Gabelli Funds LLC Cuts Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Gabelli Funds LLC reduced its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 0.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 134,800 shares of the company’s stock after selling 700 shares during the period. Gabelli Funds LLC’s holdings in Churchill Downs were worth $18,001,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Blue Trust Inc. increased its holdings in shares of 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 acquiring an additional 103 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Churchill Downs in the third quarter valued at approximately $27,000. Fortitude Family Office LLC increased its stake in Churchill Downs by 2,733.3% in the fourth quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock valued at $34,000 after purchasing an additional 246 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in shares of Churchill Downs during the 4th quarter worth approximately $55,000. Finally, R Squared Ltd purchased a new stake in shares of Churchill Downs during the 4th quarter worth approximately $55,000. Institutional investors and hedge funds own 82.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. JMP Securities reiterated a “market outperform” rating and set a $166.00 price target on shares of Churchill Downs in a research note on Thursday, January 16th. Mizuho reduced their target price on Churchill Downs from $151.00 to $148.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. StockNews.com downgraded Churchill Downs from a “hold” rating to a “sell” rating in a research note on Tuesday, April 8th. Wells Fargo & Company reduced their price objective on Churchill Downs from $165.00 to $158.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Finally, Stifel Nicolaus lowered their target price on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating and nine 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 $153.44.

Churchill Downs Trading Up 1.0 %

Shares of CHDN stock opened at $102.63 on Wednesday. The company has a market capitalization of $7.54 billion, a P/E ratio of 18.07, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. The business’s 50 day moving average is $112.12 and its two-hundred day moving average is $127.11. Churchill Downs Incorporated has a twelve month low of $96.67 and a twelve month high of $150.21.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data 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 firm had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $620.21 million. Equities analysts forecast that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.23%. Churchill Downs’s dividend payout ratio is currently 7.04%.

Churchill Downs declared that its board has initiated a stock buyback program on Wednesday, March 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

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.