Cinctive Capital Management LP Cuts Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Cinctive Capital Management LP lessened its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 17.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 82,315 shares of the company’s stock after selling 17,374 shares during the quarter. Cinctive Capital Management LP’s holdings in Churchill Downs were worth $10,992,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Churchill Downs by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 6,808,321 shares of the company’s stock valued at $909,183,000 after buying an additional 107,737 shares during the period. State Street Corp raised its position in Churchill Downs by 5.8% in the third quarter. State Street Corp now owns 2,078,031 shares of the company’s stock worth $280,971,000 after acquiring an additional 114,018 shares in the last quarter. Boston Partners lifted its holdings in Churchill Downs by 25.6% in the fourth quarter. Boston Partners now owns 1,794,630 shares of the company’s stock valued at $239,619,000 after acquiring an additional 366,283 shares during the period. Schroder Investment Management Group lifted its holdings in Churchill Downs by 5.4% in the fourth quarter. Schroder Investment Management Group now owns 1,499,874 shares of the company’s stock valued at $201,223,000 after acquiring an additional 77,213 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Churchill Downs by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 1,309,460 shares of the company’s stock worth $174,917,000 after purchasing an additional 10,018 shares in the last quarter. Institutional investors and hedge funds own 82.59% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. JMP Securities reiterated a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a report on Thursday, January 16th. Stifel Nicolaus dropped their target price on shares of Churchill Downs from $164.00 to $161.00 and set a “buy” rating for the company in a report on Friday, February 21st. Wells Fargo & Company reduced their price target on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Mizuho dropped their price objective on Churchill Downs from $151.00 to $148.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. Finally, StockNews.com upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $159.38.

Churchill Downs Stock Performance

Shares of NASDAQ CHDN opened at $110.72 on Wednesday. The company has a 50-day simple moving average of $117.16 and a 200-day simple moving average of $129.80. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55. The company has a market cap of $8.14 billion, a PE ratio of 19.49, a price-to-earnings-growth ratio of 2.95 and a beta of 0.93. Churchill Downs Incorporated has a 12 month low of $105.18 and a 12 month high of $150.21.

Churchill Downs (NASDAQ:CHDN) last released its earnings results 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 firm had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $620.21 million. On average, equities analysts anticipate that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.22%. Churchill Downs’s payout ratio is currently 7.04%.

Churchill Downs declared that its board has approved a share buyback plan on Wednesday, March 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 6.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

About Churchill Downs

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.