Envestnet Asset Management Inc. Buys 15,821 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Envestnet Asset Management Inc. lifted its position in Churchill Downs Incorporated (NASDAQ:CHDN) by 5.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 295,311 shares of the company’s stock after acquiring an additional 15,821 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Churchill Downs were worth $39,436,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Blue Trust Inc. raised 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 acquiring an additional 103 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Churchill Downs during the third quarter worth about $27,000. Fortitude Family Office LLC boosted 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 worth $34,000 after buying an additional 246 shares in the last quarter. Eagle Bay Advisors LLC purchased a new stake in shares of Churchill Downs in the 4th quarter valued at $55,000. Finally, R Squared Ltd bought a new position in shares of Churchill Downs during the fourth quarter valued at about $55,000. 82.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Mizuho cut their price target on shares of Churchill Downs from $151.00 to $148.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. Barclays assumed coverage on Churchill Downs in a report on Friday. They set an “overweight” rating and a $125.00 target price for the company. Wells Fargo & Company cut their price target on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. StockNews.com lowered shares of Churchill Downs from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $166.00 target price on shares of Churchill Downs in a research note on Thursday, January 16th. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $153.44.

Churchill Downs Stock Performance

Shares of Churchill Downs stock opened at $102.51 on Friday. Churchill Downs Incorporated has a 1 year low of $96.67 and a 1 year high of $150.21. The firm’s 50-day moving average is $112.92 and its 200 day moving average is $127.55. The stock has a market cap of $7.53 billion, a price-to-earnings ratio of 18.05, a PEG ratio of 2.95 and a beta of 0.86. 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 (NASDAQ:CHDN) last released 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 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. Sell-side analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.23%. Churchill Downs’s dividend payout ratio (DPR) is 7.04%.

Churchill Downs announced that its Board of Directors has approved a stock buyback program on Wednesday, March 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.