Churchill Downs Incorporated (NASDAQ:CHDN) Stock Holdings Lifted by Graham Capital Management L.P.

Graham Capital Management L.P. increased its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 106.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,243 shares of the company's stock after purchasing an additional 7,875 shares during the period. Graham Capital Management L.P.'s holdings in Churchill Downs were worth $2,036,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Truist Financial Corp raised its position in 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 in the last quarter. Charles Schwab Investment Management Inc. grew its position in Churchill Downs by 1.7% during 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 last quarter. Proficio Capital Partners LLC acquired a new position in Churchill Downs in the 4th quarter valued at about $1,927,000. Landmark Investment Partners L.P. purchased a new stake in shares of Churchill Downs during the fourth quarter worth approximately $13,317,000. Finally, Optimize Financial Inc acquired a new position in Churchill Downs during the 4th quarter worth approximately $516,000. 82.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CHDN shares. Wells Fargo & Company dropped their price objective on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Susquehanna lowered their target price on shares of Churchill Downs from $150.00 to $136.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. Barclays decreased their target price on shares of Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a research report on Friday, April 25th. Stifel Nicolaus lowered their price target 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. Finally, JMP Securities reissued a "market outperform" rating and issued a $144.00 target price on shares of Churchill Downs in a research note on Monday, May 5th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $143.50.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN traded down $0.97 during trading on Thursday, reaching $97.84. The company had a trading volume of 984,183 shares, compared to its average volume of 558,080. Churchill Downs Incorporated has a twelve month low of $85.58 and a twelve month high of $150.21. 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 firm has a market capitalization of $7.07 billion, a PE ratio of 17.23, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. The firm's fifty day moving average is $102.61 and its 200 day moving average is $121.03.

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 firm had revenue of $642.60 million for the quarter, compared to the consensus estimate of $649.68 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The business's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.13 earnings per share. On average, equities analysts forecast that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Announces Dividend

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

Churchill Downs announced that its board has initiated a share repurchase program on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Churchill Downs

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

About Churchill Downs

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.