Churchill Downs Incorporated (NASDAQ:CHDN) Shares Sold by Harbor Capital Advisors Inc.

Harbor Capital Advisors Inc. reduced its position in Churchill Downs Incorporated (NASDAQ:CHDN) by 18.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,876 shares of the company’s stock after selling 8,711 shares during the period. Harbor Capital Advisors Inc.’s holdings in Churchill Downs were worth $4,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in CHDN. Norges Bank acquired a new position in shares of Churchill Downs in the 4th quarter valued at $74,967,000. Boston Partners raised its position in Churchill Downs by 25.6% during the fourth quarter. Boston Partners now owns 1,794,630 shares of the company’s stock worth $239,619,000 after acquiring an additional 366,283 shares during the period. FMR LLC raised its position in Churchill Downs by 6.4% during the fourth quarter. FMR LLC now owns 3,592,087 shares of the company’s stock worth $479,687,000 after acquiring an additional 214,694 shares during the period. Point72 Asset Management L.P. raised its position in Churchill Downs by 97.9% during the fourth quarter. Point72 Asset Management L.P. now owns 431,165 shares of the company’s stock worth $57,578,000 after acquiring an additional 213,311 shares during the period. Finally, Clearbridge Investments LLC acquired a new position in Churchill Downs during the fourth quarter worth $28,369,000. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Trading Up 2.3%

NASDAQ:CHDN opened at $101.84 on Wednesday. The company has a market capitalization of $7.36 billion, a PE ratio of 17.93, a price-to-earnings-growth ratio of 2.95 and a beta of 0.94. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. Churchill Downs Incorporated has a 52-week low of $85.58 and a 52-week high of $150.21. The stock has a fifty day simple moving average of $96.90 and a 200-day simple moving average of $114.90.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results 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). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The firm had revenue of $642.60 million during the quarter, compared to analyst estimates of $649.68 million. During the same period in the previous year, the firm posted $1.13 EPS. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, equities research analysts expect that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

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 issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.24%. Churchill Downs’s payout ratio is currently 7.12%.

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CHDN shares. JMP Securities reduced their price objective on shares of Churchill Downs from $144.00 to $138.00 and set a “market outperform” rating for the company in a research report on Tuesday, May 27th. Stifel Nicolaus reduced their price objective on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Susquehanna reduced their price objective on shares of Churchill Downs from $150.00 to $136.00 and set a “positive” rating for the company in a research report on Tuesday, April 22nd. Wells Fargo & Company reduced their price objective 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. Finally, Truist Financial reduced their price objective on shares of Churchill Downs from $162.00 to $155.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Churchill Downs presently has a consensus rating of “Moderate Buy” and an average target price of $142.30.

Insiders Place Their Bets

In related news, Director Douglas C. Grissom bought 10,000 shares of the company’s stock in a transaction on Wednesday, May 7th. The shares were purchased at an average cost of $92.77 per share, with a total value of $927,700.00. Following the completion of the transaction, the director now directly owns 38,869 shares of the company’s stock, valued at approximately $3,605,877.13. This represents a 34.64% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director R Alex Rankin bought 2,000 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were purchased at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the acquisition, the director now owns 99,012 shares of the company’s stock, valued at $9,173,461.80. This trade represents a 2.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.34% of the stock is owned by company insiders.

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.