Cornerstone Investment Partners LLC Boosts Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Cornerstone Investment Partners LLC boosted its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 89.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,629 shares of the company’s stock after buying an additional 1,709 shares during the quarter. Cornerstone Investment Partners LLC’s holdings in Churchill Downs were worth $485,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Blue Trust Inc. increased its holdings in Churchill Downs by 127.2% in the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock valued at $25,000 after buying an additional 103 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Churchill Downs in the third quarter valued at $27,000. Fortitude Family Office LLC increased its holdings in Churchill Downs by 2,733.3% in the fourth quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock valued at $34,000 after buying an additional 246 shares during the last quarter. Eagle Bay Advisors LLC purchased a new position in Churchill Downs in the fourth quarter valued at $55,000. Finally, R Squared Ltd purchased a new position in Churchill Downs in the fourth quarter valued at $55,000. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Price Performance

Shares of CHDN opened at $115.16 on Tuesday. Churchill Downs Incorporated has a fifty-two week low of $111.10 and a fifty-two week high of $150.21. The company has a market capitalization of $8.47 billion, a price-to-earnings ratio of 20.27, a price-to-earnings-growth ratio of 2.95 and a beta of 0.95. The firm has a 50-day simple moving average of $124.96 and a 200-day simple moving average of $133.77. 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 (NASDAQ:CHDN) last announced its earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.06). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The business had revenue of $624.20 million for the quarter, compared to analyst estimates of $620.21 million. On average, equities research analysts anticipate that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Friday, January 3rd. Investors of record on Friday, December 6th were given a $0.409 dividend. The ex-dividend date was Friday, December 6th. This represents a yield of 0.29%. This is an increase from Churchill Downs’s previous annual dividend of $0.38. Churchill Downs’s dividend payout ratio (DPR) is presently 7.04%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CHDN shares. Wells Fargo & Company dropped their price objective on Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Mizuho dropped their price objective on Churchill Downs from $151.00 to $148.00 and set an “outperform” rating on the stock in a report on Wednesday, February 19th. StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Stifel Nicolaus dropped their price objective on Churchill Downs from $164.00 to $161.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $166.00 price objective on shares of Churchill Downs in a report on Thursday, January 16th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently 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.