Churchill Downs Incorporated (NASDAQ:CHDN) Shares Sold by Cubist Systematic Strategies LLC

Cubist Systematic Strategies LLC cut its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 82.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,058 shares of the company's stock after selling 105,084 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Churchill Downs were worth $3,079,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CHDN. Barclays PLC boosted its stake in shares of Churchill Downs by 59.2% in the third quarter. Barclays PLC now owns 29,584 shares of the company's stock worth $4,000,000 after buying an additional 11,006 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Churchill Downs in the 3rd quarter worth about $27,000. Fortitude Family Office LLC raised its holdings 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 period. Harbor Capital Advisors Inc. raised its holdings 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 period. Finally, Eagle Bay Advisors LLC acquired a new position in Churchill Downs in the 4th quarter worth about $55,000. Hedge funds and other institutional investors own 82.59% of the company's stock.

Insider Buying and Selling at Churchill Downs

In related news, Director R Alex Rankin bought 2,000 shares of the 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 purchase, the director now owns 99,012 shares of the company's stock, valued at $9,173,461.80. This trade represents a 2.06% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Douglas C. Grissom bought 10,000 shares of the stock in a transaction on Wednesday, May 7th. The stock was bought at an average price of $92.77 per share, for a total transaction of $927,700.00. Following the completion of the purchase, the director now directly owns 38,869 shares in the company, 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 owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the company. JMP Securities reissued a "market outperform" rating and set a $144.00 target price on shares of Churchill Downs in a report on Monday, May 5th. Macquarie lowered their price objective on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Barclays lowered their price target on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Finally, Mizuho reduced their price objective on Churchill Downs from $148.00 to $140.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $143.50.

Churchill Downs Stock Up 0.3%

NASDAQ CHDN traded up $0.27 during trading on Friday, reaching $98.11. 291,839 shares of the company's stock were exchanged, compared to its average volume of 749,962. Churchill Downs Incorporated has a 1 year low of $85.58 and a 1 year 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 stock has a market cap of $7.09 billion, a P/E ratio of 17.27, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. The company has a 50 day moving average price of $102.38 and a two-hundred day moving average price of $120.74.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share 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 analysts' expectations of $649.68 million. During the same period in the previous year, the firm posted $1.13 earnings per share. The firm's revenue for the quarter was up 8.7% on a year-over-year basis. On average, equities research analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Churchill Downs Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 0.24%. Churchill Downs's payout ratio is currently 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.