Comerica Bank Increases Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Comerica Bank raised its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 16.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 152,346 shares of the company’s stock after purchasing an additional 21,083 shares during the period. Comerica Bank owned 0.21% of Churchill Downs worth $20,344,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Utah Retirement Systems lifted its stake in Churchill Downs by 2.7% in the fourth quarter. Utah Retirement Systems now owns 3,800 shares of the company’s stock worth $507,000 after acquiring an additional 100 shares during the period. Northern Trust Corp lifted its position in shares of Churchill Downs by 20.5% in the 4th quarter. Northern Trust Corp now owns 589,710 shares of the company’s stock worth $78,750,000 after purchasing an additional 100,337 shares during the period. Landmark Investment Partners L.P. bought a new stake in shares of Churchill Downs during the 4th quarter valued at about $13,317,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of Churchill Downs during the 4th quarter worth approximately $7,971,000. Finally, Coldstream Capital Management Inc. raised its position in shares of Churchill Downs by 10.6% in the 4th quarter. Coldstream Capital Management Inc. now owns 3,773 shares of the company’s stock worth $504,000 after acquiring an additional 363 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on CHDN shares. Stifel Nicolaus reduced 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, April 10th. Susquehanna decreased their price target on shares of Churchill Downs from $150.00 to $136.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. Macquarie dropped their price objective on shares of Churchill Downs from $172.00 to $154.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Mizuho decreased their target price on shares of Churchill Downs from $148.00 to $140.00 and set an “outperform” rating for the company in a research note on Tuesday, April 22nd. Finally, Jefferies Financial Group dropped their price target on Churchill Downs from $160.00 to $127.00 and set a “buy” rating on the stock in a research report on Friday, April 25th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $144.80.

Churchill Downs Stock Up 0.6 %

CHDN stock opened at $90.95 on Friday. 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 1-year low of $85.58 and a 1-year high of $150.21. The stock has a market capitalization of $6.57 billion, a P/E ratio of 16.01, a P/E/G ratio of 2.95 and a beta of 0.86. The business has a fifty day moving average price of $106.20 and a 200-day moving average price of $123.72.

Churchill Downs (NASDAQ:CHDN) last posted its earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) 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 company had revenue of $642.60 million for the quarter, compared to the consensus estimate of $649.68 million. During the same quarter in the prior year, the company posted $1.13 EPS. Churchill Downs’s revenue was up 8.7% on a year-over-year basis. Equities analysts forecast that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. Churchill Downs’s dividend payout ratio (DPR) is presently 7.12%.

Churchill Downs declared that its board has initiated a share buyback program on Wednesday, March 12th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits 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 of directors believes its stock is 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.