Fintel reports that Fmr has filed a 13G/A form with the SEC disclosing ownership of 4.55MM shares of Churchill Downs, Inc. (CHDN). This represents 12.163% of the company.
In their previous filing dated February 9, 2022 they reported 5.16MM shares and 13.49% of the company, a decrease in shares of 11.82% and a decrease in total ownership of 1.33% (calculated as current - previous percent ownership).
Analyst Price Forecast Suggests 7.25% Upside
As of February 8, 2023, the average one-year price target for Churchill Downs is $266.56. The forecasts range from a low of $245.43 to a high of $299.25. The average price target represents an increase of 7.25% from its latest reported closing price of $248.54.
The projected annual revenue for Churchill Downs is $2,561MM, an increase of 51.14%. The projected annual EPS is $9.42, a decrease of 25.36%.
What is the Fund Sentiment?
There are 723 funds or institutions reporting positions in Churchill Downs. This is a decrease of 21 owner(s) or 2.82% in the last quarter. Average portfolio weight of all funds dedicated to CHDN is 0.35%, an increase of 5.99%. Total shares owned by institutions increased in the last three months by 2.19% to 33,145K shares. The put/call ratio of CHDN is 1.12, indicating a bearish outlook.
What are large shareholders doing?
Schroder Investment Management Group holds 1,335K shares representing 3.63% ownership of the company. In it's prior filing, the firm reported owning 1,294K shares, representing an increase of 3.07%. The firm decreased its portfolio allocation in CHDN by 76.23% over the last quarter.
FOCPX - Fidelity OTC Portfolio holds 1,045K shares representing 2.84% ownership of the company. In it's prior filing, the firm reported owning 1,057K shares, representing a decrease of 1.14%. The firm increased its portfolio allocation in CHDN by 8.62% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,008K shares representing 2.74% ownership of the company. In it's prior filing, the firm reported owning 1,008K shares, representing an increase of 0.05%. The firm increased its portfolio allocation in CHDN by 0.27% over the last quarter.
IJH - iShares Core S&P Mid-Cap ETF holds 969K shares representing 2.64% ownership of the company. In it's prior filing, the firm reported owning 983K shares, representing a decrease of 1.40%. The firm decreased its portfolio allocation in CHDN by 4.71% over the last quarter.
London Co Of Virginia holds 957K shares representing 2.60% ownership of the company. In it's prior filing, the firm reported owning 964K shares, representing a decrease of 0.77%. The firm decreased its portfolio allocation in CHDN by 1.15% over the last quarter.
Churchill Downs Declares $0.71 Dividend
On October 26, 2022 the company declared a regular annual dividend of $0.71 per share. Shareholders of record as of December 1, 2022 received the payment on January 6, 2023. Previously, the company paid $0.67 per share.
At the current share price of $248.54 / share, the stock's dividend yield is 0.29%. Looking back five years and taking a sample every week, the average dividend yield has been 0.42%, the lowest has been 0.24%, and the highest has been 0.79%. The standard deviation of yields is 0.13 (n=236).
The current dividend yield is 1.06 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.05. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.23%, demonstrating that it has increased its dividend over time.
Churchill Downs Background Information
(This description is provided by the company.)
Churchill Downs Incorporated is an industry-leading racing, online wagering and gaming entertainment company anchored by iconic flagship event, the Kentucky Derby. The Company owns and operates three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines in Kentucky. It also owns and operates TwinSpires, one of the largest and most profitable online wagering platforms for horse racing, sports and iGaming in the U.S. and it has seven retail sportsbooks. The Company is also a leader in brick-and-mortar casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals and 200 table games.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
