Eagle Asset Management Inc. lowered its stake in shares of Churchill Downs, Inc. (NASDAQ:CHDN) by 23.6% during the fourth quarter, HoldingsChannel reports. The firm owned 53,412 shares of the company’s stock after selling 16,457 shares during the quarter. Eagle Asset Management Inc.’s holdings in Churchill Downs were worth $12,428,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the company. The Manufacturers Life Insurance Company raised its stake in shares of Churchill Downs by 8.9% during the 4th quarter. The Manufacturers Life Insurance Company now owns 31,269 shares of the company’s stock worth $7,276,000 after purchasing an additional 2,567 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Churchill Downs by 11.0% during the 4th quarter. Wells Fargo & Company MN now owns 20,807 shares of the company’s stock worth $4,842,000 after purchasing an additional 2,068 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Churchill Downs by 53.7% during the 4th quarter. First Trust Advisors LP now owns 20,844 shares of the company’s stock worth $4,850,000 after purchasing an additional 7,279 shares in the last quarter. New Mexico Educational Retirement Board bought a new stake in shares of Churchill Downs during the 4th quarter worth approximately $745,000. Finally, Catalyst Capital Advisors LLC raised its stake in shares of Churchill Downs by 68.4% during the 4th quarter. Catalyst Capital Advisors LLC now owns 5,170 shares of the company’s stock worth $1,203,000 after purchasing an additional 2,100 shares in the last quarter. Institutional investors own 72.29% of the company’s stock.
Churchill Downs, Inc. (CHDN) opened at $260.20 on Wednesday. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a market capitalization of $4,061.35, a P/E ratio of 37.60, a P/E/G ratio of 1.47 and a beta of 1.05. Churchill Downs, Inc. has a 1-year low of $141.80 and a 1-year high of $264.65.
Churchill Downs declared that its board has authorized a share repurchase program on Wednesday, November 29th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
A number of equities research analysts have recently issued reports on the company. BidaskClub upgraded Churchill Downs from a “hold” rating to a “buy” rating in a research note on Saturday, December 2nd. Jefferies Group assumed coverage on Churchill Downs in a report on Thursday, January 18th. They set a “hold” rating and a $261.00 target price on the stock. Finally, Zacks Investment Research raised Churchill Downs from a “hold” rating to a “buy” rating and set a $239.00 target price on the stock in a report on Wednesday, November 8th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $240.25.
In related news, Director Robert L. Evans sold 32,866 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $265.00, for a total transaction of $8,709,490.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 18.44% of the stock is currently owned by insiders.
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Churchill Downs Profile
Churchill Downs Incorporated is a racing, gaming and online entertainment company. The Company is engaged in brick-and-mortar casino gaming with approximately 9,030 gaming positions in seven states, and is a legal mobile and online platform for betting on horseracing in the United States. It operates through five segments: Racing, Casinos, TwinSpires, Other Investments and Corporate.
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