Raymond James Financial Inc. Buys New Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Raymond James Financial Inc. bought a new position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 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 large investors have also modified their holdings of the business. Blue Trust Inc. increased its stake in Churchill Downs by 127.2% in the 4th quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after purchasing an additional 103 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Churchill Downs in the 3rd quarter valued at approximately $27,000. Fortitude Family Office LLC increased its stake in Churchill Downs by 2,733.3% in the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company's stock valued at $34,000 after purchasing an additional 246 shares in the last quarter. Eagle Bay Advisors LLC purchased a new position in Churchill Downs in the 4th quarter valued at approximately $55,000. Finally, R Squared Ltd purchased a new position in Churchill Downs in the 4th quarter valued at approximately $55,000. 82.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CHDN has been the subject of several research analyst reports. JMP Securities reaffirmed a "market outperform" rating and issued a $166.00 price objective on shares of Churchill Downs in a research note on Thursday, January 16th. StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a report on Wednesday. Mizuho lowered their target price on Churchill Downs from $151.00 to $148.00 and set an "outperform" rating on the stock in a report on Wednesday, February 19th. Stifel Nicolaus lowered their target price on Churchill Downs from $164.00 to $161.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Finally, Wells Fargo & Company lowered 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. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $159.38.

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Churchill Downs Trading Up 0.1 %

Shares of CHDN stock traded up $0.09 during mid-day trading on Friday, hitting $112.10. 925,264 shares of the company's stock were exchanged, compared to its average volume of 470,940. Churchill Downs Incorporated has a fifty-two week low of $105.18 and a fifty-two week high of $150.21. The stock has a 50-day simple moving average of $119.19 and a two-hundred day simple moving average of $131.23. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. The stock has a market cap 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 (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings data 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). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The business had revenue of $624.20 million for the quarter, compared to analyst estimates of $620.21 million. Equities analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs declared that its Board of Directors has authorized 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 reacquire up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Churchill Downs Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.21%. Churchill Downs's dividend payout ratio (DPR) is 7.04%.

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.