Churchill Downs Incorporated (NASDAQ:CHDN) Shares Acquired by SG Americas Securities LLC

SG Americas Securities LLC increased its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 28,864.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 512,099 shares of the company's stock after purchasing an additional 510,331 shares during the period. SG Americas Securities LLC owned 0.70% of Churchill Downs worth $56,879,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CHDN. Park Avenue Securities LLC grew its stake in shares of Churchill Downs by 2.9% in the 1st quarter. Park Avenue Securities LLC now owns 11,259 shares of the company's stock worth $1,251,000 after buying an additional 316 shares in the last quarter. Independence Bank of Kentucky grew its stake in shares of Churchill Downs by 13.5% in the 1st quarter. Independence Bank of Kentucky now owns 18,489 shares of the company's stock worth $2,054,000 after buying an additional 2,199 shares in the last quarter. Secure Asset Management LLC purchased a new position in shares of Churchill Downs in the 1st quarter worth $2,290,000. GAMMA Investing LLC grew its stake in shares of Churchill Downs by 11,123.9% in the 1st quarter. GAMMA Investing LLC now owns 117,290 shares of the company's stock worth $13,027,000 after buying an additional 116,245 shares in the last quarter. Finally, Central Pacific Bank Trust Division grew its stake in shares of Churchill Downs by 39.6% in the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock worth $51,000 after buying an additional 129 shares in the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Trading Down 1.2%

Churchill Downs stock traded down $1.19 during trading hours on Wednesday, hitting $100.65. The company had a trading volume of 488,070 shares, compared to its average volume of 586,123. The firm has a market cap of $7.27 billion, a P/E ratio of 17.72, a P/E/G ratio of 2.95 and a beta of 0.94. 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 1 year low of $85.58 and a 1 year high of $150.21. The company has a 50-day moving average price of $96.86 and a two-hundred day moving average price of $114.80.

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 net margin of 15.61% and a return on equity of 43.67%. The company had revenue of $642.60 million during the quarter, compared to analysts' expectations of $649.68 million. During the same period last year, the firm earned $1.13 earnings per share. Churchill Downs's quarterly revenue was up 8.7% on a year-over-year basis. On average, sell-side analysts anticipate that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

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

Churchill Downs Announces Dividend

The firm 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 annualized dividend and a dividend yield of 0.24%. Churchill Downs's dividend payout ratio is currently 7.12%.

Insider Activity

In other news, Director R Alex Rankin bought 2,000 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The stock was bought at an average price of $92.65 per share, with a total value of $185,300.00. Following the completion of the transaction, the director now directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Douglas C. Grissom bought 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 7th. The shares were purchased at an average cost of $92.77 per share, with a total value of $927,700.00. Following the transaction, 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 disclosure for this purchase can be found here. Company insiders own 5.34% of the company's stock.

Wall Street Analyst Weigh In

CHDN has been the subject of a number of recent research reports. Wells Fargo & Company dropped their price objective on shares of Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. Truist Financial dropped 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 note on Wednesday, April 23rd. 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 note on Thursday, April 10th. Wall Street Zen raised shares of Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Finally, Macquarie dropped their price target 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. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $142.30.

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.