Franklin Resources Inc. Sells 37,295 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Franklin Resources Inc. lowered its stake in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 18.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 159,823 shares of the company's stock after selling 37,295 shares during the period. Franklin Resources Inc. owned 0.22% of Churchill Downs worth $21,343,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of CHDN. Norges Bank acquired a new stake in shares of Churchill Downs in the 4th quarter valued at $74,967,000. Boston Partners increased its position in Churchill Downs by 25.6% in the fourth quarter. Boston Partners now owns 1,794,630 shares of the company's stock worth $239,619,000 after purchasing an additional 366,283 shares during the period. Clearbridge Investments LLC bought a new stake in Churchill Downs during the 4th quarter worth about $28,369,000. Raymond James Financial Inc. acquired a new position in Churchill Downs during the 4th quarter valued at about $16,015,000. Finally, State Street Corp boosted its stake in shares of Churchill Downs by 5.8% in 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 during the last quarter. Institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Up 0.1 %

Shares of NASDAQ CHDN traded up $0.10 during mid-day trading on Friday, hitting $102.51. The company had a trading volume of 586,981 shares, compared to its average volume of 504,800. Churchill Downs Incorporated has a one year low of $96.67 and a one year high of $150.21. The company has a market capitalization of $7.53 billion, a PE ratio of 18.05, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. 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 simple moving average of $112.92 and a two-hundred day simple moving average of $127.55.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly 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). The company had revenue of $624.20 million for the quarter, compared to analyst estimates of $620.21 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. On average, equities analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Dividend Announcement

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 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 (DPR) is currently 7.04%.

Churchill Downs declared that its board has authorized a stock repurchase program on Wednesday, March 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Barclays assumed coverage on shares of Churchill Downs in a research note on Friday. They set an "overweight" rating and a $125.00 price target for the company. Stifel Nicolaus cut their price target on Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a research note on Thursday. Wells Fargo & Company reduced their price target on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. JMP Securities reiterated a "market outperform" rating and issued a $166.00 price objective on shares of Churchill Downs in a report on Thursday, January 16th. Finally, StockNews.com cut Churchill Downs from a "hold" rating to a "sell" rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $153.44.

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.