Raymond James Financial Inc. Invests $16.02 Million in Churchill Downs Incorporated (NASDAQ:CHDN)

Raymond James Financial Inc. purchased a new position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 119,920 shares of the company's stock, valued at approximately $16,015,000. Raymond James Financial Inc. owned approximately 0.16% of Churchill Downs at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Renaissance Technologies LLC raised its stake in Churchill Downs by 15.5% during the fourth quarter. Renaissance Technologies LLC now owns 84,950 shares of the company's stock worth $11,344,000 after purchasing an additional 11,400 shares during the period. FMR LLC raised its position in Churchill Downs by 6.4% in the fourth quarter. FMR LLC now owns 3,592,087 shares of the company's stock valued at $479,687,000 after purchasing an additional 214,694 shares during the period. Aristides Capital LLC lifted its stake in shares of Churchill Downs by 49.3% in the 4th quarter. Aristides Capital LLC now owns 2,330 shares of the company's stock valued at $311,000 after purchasing an additional 769 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Churchill Downs by 10.7% during the 4th quarter. Russell Investments Group Ltd. now owns 32,850 shares of the company's stock worth $4,387,000 after purchasing an additional 3,173 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Churchill Downs by 5.7% in the 4th quarter. Envestnet Asset Management Inc. now owns 295,311 shares of the company's stock valued at $39,436,000 after buying an additional 15,821 shares during the period. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CHDN has been the subject of several research analyst reports. StockNews.com raised shares of Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday. Susquehanna decreased their price target on Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a research note on Tuesday. Truist Financial dropped their price objective on Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a research note on Wednesday. JMP Securities reissued a "market outperform" rating and set a $157.00 target price on shares of Churchill Downs in a research note on Thursday. Finally, Macquarie dropped their target price on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a research report on Thursday. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $148.10.

Churchill Downs Stock Up 0.4 %

Shares of CHDN traded up $0.34 during mid-day trading on Friday, reaching $88.33. The company's stock had a trading volume of 1,673,450 shares, compared to its average volume of 529,378. 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 12-month low of $85.61 and a 12-month high of $150.21. The stock has a market cap of $6.49 billion, a PE ratio of 15.50, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. The company's 50 day moving average is $109.03 and its 200 day moving average is $125.42.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). The company had revenue of $642.60 million for the quarter, compared to analysts' expectations of $649.68 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. Equities analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs declared that its board has approved 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 buy up to 6.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Churchill Downs Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.27%. Churchill Downs's dividend payout ratio (DPR) is currently 7.12%.

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.