Prudential Financial Inc. Cuts Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Prudential Financial Inc. trimmed its position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 26.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,680 shares of the company's stock after selling 10,402 shares during the quarter. Prudential Financial Inc.'s holdings in Churchill Downs were worth $4,123,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Churchill Downs by 1.6% in the fourth quarter. Vanguard Group Inc. now owns 6,808,321 shares of the company's stock valued at $909,183,000 after purchasing an additional 107,737 shares during the period. State Street Corp increased its holdings in 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 purchasing an additional 114,018 shares in the last quarter. Boston Partners increased its holdings in shares of Churchill Downs by 25.6% in the fourth quarter. Boston Partners now owns 1,794,630 shares of the company's stock valued at $239,619,000 after purchasing an additional 366,283 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Churchill Downs by 8.1% in the third quarter. Geode Capital Management LLC now owns 1,299,442 shares of the company's stock valued at $175,742,000 after buying an additional 96,910 shares during the period. Finally, Jennison Associates LLC increased its stake in shares of Churchill Downs by 5.6% in the 4th 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 during the last quarter. 82.59% of the stock is owned by institutional investors and hedge funds.

Churchill Downs Stock Down 5.8 %

NASDAQ CHDN traded down $6.36 on Friday, reaching $102.66. 984,270 shares of the stock traded hands, compared to its average volume of 497,417. The company has a market cap of $7.54 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 2.95 and a beta of 0.86. Churchill Downs Incorporated has a 12 month low of $101.62 and a 12 month high of $150.21. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. The company has a fifty day moving average price of $116.11 and a 200-day moving average price of $129.12.

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

Churchill Downs declared that its board has authorized a stock repurchase plan on Wednesday, March 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Churchill Downs Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CHDN shares. StockNews.com upgraded shares of Churchill Downs from a "sell" rating to a "hold" rating in a research note on Wednesday, March 19th. Stifel Nicolaus cut their price target 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. Mizuho decreased 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 dropped their price objective on shares of Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $166.00 target price on shares of Churchill Downs in a research report on Thursday, January 16th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Churchill Downs presently has an average rating of "Moderate Buy" and a consensus target price of $159.38.

About Churchill Downs

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.