Churchill Downs Incorporated (NASDAQ:CHDN) Shares Bought by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. grew its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 29.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 88,187 shares of the company's stock after purchasing an additional 20,314 shares during the period. D. E. Shaw & Co. Inc. owned about 0.12% of Churchill Downs worth $11,776,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the business. Blue Trust Inc. increased its holdings in Churchill Downs by 127.2% during the 4th quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after purchasing an additional 103 shares during the period. Eagle Bay Advisors LLC bought a new position in Churchill Downs during the 4th quarter worth about $55,000. R Squared Ltd acquired a new position in shares of Churchill Downs during the fourth quarter valued at about $55,000. Covestor Ltd boosted its position in Churchill Downs by 46.8% during the fourth quarter. Covestor Ltd now owns 929 shares of the company's stock worth $124,000 after purchasing an additional 296 shares in the last quarter. Finally, Kentucky Trust Co acquired a new stake in Churchill Downs in the 4th quarter valued at about $134,000. 82.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have issued reports on CHDN shares. Wells Fargo & Company dropped their price objective on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Truist Financial lowered their price objective on shares of Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Susquehanna decreased their target price on Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. StockNews.com raised shares of Churchill Downs from a "sell" rating to a "hold" rating in a research report on Thursday, April 24th. Finally, JMP Securities reiterated a "market outperform" rating and set a $144.00 target price on shares of Churchill Downs in a research report on Monday, May 5th. 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 MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $143.50.

Churchill Downs Stock Performance

Shares of CHDN stock traded down $0.29 during midday trading on Monday, hitting $97.98. 47,092 shares of the company were exchanged, compared to its average volume of 558,732. The firm has a market capitalization of $7.08 billion, a P/E ratio of 17.29, a PEG ratio of 2.95 and a beta of 1.02. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. Churchill Downs Incorporated has a 52 week low of $85.58 and a 52 week high of $150.21. The firm's 50 day moving average price is $102.17 and its two-hundred day moving average price is $120.12.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $642.60 million during the quarter, compared to analysts' expectations of $649.68 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The company's quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the business posted $1.13 EPS. As a group, equities research analysts anticipate that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Dividend Announcement

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

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

Insiders Place Their Bets

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

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.