Churchill Downs Incorporated (NASDAQ:CHDN) Holdings Cut by California Public Employees Retirement System

California Public Employees Retirement System lowered its position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 4.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 110,638 shares of the company's stock after selling 5,635 shares during the quarter. California Public Employees Retirement System owned 0.15% of Churchill Downs worth $14,775,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System raised its holdings in shares of Churchill Downs by 0.5% in the 4th quarter. Louisiana State Employees Retirement System now owns 20,400 shares of the company's stock worth $2,724,000 after purchasing an additional 100 shares during the period. Blue Trust Inc. lifted its position in Churchill Downs by 127.2% during the fourth quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after buying an additional 103 shares in the last quarter. Arizona State Retirement System grew its stake in Churchill Downs by 0.6% during the fourth quarter. Arizona State Retirement System now owns 19,165 shares of the company's stock worth $2,559,000 after buying an additional 116 shares during the period. CIBC Asset Management Inc increased its position in shares of 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 acquiring an additional 120 shares in the last quarter. Finally, Cetera Trust Company N.A raised its stake in shares of Churchill Downs by 7.7% in the 4th quarter. Cetera Trust Company N.A now owns 1,877 shares of the company's stock valued at $251,000 after acquiring an additional 135 shares during the period. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Stock Up 8.1 %

Shares of NASDAQ:CHDN traded up $7.90 during midday trading on Wednesday, reaching $105.90. The company had a trading volume of 899,670 shares, compared to its average volume of 502,944. The stock has a market capitalization of $7.78 billion, a P/E ratio of 18.64, a PEG ratio of 2.95 and a beta of 0.86. The stock's fifty day moving average price is $113.76 and its 200-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 Incorporated has a one year low of $96.67 and a one year high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.06). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The company had revenue of $624.20 million during the quarter, compared to the consensus estimate of $620.21 million. Equities research analysts expect that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs Dividend Announcement

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

Churchill Downs announced that its Board of Directors has authorized a share buyback plan on Wednesday, March 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

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