moving average of $129.19. The stock has a market cap of $7.54 billion, a P/E ratio of 18.07, a PEG ratio of 2.95 and a beta of 0.86.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released 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 return on equity of 43.67% and a net margin of 15.61%. On average, sell-side analysts forecast that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs declared that its Board of Directors has initiated a share repurchase program on Wednesday, March 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Churchill Downs Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.23%. Churchill Downs's payout ratio is currently 7.04%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. StockNews.com raised shares of Churchill Downs from a "sell" rating to a "hold" rating in a report on Wednesday, March 19th. Mizuho lowered their price objective on Churchill Downs from $151.00 to $148.00 and set an "outperform" rating for the company in a report on Wednesday, February 19th. JMP Securities restated a "market outperform" rating and set a $166.00 price objective on shares of Churchill Downs in a research note on Thursday, January 16th. Wells Fargo & Company lowered their price target on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Finally, Stifel Nicolaus dropped their price target on Churchill Downs from $164.00 to $161.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $159.38.

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.