Geode Capital Management LLC Has $174.92 Million Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Geode Capital Management LLC grew its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,309,460 shares of the company’s stock after buying an additional 10,018 shares during the period. Geode Capital Management LLC owned approximately 1.78% of Churchill Downs worth $174,917,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Norges Bank acquired a new stake in Churchill Downs in the 4th quarter worth about $74,967,000. Boston Partners raised its position in shares of 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 buying an additional 366,283 shares in the last quarter. Clearbridge Investments LLC bought a new stake in shares of Churchill Downs in the fourth quarter valued at approximately $28,369,000. Raymond James Financial Inc. acquired a new stake in Churchill Downs during the fourth quarter worth approximately $16,015,000. Finally, State Street Corp increased its stake in Churchill Downs by 5.8% during the 3rd 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 during the period. Institutional investors own 82.59% of the company’s stock.

Churchill Downs Stock Down 5.8 %

Shares of NASDAQ:CHDN opened at $102.66 on Monday. Churchill Downs Incorporated has a 52-week low of $101.62 and a 52-week high of $150.21. The company has a market capitalization of $7.54 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. 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 company has a fifty day moving average of $116.11 and a 200-day moving average of $129.12.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $620.21 million. On average, equities analysts predict that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs declared that its Board of Directors has approved a share repurchase program 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 stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Churchill Downs Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.23%. Churchill Downs’s payout ratio is 7.04%.

Wall Street Analyst Weigh In

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

Churchill Downs 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.