Gabelli Funds LLC lowered its holdings in Churchill Downs, Inc. (NASDAQ:CHDN) by 8.3% in the fourth quarter, HoldingsChannel reports. The firm owned 131,100 shares of the company’s stock after selling 11,921 shares during the period. Gabelli Funds LLC’s holdings in Churchill Downs were worth $30,507,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Citigroup Inc. lifted its holdings in shares of Churchill Downs by 352.2% in the second quarter. Citigroup Inc. now owns 719 shares of the company’s stock valued at $132,000 after purchasing an additional 560 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Churchill Downs by 60.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 695 shares of the company’s stock worth $162,000 after acquiring an additional 262 shares in the last quarter. Smithfield Trust Co. purchased a new stake in shares of Churchill Downs during the third quarter worth $175,000. Community Trust & Investment Co. purchased a new stake in shares of Churchill Downs during the third quarter worth $206,000. Finally, Aviance Capital Partners LLC purchased a new stake in shares of Churchill Downs during the third quarter worth $206,000. Institutional investors own 73.34% of the company’s stock.

Shares of Churchill Downs, Inc. (NASDAQ CHDN) opened at $251.95 on Tuesday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.77. Churchill Downs, Inc. has a 1-year low of $141.80 and a 1-year high of $260.10. The stock has a market capitalization of $3,977.37, a price-to-earnings ratio of 36.82, a P/E/G ratio of 1.44 and a beta of 1.05.

Churchill Downs announced that its Board of Directors has initiated a stock buyback program on Wednesday, November 29th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Several analysts recently issued reports on the company. Jefferies Group assumed coverage on Churchill Downs in a report on Thursday, January 18th. They set a “hold” rating and a $261.00 price objective for the company. Zacks Investment Research upgraded Churchill Downs from a “hold” rating to a “buy” rating and set a $283.00 price objective for the company in a report on Tuesday, January 16th. BidaskClub upgraded Churchill Downs from a “hold” rating to a “buy” rating in a report on Saturday, December 30th. Finally, Telsey Advisory Group increased their price objective on Churchill Downs from $196.00 to $209.00 and gave the stock a “market perform” rating in a report on Thursday, October 12th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $240.25.

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About Churchill Downs

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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Institutional Ownership by Quarter for Churchill Downs (NASDAQ:CHDN)

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