Geode Capital Management LLC grew its stake in Churchill Downs, Inc. (NASDAQ:CHDN) by 0.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 117,933 shares of the company’s stock after buying an additional 839 shares during the quarter. Geode Capital Management LLC’s holdings in Churchill Downs were worth $27,443,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the business. BlackRock Inc. increased its stake in shares of Churchill Downs by 1.7% in the fourth quarter. BlackRock Inc. now owns 1,364,375 shares of the company’s stock worth $317,491,000 after purchasing an additional 23,081 shares during the period. Acadian Asset Management LLC increased its stake in shares of Churchill Downs by 89.7% in the fourth quarter. Acadian Asset Management LLC now owns 213,914 shares of the company’s stock worth $49,775,000 after purchasing an additional 101,124 shares during the period. Cypress Funds LLC increased its stake in shares of Churchill Downs by 13.0% in the fourth quarter. Cypress Funds LLC now owns 183,000 shares of the company’s stock worth $42,584,000 after purchasing an additional 21,000 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Churchill Downs by 2.8% in the third quarter. Bank of New York Mellon Corp now owns 176,823 shares of the company’s stock worth $36,461,000 after purchasing an additional 4,786 shares during the period. Finally, Citadel Advisors LLC increased its stake in shares of Churchill Downs by 110.3% in the fourth quarter. Citadel Advisors LLC now owns 159,592 shares of the company’s stock worth $37,137,000 after purchasing an additional 83,688 shares during the period. 82.25% of the stock is owned by institutional investors.
In related news, Director Robert L. Evans sold 32,866 shares of the business’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $265.00, for a total transaction of $8,709,490.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Richard L. Duchossois purchased 3,680 shares of the stock in a transaction that occurred on Wednesday, March 7th. The shares were purchased at an average price of $271.85 per share, for a total transaction of $1,000,408.00. Following the completion of the purchase, the director now directly owns 16,290 shares of the company’s stock, valued at $4,428,436.50. The disclosure for this purchase can be found here. Insiders own 18.44% of the company’s stock.
Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, February 28th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.44). Churchill Downs had a return on equity of 16.80% and a net margin of 11.47%. The business had revenue of $179.00 million during the quarter, compared to the consensus estimate of $255.33 million. During the same quarter in the previous year, the firm posted $1.60 earnings per share. The company’s revenue for the quarter was up 10.7% on a year-over-year basis. research analysts predict that Churchill Downs, Inc. will post 11.38 EPS for the current fiscal year.
Churchill Downs declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, November 29th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
CHDN has been the topic of a number of recent analyst reports. BidaskClub upgraded Churchill Downs from a “hold” rating to a “buy” rating in a research note on Saturday, December 2nd. Zacks Investment Research upgraded Churchill Downs from a “hold” rating to a “buy” rating and set a $283.00 price objective on the stock in a research note on Tuesday, January 16th. Jefferies Group initiated coverage on Churchill Downs in a research note on Thursday, January 18th. They issued a “hold” rating and a $261.00 price objective on the stock. Finally, Telsey Advisory Group initiated coverage on Churchill Downs in a research note on Tuesday, March 13th. They issued a “market perform” rating and a $265.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $254.25.
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Churchill Downs Company 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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