GAMMA Investing LLC Has $13.03 Million Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

GAMMA Investing LLC grew its stake in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 11,123.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 117,290 shares of the company's stock after acquiring an additional 116,245 shares during the quarter. GAMMA Investing LLC owned 0.16% of Churchill Downs worth $13,027,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CHDN. Blue Trust Inc. grew 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 purchasing an additional 103 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Churchill Downs by 159.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock valued at $46,000 after buying an additional 253 shares during the period. Central Pacific Bank Trust Division grew its holdings 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 valued at $51,000 after buying an additional 129 shares during the period. Covestor Ltd increased its position in shares of Churchill Downs by 46.8% in the 4th quarter. Covestor Ltd now owns 929 shares of the company's stock valued at $124,000 after buying an additional 296 shares in the last quarter. Finally, Kentucky Trust Co acquired a new stake in Churchill Downs during the 4th quarter worth $134,000. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CHDN shares. Jefferies Financial Group decreased their target price on Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a research note on Friday, April 25th. Stifel Nicolaus decreased their price objective on Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Barclays dropped their target price on shares of Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. Macquarie reduced their price target on shares of Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a report on Thursday, April 24th. Finally, JMP Securities lowered their price objective on shares of Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating for the company in a research report on Tuesday, May 27th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $142.30.

Insider Activity at Churchill Downs

In other news, Director Douglas C. Grissom purchased 10,000 shares of Churchill Downs stock in a transaction that occurred on Wednesday, May 7th. The stock was acquired at an average cost of $92.77 per share, for a total transaction of $927,700.00. Following the purchase, the director now directly owns 38,869 shares of the company's stock, valued at $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 is accessible through this hyperlink. Also, Director R Alex Rankin acquired 2,000 shares of the firm's stock in a transaction on Monday, May 5th. The stock was purchased at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the acquisition, the director now owns 99,012 shares in the company, 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. 5.34% of the stock is owned by company insiders.

Churchill Downs Stock Performance

Shares of CHDN traded up $2.25 during mid-day trading on Tuesday, reaching $101.84. The company's stock had a trading volume of 969,276 shares, compared to its average volume of 586,502. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. Churchill Downs Incorporated has a 1-year low of $85.58 and a 1-year high of $150.21. The business has a 50-day simple moving average of $96.90 and a two-hundred day simple moving average of $114.90. The stock has a market cap of $7.36 billion, a P/E ratio of 17.93, a PEG ratio of 2.95 and a beta of 0.94.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced 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 net margin of 15.61% and a return on equity of 43.67%. The business had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. During the same period in the prior year, the business earned $1.13 EPS. The company's revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.24%. Churchill Downs's payout ratio is 7.12%.

Churchill Downs announced that its Board of Directors has initiated a share buyback plan on Wednesday, March 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its stock is undervalued.

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.