Lighthouse Investment Partners LLC Invests $6.13 Million in Churchill Downs Incorporated (NASDAQ:CHDN)

Lighthouse Investment Partners LLC bought a new stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 45,928 shares of the company's stock, valued at approximately $6,133,000. Lighthouse Investment Partners LLC owned approximately 0.06% of Churchill Downs at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Blue Trust Inc. boosted its position in Churchill Downs by 127.2% during the fourth quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after purchasing an additional 103 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Churchill Downs during the third quarter valued at about $27,000. Eagle Bay Advisors LLC bought a new stake in shares of Churchill Downs in the 4th quarter valued at about $55,000. R Squared Ltd purchased a new position in shares of Churchill Downs in the 4th quarter worth approximately $55,000. Finally, Covestor Ltd raised its stake in shares of Churchill Downs by 46.8% during the 4th quarter. Covestor Ltd now owns 929 shares of the company's stock worth $124,000 after acquiring an additional 296 shares in the last quarter. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Churchill Downs Stock Performance

Churchill Downs stock traded up $0.43 during trading hours on Friday, hitting $98.27. 702,254 shares of the stock traded hands, compared to its average volume of 559,066. The firm's 50 day moving average price is $102.38 and its 200-day moving average price is $120.74. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55. The stock has a market capitalization of $7.10 billion, a price-to-earnings ratio of 17.30, a P/E/G ratio of 2.95 and a beta of 1.02. Churchill Downs Incorporated has a 1 year low of $85.58 and a 1 year high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its earnings results 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 analysts' expectations of $649.68 million. During the same quarter in the prior year, the company earned $1.13 EPS. Churchill Downs's quarterly revenue was up 8.7% on a year-over-year basis. As a group, equities analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs declared that its board has authorized a stock repurchase plan on Wednesday, March 12th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its shares are undervalued.

Churchill Downs Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.24%. Churchill Downs's payout ratio is currently 7.12%.

Insider Buying and Selling

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 purchased at an average cost of $92.77 per share, with a total value of $927,700.00. Following the completion of the acquisition, the director now directly owns 38,869 shares in the company, valued at approximately $3,605,877.13. The trade was a 34.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director R Alex Rankin purchased 2,000 shares of Churchill Downs stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average price of $92.65 per share, with a total value of $185,300.00. Following the completion of the transaction, the director now owns 99,012 shares of the company's stock, valued at $9,173,461.80. This represents a 2.06% increase in their position. The disclosure for this purchase can be found here. 5.34% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have weighed in on CHDN shares. Mizuho lowered their target price on shares of Churchill Downs from $148.00 to $140.00 and set an "outperform" rating for the company in a research note on Tuesday, April 22nd. Jefferies Financial Group lowered their price objective on Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a research report on Friday, April 25th. StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Macquarie decreased their price target on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Stifel Nicolaus dropped their price target on Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Churchill Downs currently has a consensus rating of "Moderate Buy" and an average target price of $143.50.

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.