Cynosure Group LLC Trims Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Cynosure Group LLC trimmed its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 18.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,271 shares of the company’s stock after selling 502 shares during the period. Cynosure Group LLC’s holdings in Churchill Downs were worth $303,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in CHDN. Truist Financial Corp boosted its holdings in shares of Churchill Downs by 22.1% in the fourth quarter. Truist Financial Corp now owns 29,637 shares of the company’s stock valued at $3,958,000 after purchasing an additional 5,372 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Churchill Downs by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company’s stock worth $80,839,000 after buying an additional 10,153 shares during the period. Proficio Capital Partners LLC purchased a new stake in shares of Churchill Downs in the 4th quarter worth $1,927,000. JPMorgan Chase & Co. grew its position 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 buying an additional 12,226 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Churchill Downs by 4.7% during the fourth quarter. Victory Capital Management Inc. now owns 228,550 shares of the company’s stock valued at $30,521,000 after buying an additional 10,359 shares during the period. 82.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

Churchill Downs Price Performance

NASDAQ CHDN opened at $111.79 on Thursday. The firm’s fifty day simple moving average is $116.89 and its two-hundred day simple moving average is $129.67. The firm has a market capitalization of $8.22 billion, a P/E ratio of 19.68, a P/E/G ratio of 2.95 and a beta of 0.93. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. Churchill Downs Incorporated has a 12-month low of $105.18 and a 12-month high of $150.21.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share 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 for the quarter, compared to analysts’ expectations of $620.21 million. Analysts forecast 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. Stockholders of record on Monday, March 31st will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.21%. Churchill Downs’s dividend payout ratio (DPR) is currently 7.04%.

Churchill Downs announced that its board has approved a share repurchase program on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are 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.