Churchill Downs Incorporated (NASDAQ:CHDN) Shares Bought by Point72 Asset Management L.P.

Point72 Asset Management L.P. raised its stake in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 97.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 431,165 shares of the company's stock after purchasing an additional 213,311 shares during the quarter. Point72 Asset Management L.P. owned about 0.59% of Churchill Downs worth $57,578,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Truist Financial Corp boosted its holdings in shares of Churchill Downs by 22.1% in the 4th quarter. Truist Financial Corp now owns 29,637 shares of the company's stock valued at $3,958,000 after purchasing an additional 5,372 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Churchill Downs by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company's stock worth $80,839,000 after purchasing an additional 10,153 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of Churchill Downs in the 4th quarter worth about $1,927,000. Landmark Investment Partners L.P. purchased a new position in shares of Churchill Downs in the 4th quarter worth about $13,317,000. Finally, Optimize Financial Inc purchased a new position in shares of Churchill Downs in the 4th quarter worth about $516,000. Institutional investors and hedge funds own 82.59% of the company's stock.

Insider Buying and Selling

In other news, Director Douglas C. Grissom purchased 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The stock was acquired at an average cost of $92.77 per share, for a total transaction of $927,700.00. Following the completion of the purchase, the director now owns 38,869 shares of the company's stock, valued at approximately $3,605,877.13. This trade represents a 34.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director R Alex Rankin purchased 2,000 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The stock was purchased at an average price of $92.65 per share, with a total value of $185,300.00. Following the completion of the purchase, the director now directly owns 99,012 shares of the company's stock, valued at approximately $9,173,461.80. This represents a 2.06% increase in their position. The disclosure for this purchase can be found here. Insiders own 5.34% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CHDN. JMP Securities reissued a "market outperform" rating and issued a $144.00 price objective on shares of Churchill Downs in a research report on Monday, May 5th. Barclays dropped their price objective on shares of Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. Truist Financial lowered their target price on Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Stifel Nicolaus dropped their target price on Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Finally, Wells Fargo & Company dropped their target price on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Churchill Downs has an average rating of "Moderate Buy" and a consensus target price of $143.50.

Churchill Downs Trading Down 1.0%

NASDAQ:CHDN opened at $97.84 on Friday. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. The business's 50-day simple moving average is $102.38 and its 200 day simple moving average is $120.74. The stock has a market cap of $7.07 billion, a price-to-earnings ratio of 17.23, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. Churchill Downs Incorporated has a one year low of $85.58 and a one year high of $150.21.

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

Churchill Downs declared that its Board of Directors has initiated a stock buyback program on Wednesday, March 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 6.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Churchill Downs Announces Dividend

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

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.

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