Prudential Financial Inc. Sells 10,402 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Prudential Financial Inc. lessened its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 26.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 29,680 shares of the company's stock after selling 10,402 shares during the period. Prudential Financial Inc.'s holdings in Churchill Downs were worth $4,123,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Truist Financial Corp grew its position in Churchill Downs by 22.1% during the fourth quarter. Truist Financial Corp now owns 29,637 shares of the company's stock worth $3,958,000 after buying an additional 5,372 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Churchill Downs by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company's stock valued at $80,839,000 after acquiring an additional 10,153 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of Churchill Downs during the 4th quarter worth $1,927,000. JPMorgan Chase & Co. increased its position in shares of Churchill Downs by 7.1% in the third quarter. JPMorgan Chase & Co. now owns 183,594 shares of the company's stock worth $24,824,000 after purchasing an additional 12,226 shares during the period. Finally, Victory Capital Management Inc. raised its stake in Churchill Downs by 4.7% in the fourth quarter. Victory Capital Management Inc. now owns 228,550 shares of the company's stock valued at $30,521,000 after purchasing an additional 10,359 shares in the last quarter. 82.59% of the stock is owned by institutional investors.

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Wall Street Analysts Forecast Growth

CHDN has been the topic of a number of analyst reports. StockNews.com upgraded shares of Churchill Downs from a "sell" rating to a "hold" rating in a research note on Wednesday, March 19th. Mizuho reduced their price target on shares of Churchill Downs from $151.00 to $148.00 and set an "outperform" rating on the stock in a research report on Wednesday, February 19th. Stifel Nicolaus lowered their price objective on shares of Churchill Downs from $164.00 to $161.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Wells Fargo & Company reduced their target price on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Finally, JMP Securities reissued a "market outperform" rating and set a $166.00 price target on shares of Churchill Downs in a report on Thursday, January 16th. One research 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, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $159.38.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN traded down $6.36 during trading on Friday, hitting $102.66. 984,270 shares of the company were exchanged, compared to its average volume of 496,408. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. Churchill Downs Incorporated has a 1-year low of $101.54 and a 1-year high of $150.21. The company has a market capitalization of $7.54 billion, a P/E ratio of 18.07, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. The business's 50 day moving average is $116.56 and its 200-day moving average is $129.53.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued 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). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The firm had revenue of $624.20 million during the quarter, compared to analyst estimates of $620.21 million. Equities analysts forecast that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Dividend Announcement

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

Churchill Downs declared that its board has initiated a stock buyback plan on Wednesday, March 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 6.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its shares are undervalued.

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.