BNP Paribas Financial Markets Has $1.18 Million Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

BNP Paribas Financial Markets trimmed its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 52.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,808 shares of the company’s stock after selling 9,857 shares during the quarter. BNP Paribas Financial Markets’ holdings in Churchill Downs were worth $1,176,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Truist Financial Corp increased its position in Churchill Downs by 22.1% during the 4th quarter. Truist Financial Corp now owns 29,637 shares of the company’s stock worth $3,958,000 after purchasing an additional 5,372 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Churchill Downs by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company’s stock worth $80,839,000 after acquiring an additional 10,153 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Churchill Downs during the 4th quarter worth approximately $1,927,000. Landmark Investment Partners L.P. bought a new stake in Churchill Downs during the 4th quarter worth approximately $13,317,000. Finally, Optimize Financial Inc bought a new stake in Churchill Downs during the 4th quarter worth approximately $516,000. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Trading Down 0.2%

NASDAQ:CHDN opened at $98.04 on Tuesday. The firm’s fifty day moving average is $102.00 and its 200-day moving average is $119.83. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. Churchill Downs Incorporated has a 52 week low of $85.58 and a 52 week high of $150.21. The firm has a market cap of $7.08 billion, a P/E ratio of 17.26, a P/E/G ratio of 2.95 and a beta of 1.02.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $1.07 EPS for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The firm had revenue of $642.60 million during the quarter, compared to the consensus estimate of $649.68 million. During the same period in the prior year, the company posted $1.13 earnings per share. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. Equities analysts expect that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs declared that its board has authorized a stock buyback 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 management believes its stock is undervalued.

Churchill Downs Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.24%. Churchill Downs’s payout ratio is presently 7.12%.

Insider Activity at Churchill Downs

In related news, Director Douglas C. Grissom bought 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 7th. The shares were bought at an average price of $92.77 per share, for a total transaction of $927,700.00. Following the transaction, the director now directly owns 38,869 shares of the company’s stock, valued at approximately $3,605,877.13. The trade was a 34.64% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director R Alex Rankin bought 2,000 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average price of $92.65 per share, for a total transaction of $185,300.00. Following the transaction, the director now directly owns 99,012 shares in the company, valued at $9,173,461.80. This trade represents a 2.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.34% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Macquarie reduced their target price on shares of Churchill Downs from $172.00 to $154.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. Susquehanna reduced their target price on shares of Churchill Downs from $150.00 to $136.00 and set a “positive” rating on the stock in a report on Tuesday, April 22nd. Truist Financial reduced their target price on shares of Churchill Downs from $162.00 to $155.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Barclays reduced their target price on shares of Churchill Downs from $125.00 to $124.00 and set an “overweight” rating on the stock in a report on Friday, April 25th. Finally, Stifel Nicolaus reduced their target price on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $143.50.

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.