GABELLI & Co INVESTMENT ADVISERS INC. Purchases New Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

GABELLI & Co INVESTMENT ADVISERS INC. acquired a new stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 4,000 shares of the company’s stock, valued at approximately $534,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. boosted its stake in Churchill Downs by 127.2% during the 4th quarter. Blue Trust Inc. now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 103 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Churchill Downs during the third quarter valued at approximately $27,000. Fortitude Family Office LLC grew its holdings in Churchill Downs by 2,733.3% during 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 Churchill Downs in the 4th quarter valued at $55,000. Finally, R Squared Ltd purchased a new stake in shares of Churchill Downs in the fourth quarter valued at about $55,000. 82.59% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on CHDN. Barclays began coverage on shares of Churchill Downs in a research note on Friday, April 11th. They issued an “overweight” rating and a $125.00 price objective for the company. Mizuho dropped their price target on Churchill Downs from $151.00 to $148.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. 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. StockNews.com cut Churchill Downs from a “hold” rating to a “sell” rating in a research note on Tuesday, April 8th. Finally, Stifel Nicolaus reduced their price target 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. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $153.44.

Churchill Downs Trading Up 1.0 %

Shares of Churchill Downs stock opened at $102.63 on Wednesday. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. The stock has a market capitalization of $7.54 billion, a P/E ratio of 18.07, a P/E/G ratio of 2.95 and a beta of 0.86. Churchill Downs Incorporated has a 52-week low of $96.67 and a 52-week high of $150.21. The stock’s 50-day simple moving average is $112.12 and its 200 day simple moving average is $127.11.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data on Wednesday, February 19th. The company reported $0.92 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.06). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The business had revenue of $624.20 million during the quarter, compared to the consensus estimate of $620.21 million. As a group, research analysts anticipate 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. Stockholders of record on Monday, March 31st were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.23%. Churchill Downs’s dividend payout ratio (DPR) is currently 7.04%.

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