Synovus Financial Corp Buys 1,092 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Synovus Financial Corp increased its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 10.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,473 shares of the company’s stock after purchasing an additional 1,092 shares during the period. Synovus Financial Corp’s holdings in Churchill Downs were worth $1,532,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Truist Financial Corp boosted its position in shares of Churchill Downs by 22.1% during the fourth quarter. Truist Financial Corp now owns 29,637 shares of the company’s stock worth $3,958,000 after buying an additional 5,372 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Churchill Downs by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company’s stock worth $80,839,000 after acquiring an additional 10,153 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in Churchill Downs during the 4th quarter worth approximately $1,927,000. JPMorgan Chase & Co. grew its stake in shares of Churchill Downs by 7.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 183,594 shares of the company’s stock worth $24,824,000 after acquiring an additional 12,226 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Churchill Downs by 4.7% in the fourth quarter. Victory Capital Management Inc. now owns 228,550 shares of the company’s stock valued at $30,521,000 after purchasing an additional 10,359 shares during the last quarter. Institutional investors own 82.59% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CHDN shares. Wells Fargo & Company decreased their target price on shares of 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 downgraded shares of Churchill Downs from a “hold” rating to a “sell” rating in a research report on Tuesday, April 8th. Barclays started coverage on shares of Churchill Downs in a research note on Friday, April 11th. They issued an “overweight” rating and a $125.00 price target on the stock. 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 report on Thursday, April 10th. Finally, Mizuho dropped their price objective on Churchill Downs from $151.00 to $148.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. One equities 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, Churchill Downs has a consensus rating of “Moderate Buy” and an average price target of $153.44.

Churchill Downs Trading Up 1.0 %

Shares of CHDN 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. Churchill Downs Incorporated has a 52-week low of $96.67 and a 52-week high of $150.21. The firm has a market cap of $7.54 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 2.95 and a beta of 0.86. The business’s fifty day moving average is $112.12 and its 200-day moving average is $127.11.

Churchill Downs (NASDAQ:CHDN) last issued 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 net margin of 15.61% and a return on equity of 43.67%. The company had revenue of $624.20 million during the quarter, compared to the consensus estimate of $620.21 million. Equities analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs declared that its Board of Directors has approved a stock buyback program on Wednesday, March 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Churchill Downs Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given 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 presently 7.04%.

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.