Tidal Investments LLC Has $272,000 Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Tidal Investments LLC trimmed its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 70.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,036 shares of the company's stock after selling 4,952 shares during the period. Tidal Investments LLC's holdings in Churchill Downs were worth $272,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CHDN. Barclays PLC boosted its holdings in Churchill Downs by 59.2% during the third quarter. Barclays PLC now owns 29,584 shares of the company's stock valued at $4,000,000 after acquiring an additional 11,006 shares during the period. Blue Trust Inc. boosted its holdings in Churchill Downs by 127.2% during the fourth quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after acquiring an additional 103 shares during the period. KBC Group NV boosted its holdings in Churchill Downs by 52.1% during the fourth quarter. KBC Group NV now owns 2,541 shares of the company's stock valued at $339,000 after acquiring an additional 870 shares during the period. R Squared Ltd bought a new stake in Churchill Downs during the fourth quarter valued at about $55,000. Finally, Hunter Associates Investment Management LLC boosted its holdings in Churchill Downs by 7.9% during the fourth quarter. Hunter Associates Investment Management LLC now owns 25,122 shares of the company's stock valued at $3,346,000 after acquiring an additional 1,844 shares during the period. 82.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus decreased their price target on shares of Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Macquarie reduced 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 note on Thursday, April 24th. Truist Financial reduced their target price on shares of Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Jefferies Financial Group reduced their target price on shares of Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Finally, Susquehanna reduced 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. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, Churchill Downs has an average rating of "Moderate Buy" and an average price target of $142.30.

Churchill Downs Price Performance

NASDAQ:CHDN traded up $2.09 during mid-day trading on Wednesday, hitting $95.98. The company's stock had a trading volume of 1,037,390 shares, compared to its average volume of 576,902. Churchill Downs Incorporated has a fifty-two week low of $85.58 and a fifty-two week high of $150.21. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. The company has a market capitalization of $6.93 billion, a price-to-earnings ratio of 16.90, a P/E/G ratio of 2.95 and a beta of 0.94. The stock has a fifty day moving average of $97.84 and a 200-day moving average of $116.22.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings results 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 analyst estimates of $649.68 million. During the same period last year, the company earned $1.13 EPS. The business's revenue for the quarter was up 8.7% on a year-over-year basis. As a group, equities analysts forecast that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Announces Dividend

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

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

Insider Buying and Selling

In other Churchill Downs news, Director Douglas C. Grissom purchased 10,000 shares of the company's stock in a transaction that occurred on Wednesday, May 7th. The stock was purchased at an average price of $92.77 per share, with a total value of $927,700.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director R Alex Rankin purchased 2,000 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was acquired at an average cost of $92.65 per share, with a total value of $185,300.00. Following the transaction, the director now directly owns 99,012 shares of the company's stock, valued at approximately $9,173,461.80. This 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 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.