Hudson Way Capital Management LLC Sells 11,102 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Hudson Way Capital Management LLC trimmed its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 1.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 912,881 shares of the company's stock after selling 11,102 shares during the quarter. Churchill Downs accounts for 13.8% of Hudson Way Capital Management LLC's portfolio, making the stock its 2nd largest holding. Hudson Way Capital Management LLC owned approximately 1.24% of Churchill Downs worth $121,906,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Barclays PLC raised its position in Churchill Downs by 59.2% in the 3rd quarter. Barclays PLC now owns 29,584 shares of the company's stock worth $4,000,000 after purchasing an additional 11,006 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Churchill Downs in the 3rd quarter worth approximately $27,000. Fortitude Family Office LLC raised its position in Churchill Downs by 2,733.3% in the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company's stock worth $34,000 after purchasing an additional 246 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in Churchill Downs by 3.1% in the 4th quarter. Harbor Capital Advisors Inc. now owns 46,587 shares of the company's stock worth $6,221,000 after purchasing an additional 1,385 shares during the last quarter. Finally, Eagle Bay Advisors LLC bought a new position in Churchill Downs in the 4th quarter worth approximately $55,000. 82.59% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CHDN. Stifel Nicolaus dropped their price objective on shares of Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Macquarie dropped their target price on shares of Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Mizuho dropped their price objective on Churchill Downs from $148.00 to $140.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Wells Fargo & Company reduced 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. Finally, Jefferies Financial Group cut their price target on shares of Churchill Downs from $160.00 to $127.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $143.50.

Churchill Downs Stock Up 0.2%

Shares of CHDN traded up $0.23 during midday trading on Friday, hitting $98.07. The stock had a trading volume of 297,552 shares, compared to its average volume of 557,527. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of 17.28, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. The company has a 50 day simple moving average of $102.38 and a two-hundred day simple moving average of $120.74. 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 current ratio of 0.57 and a quick ratio of 0.55.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $1.07 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $649.68 million. During the same quarter in the previous year, the firm posted $1.13 EPS. The company's revenue was up 8.7% on a year-over-year basis. On average, analysts anticipate 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 paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.24%. Churchill Downs's dividend payout ratio is 7.12%.

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

Insider Activity

In other news, Director Douglas C. Grissom acquired 10,000 shares of the stock in a transaction dated Wednesday, May 7th. The shares were bought at an average cost of $92.77 per share, for a total transaction of $927,700.00. Following the purchase, the director now directly 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director R Alex Rankin acquired 2,000 shares of the company's stock in a transaction on Monday, May 5th. The stock was acquired at an average price of $92.65 per share, for a total transaction of $185,300.00. Following the purchase, 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 disclosure for this purchase can be found here. 5.34% of the stock is owned by corporate insiders.

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.