William Blair Investment Management LLC Trims Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

William Blair Investment Management LLC reduced its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 3.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,032,920 shares of the company's stock after selling 33,632 shares during the quarter. William Blair Investment Management LLC owned approximately 1.41% of Churchill Downs worth $137,936,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Westfield Capital Management Co. LP raised its position in Churchill Downs by 100.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company's stock valued at $103,241,000 after purchasing an additional 381,754 shares in the last quarter. Kovitz Investment Group Partners LLC purchased a new position in shares of Churchill Downs during the third quarter valued at $18,368,000. Raymond James Financial Inc. bought a new stake in shares of Churchill Downs in the fourth quarter valued at about $16,015,000. State Street Corp lifted its stake in Churchill Downs by 5.8% in the third quarter. State Street Corp now owns 2,078,031 shares of the company's stock worth $280,971,000 after acquiring an additional 114,018 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Churchill Downs by 8.1% during the 3rd quarter. Geode Capital Management LLC now owns 1,299,442 shares of the company's stock worth $175,742,000 after acquiring an additional 96,910 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors.

Churchill Downs Stock Performance

NASDAQ:CHDN traded up $0.09 during trading hours on Friday, hitting $112.10. 925,264 shares of the company were exchanged, compared to its average volume of 471,383. The company's 50 day moving average price is $119.48 and its 200-day moving average price is $131.41. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of 19.74, a PEG ratio of 2.95 and a beta of 0.93. Churchill Downs Incorporated has a 52-week low of $105.18 and a 52-week high of $150.21. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55.

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Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $0.92 earnings per share for the quarter, missing analysts' consensus estimates of $0.98 by ($0.06). The company had revenue of $624.20 million for the quarter, compared to analysts' expectations 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 earnings per share for the current year.

Churchill Downs announced that its Board of Directors has approved a share buyback plan on Wednesday, March 12th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.

Churchill Downs Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders 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 0.21%. Churchill Downs's payout ratio is 7.04%.

Analyst Ratings Changes

CHDN has been the subject of several research reports. Wells Fargo & Company lowered their price target on shares of Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a research report on Friday, February 21st. StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research note on Wednesday. Mizuho decreased their price target on shares of Churchill Downs from $151.00 to $148.00 and set an "outperform" rating for the company in a research report on Wednesday, February 19th. JMP Securities reaffirmed a "market outperform" rating and issued a $166.00 price objective on shares of Churchill Downs in a research report on Thursday, January 16th. Finally, Stifel Nicolaus reduced 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 note on Friday, February 21st. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently 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.