Interval Partners LP Grows Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Interval Partners LP lifted its stake in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 7.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,963 shares of the company's stock after buying an additional 2,704 shares during the period. Interval Partners LP owned approximately 0.05% of Churchill Downs worth $5,203,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CHDN. Janus Henderson Group PLC increased its position in Churchill Downs by 20.9% during the fourth quarter. Janus Henderson Group PLC now owns 545,912 shares of the company's stock worth $72,903,000 after buying an additional 94,351 shares during the period. Hudson Bay Capital Management LP purchased a new position in shares of Churchill Downs during the fourth quarter worth approximately $3,719,000. Gotham Asset Management LLC increased its holdings in shares of Churchill Downs by 338.3% in the 4th quarter. Gotham Asset Management LLC now owns 110,690 shares of the company's stock valued at $14,782,000 after acquiring an additional 85,438 shares during the period. Graham Capital Management L.P. increased its holdings in shares of Churchill Downs by 106.9% in the 4th quarter. Graham Capital Management L.P. now owns 15,243 shares of the company's stock valued at $2,036,000 after acquiring an additional 7,875 shares during the period. Finally, Focus Partners Wealth raised its position in Churchill Downs by 72.3% in the 4th quarter. Focus Partners Wealth now owns 2,866 shares of the company's stock valued at $383,000 after purchasing an additional 1,203 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Stock Performance

Shares of CHDN stock traded down $0.97 during trading hours on Thursday, reaching $97.84. 984,183 shares of the company's stock were exchanged, compared to its average volume of 558,080. 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 company's 50 day moving average is $102.61 and its two-hundred day moving average is $121.03. The company has a market cap of $7.07 billion, a P/E ratio of 17.23, a price-to-earnings-growth 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 released its quarterly earnings data on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The business had revenue of $642.60 million during the quarter, compared to analysts' expectations of $649.68 million. During the same quarter in the previous year, the company posted $1.13 EPS. The company's revenue was up 8.7% compared to the same quarter last year. Equities research analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders 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 dividend payout ratio is presently 7.12%.

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

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Truist Financial lowered their price objective 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. StockNews.com upgraded shares of Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. 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 report on Thursday, April 10th. Susquehanna reduced their price objective on Churchill Downs from $150.00 to $136.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. Finally, Jefferies Financial Group decreased 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. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $143.50.

Insider Activity at Churchill Downs

In other news, Director Douglas C. Grissom purchased 10,000 shares of the firm's stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average price of $92.77 per share, with a total value of $927,700.00. Following the purchase, the director now directly owns 38,869 shares of the company's stock, valued at $3,605,877.13. The trade was a 34.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director R Alex Rankin purchased 2,000 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was purchased at an average price 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. This trade represents a 2.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 5.34% of the company's stock.

Churchill Downs Company 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.