Balyasny Asset Management L.P. Acquires 193,677 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Balyasny Asset Management L.P. grew its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 57.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 533,064 shares of the company's stock after acquiring an additional 193,677 shares during the quarter. Balyasny Asset Management L.P. owned 0.73% of Churchill Downs worth $71,185,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CHDN. Vanguard Group Inc. grew its position in Churchill Downs by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 6,808,321 shares of the company's stock worth $909,183,000 after acquiring an additional 107,737 shares during the last quarter. FMR LLC raised its holdings in shares of Churchill Downs by 6.4% during the fourth quarter. FMR LLC now owns 3,592,087 shares of the company's stock valued at $479,687,000 after acquiring an additional 214,694 shares in the last quarter. Boston Partners lifted its stake in Churchill Downs by 25.6% in the fourth quarter. Boston Partners now owns 1,794,630 shares of the company's stock worth $239,619,000 after acquiring an additional 366,283 shares during the period. Schroder Investment Management Group boosted its holdings in Churchill Downs by 5.4% in the fourth quarter. Schroder Investment Management Group now owns 1,499,874 shares of the company's stock valued at $201,223,000 after acquiring an additional 77,213 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC raised its holdings in Churchill Downs by 4.6% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 1,344,595 shares of the company's stock worth $179,557,000 after purchasing an additional 59,657 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Truist Financial reduced their price target on shares of Churchill Downs from $162.00 to $155.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. Stifel Nicolaus decreased their target price on Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Jefferies Financial Group dropped their price target on Churchill Downs from $160.00 to $127.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. JMP Securities reaffirmed a "market outperform" rating and issued a $144.00 price target on shares of Churchill Downs in a research note on Monday. Finally, StockNews.com raised Churchill Downs from a "sell" rating to a "hold" rating in a research report on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, Churchill Downs currently has a consensus rating of "Moderate Buy" and a consensus target price of $143.50.

Insider Transactions at Churchill Downs

In related news, Director R Alex Rankin purchased 2,000 shares of Churchill Downs stock in a transaction on Monday, May 5th. The shares were bought at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the acquisition, the director now owns 99,012 shares in the company, valued at approximately $9,173,461.80. The trade was a 2.06 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Douglas C. Grissom bought 10,000 shares of Churchill Downs stock in a transaction dated Wednesday, May 7th. The stock was purchased at an average cost of $92.77 per share, for a total transaction of $927,700.00. Following the completion of the acquisition, the director now directly owns 38,869 shares of the company's stock, valued at approximately $3,605,877.13. The trade was a 34.64 % increase in their position. The disclosure for this purchase can be found here. 5.34% of the stock is currently owned by company insiders.

Churchill Downs Stock Up 1.4 %

Shares of NASDAQ:CHDN traded up $1.32 on Friday, hitting $95.04. 986,880 shares of the company traded hands, compared to its average volume of 550,751. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. The company has a market cap of $6.86 billion, a PE ratio of 16.73, a PEG ratio of 2.95 and a beta of 1.02. Churchill Downs Incorporated has a 52 week low of $85.58 and a 52 week high of $150.21. The stock has a 50 day simple moving average of $103.85 and a 200-day simple moving average of $122.13.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.01). The business had revenue of $642.60 million for the quarter, compared to analysts' expectations of $649.68 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The company's quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the business earned $1.13 earnings per share. As a group, research analysts expect that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.25%. Churchill Downs's payout ratio is 7.12%.

Churchill Downs announced that its board has initiated a share buyback program on Wednesday, March 12th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 6.4% of its shares through open market purchases. Shares repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

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.