Churchill Downs Incorporated (NASDAQ:CHDN) Stake Increased by GAMMA Investing LLC

GAMMA Investing LLC raised its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 11,123.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 117,290 shares of the company's stock after acquiring an additional 116,245 shares during the quarter. GAMMA Investing LLC owned approximately 0.16% of Churchill Downs worth $13,027,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in CHDN. Truist Financial Corp boosted its position in shares of Churchill Downs by 22.1% in the fourth quarter. Truist Financial Corp now owns 29,637 shares of the company's stock worth $3,958,000 after acquiring an additional 5,372 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Churchill Downs by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company's stock worth $80,839,000 after acquiring an additional 10,153 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Churchill Downs in the fourth quarter worth approximately $1,927,000. Landmark Investment Partners L.P. acquired a new stake in shares of Churchill Downs in the fourth quarter worth approximately $13,317,000. Finally, Lighthouse Investment Partners LLC acquired a new stake in shares of Churchill Downs in the fourth quarter worth approximately $6,133,000. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Churchill Downs Stock Up 2.1%

Shares of CHDN traded up $2.04 during mid-day trading on Friday, reaching $98.08. 586,297 shares of the stock traded hands, compared to its average volume of 580,603. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of 17.27, a P/E/G ratio of 2.95 and a beta of 0.94. The stock has a fifty day simple moving average of $97.29 and a 200 day simple moving average of $115.47. Churchill Downs Incorporated has a 12-month low of $85.58 and a 12-month high of $150.21. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted 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 firm had revenue of $642.60 million for the quarter, compared to analysts' expectations of $649.68 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The company's revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.13 EPS. Sell-side analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Announces Dividend

The company 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 currently 7.12%.

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

Analysts Set New Price Targets

Several research firms recently commented on CHDN. JMP Securities cut their price target on shares of Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 27th. Macquarie cut their price target on shares of Churchill Downs from $172.00 to $154.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. 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 report on Friday, April 25th. Wells Fargo & Company cut their price target on shares of Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. Finally, Truist Financial cut their price target on shares of Churchill Downs from $162.00 to $155.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. One equities 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, Churchill Downs has an average rating of "Moderate Buy" and an average price target of $142.30.

Insider Activity

In other news, Director Douglas C. Grissom acquired 10,000 shares of the company's stock in a transaction dated Wednesday, May 7th. The shares were 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 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 legal filing with the SEC, which can be accessed through the SEC website. Also, Director R Alex Rankin acquired 2,000 shares of the company's stock in a transaction dated Monday, May 5th. The shares were purchased 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. Insiders own 5.34% of the company's stock.

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.