Envestnet Portfolio Solutions Inc. Buys 701 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Envestnet Portfolio Solutions Inc. raised its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 6.5% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 11,509 shares of the company’s stock after acquiring an additional 701 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Churchill Downs were worth $1,537,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CHDN. Empowered Funds LLC raised its holdings in Churchill Downs by 24.0% during the 3rd quarter. Empowered Funds LLC now owns 9,355 shares of the company’s stock worth $1,265,000 after purchasing an additional 1,810 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in Churchill Downs by 6.7% during the third quarter. Thrivent Financial for Lutherans now owns 17,248 shares of the company’s stock worth $2,332,000 after purchasing an additional 1,086 shares during the period. Quest Partners LLC acquired a new position in Churchill Downs in the third quarter valued at approximately $832,000. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Churchill Downs during the 3rd quarter worth approximately $2,353,000. Finally, Avior Wealth Management LLC grew its position in shares of Churchill Downs by 3,689.5% during the 3rd quarter. Avior Wealth Management LLC now owns 2,160 shares of the company’s stock worth $292,000 after buying an additional 2,103 shares during the period. Institutional investors and hedge funds own 82.59% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Churchill Downs Stock Performance

Shares of CHDN stock opened at $112.10 on Friday. Churchill Downs Incorporated has a one year low of $105.18 and a one year high of $150.21. The company has a market cap of $8.24 billion, a P/E ratio of 19.74, a P/E/G ratio of 2.95 and a beta of 0.93. The firm has a 50-day moving average of $119.19 and a 200-day moving average of $131.23. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55.

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 analysts’ consensus estimates of $0.98 by ($0.06). The business had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $620.21 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. Equities research analysts forecast that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.21%. Churchill Downs’s dividend payout ratio (DPR) is presently 7.04%.

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