Man Group plc Boosts Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Man Group plc boosted its stake in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 233.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,790 shares of the company's stock after purchasing an additional 30,659 shares during the quarter. Man Group plc owned about 0.06% of Churchill Downs worth $5,848,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of Churchill Downs by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 6,808,321 shares of the company's stock valued at $909,183,000 after purchasing an additional 107,737 shares in the last quarter. FMR LLC boosted its position in Churchill Downs by 6.4% during the fourth quarter. FMR LLC now owns 3,592,087 shares of the company's stock valued at $479,687,000 after buying an additional 214,694 shares during the period. Boston Partners boosted its position in Churchill Downs by 25.6% during the fourth quarter. Boston Partners now owns 1,794,630 shares of the company's stock valued at $239,619,000 after buying an additional 366,283 shares during the period. Schroder Investment Management Group grew its stake in shares of Churchill Downs by 5.4% during the fourth quarter. Schroder Investment Management Group now owns 1,499,874 shares of the company's stock valued at $201,223,000 after buying an additional 77,213 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC increased its holdings in shares of Churchill Downs by 4.6% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,344,595 shares of the company's stock worth $179,557,000 after buying an additional 59,657 shares during the period. 82.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Mizuho reduced their price target on Churchill Downs from $137.00 to $134.00 and set an "outperform" rating on the stock in a research report on Friday. Wall Street Zen raised Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Barclays decreased their target price on shares of Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a research note on Friday, April 25th. Wells Fargo & Company lowered their price target on shares of Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Finally, Susquehanna cut their price target on shares of Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a report 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. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $142.90.

Insider Buying and Selling at Churchill Downs

In related news, Director Douglas C. Grissom purchased 10,000 shares of Churchill Downs stock in a transaction dated Wednesday, May 7th. The stock was purchased at an average cost of $92.77 per share, for a total transaction of $927,700.00. Following the completion of the acquisition, 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 acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director R Alex Rankin acquired 2,000 shares of the business's stock in a transaction that occurred on Monday, May 5th. The shares were purchased at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the transaction, the director now directly owns 99,012 shares in the company, valued at $9,173,461.80. The trade was a 2.06% increase in their position. The disclosure for this purchase can be found here. Insiders own 5.34% of the company's stock.

Churchill Downs Trading Up 0.1%

Shares of NASDAQ CHDN traded up $0.07 during midday trading on Monday, hitting $93.24. 563,655 shares of the company traded hands, compared to its average volume of 566,808. Churchill Downs Incorporated has a 12-month low of $85.58 and a 12-month high of $150.21. The firm has a market cap of $6.73 billion, a P/E ratio of 16.42, a P/E/G ratio of 2.95 and a beta of 1.02. The stock has a 50-day moving average price of $100.76 and a 200 day moving average price of $118.50. 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 (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). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The firm had revenue of $642.60 million during the quarter, compared to the consensus estimate of $649.68 million. During the same quarter last year, the company posted $1.13 EPS. Churchill Downs's revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, analysts expect that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. Churchill Downs's dividend payout ratio (DPR) is presently 7.12%.

Churchill Downs announced that its Board of Directors has approved a stock repurchase plan on Wednesday, March 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 6.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management 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.