Vanguard Group Inc. Has $909.18 Million Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Vanguard Group Inc. increased its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 1.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,808,321 shares of the company's stock after purchasing an additional 107,737 shares during the quarter. Vanguard Group Inc. owned 9.26% of Churchill Downs worth $909,183,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Truist Financial Corp lifted its holdings in shares of Churchill Downs by 22.1% in the fourth quarter. Truist Financial Corp now owns 29,637 shares of the company's stock valued at $3,958,000 after purchasing an additional 5,372 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Churchill Downs by 1.7% in 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 in the last quarter. Proficio Capital Partners LLC acquired a new position in Churchill Downs during the 4th quarter worth approximately $1,927,000. JPMorgan Chase & Co. grew its stake in shares of Churchill Downs by 7.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 183,594 shares of the company's stock worth $24,824,000 after acquiring an additional 12,226 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of 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 during the last quarter. 82.59% of the stock is owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several brokerages recently commented on CHDN. Wells Fargo & Company reduced their target price on shares of Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a report on Friday, February 21st. StockNews.com upgraded shares of Churchill Downs from a "sell" rating to a "hold" rating in a research note on Wednesday, March 19th. JMP Securities reaffirmed a "market outperform" rating and issued a $166.00 target price on shares of Churchill Downs in a research report on Thursday, January 16th. Stifel Nicolaus reduced their price target on Churchill Downs from $164.00 to $161.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Finally, Mizuho decreased their price target on Churchill Downs from $151.00 to $148.00 and set an "outperform" rating for the company in a research note on Wednesday, February 19th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $159.38.

Churchill Downs Stock Performance

NASDAQ:CHDN traded down $0.23 on Wednesday, hitting $110.49. The company's stock had a trading volume of 178,280 shares, compared to its average volume of 490,536. Churchill Downs Incorporated has a one year low of $105.18 and a one year high of $150.21. The firm has a market capitalization of $8.12 billion, a P/E ratio of 19.44, a price-to-earnings-growth ratio of 2.95 and a beta of 0.93. The stock has a fifty day moving average of $117.16 and a two-hundred day moving average of $129.80. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47.

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 analysts' consensus estimates of $0.98 by ($0.06). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The business had revenue of $624.20 million during the quarter, compared to the consensus estimate of $620.21 million. Research analysts predict that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.22%. Churchill Downs's dividend payout ratio is presently 7.04%.

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

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.