Sawgrass Asset Management LLC cut its stake in Churchill Downs, Inc. (NASDAQ:CHDN) by 31.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,090 shares of the company’s stock after selling 510 shares during the period. Sawgrass Asset Management LLC’s holdings in Churchill Downs were worth $254,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in CHDN. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Churchill Downs by 60.5% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 695 shares of the company’s stock valued at $162,000 after purchasing an additional 262 shares during the period. Smithfield Trust Co. purchased a new position in Churchill Downs in the third quarter valued at $175,000. Bruderman Asset Management LLC purchased a new position in Churchill Downs in the fourth quarter valued at $202,000. Community Trust & Investment Co. purchased a new position in Churchill Downs in the third quarter valued at $206,000. Finally, Aviance Capital Partners LLC purchased a new position in Churchill Downs in the third quarter valued at $206,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.
A number of research firms recently issued reports on CHDN. BidaskClub upgraded Churchill Downs from a “buy” rating to a “strong-buy” rating in a report on Saturday, February 10th. Jefferies Group began coverage on Churchill Downs in a report on Thursday, January 18th. They issued a “hold” rating and a $261.00 target price for the company. Finally, Zacks Investment Research upgraded Churchill Downs from a “hold” rating to a “buy” rating and set a $283.00 target price for the company in a report on Tuesday, January 16th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $240.25.
Churchill Downs, Inc. (NASDAQ:CHDN) opened at $252.60 on Friday. The stock has a market capitalization of $3,440.35, a price-to-earnings ratio of 31.85, a P/E/G ratio of 1.42 and a beta of 1.05. Churchill Downs, Inc. has a fifty-two week low of $141.80 and a fifty-two week high of $264.65. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 1.77.
Churchill Downs announced that its Board of Directors has initiated a share buyback program on Wednesday, November 29th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other Churchill Downs news, Director Robert L. Evans sold 32,866 shares of Churchill Downs 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 18.44% of the stock is owned by insiders.
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Churchill Downs 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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