Commerce Bank Buys 234 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Commerce Bank grew its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 4.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,306 shares of the company’s stock after buying an additional 234 shares during the quarter. Commerce Bank’s holdings in Churchill Downs were worth $709,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of CHDN. Norges Bank bought a new position in Churchill Downs in the fourth quarter valued at about $74,967,000. Boston Partners increased its position in shares of Churchill Downs by 25.6% during the 4th quarter. Boston Partners now owns 1,794,630 shares of the company’s stock valued at $239,619,000 after purchasing an additional 366,283 shares during the last quarter. FMR LLC lifted its stake in shares of Churchill Downs by 6.4% in the 4th quarter. FMR LLC now owns 3,592,087 shares of the company’s stock worth $479,687,000 after purchasing an additional 214,694 shares during the period. Clearbridge Investments LLC purchased a new position in shares of Churchill Downs in the fourth quarter worth approximately $28,369,000. Finally, Raymond James Financial Inc. bought a new stake in Churchill Downs during the fourth quarter valued at approximately $16,015,000. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CHDN. Wells Fargo & Company dropped their price target on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. StockNews.com lowered Churchill Downs from a “hold” rating to a “sell” rating in a report on Tuesday, April 8th. Barclays initiated coverage on Churchill Downs in a research note on Friday, April 11th. They issued an “overweight” rating and a $125.00 price objective on the stock. Mizuho cut their price objective on Churchill Downs from $148.00 to $140.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Susquehanna decreased their target price on shares of Churchill Downs from $150.00 to $136.00 and set a “positive” rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $150.90.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN opened at $103.00 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 firm has a market cap of $7.57 billion, a price-to-earnings ratio of 18.13, a P/E/G ratio of 2.95 and a beta of 0.86. The firm has a fifty day moving average price of $110.05 and a 200 day moving average price of $125.90. Churchill Downs Incorporated has a fifty-two week low of $96.67 and a fifty-two week high of $150.21.

Churchill Downs (NASDAQ:CHDN) last issued 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). The firm had revenue of $624.20 million for the quarter, compared to analysts’ expectations of $620.21 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. As a group, sell-side analysts expect that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs announced that its board has initiated a share buyback plan 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 shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Churchill Downs Dividend Announcement

The company also recently announced 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 is currently 7.04%.

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.