Secure Asset Management LLC Takes $2.29 Million Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Secure Asset Management LLC acquired a new position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 20,616 shares of the company's stock, valued at approximately $2,290,000.

Several other hedge funds have also bought and sold shares of CHDN. Barclays PLC boosted its position in Churchill Downs by 59.2% in the 3rd quarter. Barclays PLC now owns 29,584 shares of the company's stock worth $4,000,000 after purchasing an additional 11,006 shares in the last quarter. Blue Trust Inc. lifted its position in shares of Churchill Downs by 127.2% during the 4th quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after buying an additional 103 shares in the last quarter. KBC Group NV lifted its position in shares of Churchill Downs by 52.1% during the 4th quarter. KBC Group NV now owns 2,541 shares of the company's stock valued at $339,000 after buying an additional 870 shares in the last quarter. Centerline Wealth Advisors LLC purchased a new position in shares of Churchill Downs during the 4th quarter valued at approximately $314,000. Finally, Empowered Funds LLC lifted its position in shares of Churchill Downs by 33.0% during the 4th quarter. Empowered Funds LLC now owns 12,441 shares of the company's stock valued at $1,661,000 after buying an additional 3,086 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Trading Up 2.1%

Shares of CHDN traded up $2.04 during midday trading on Friday, reaching $98.08. The company had a trading volume of 586,297 shares, compared to its average volume of 580,603. Churchill Downs Incorporated has a 1-year low of $85.58 and a 1-year high of $150.21. The stock has a market cap of $7.08 billion, a PE ratio of 17.27, a price-to-earnings-growth ratio of 2.95 and a beta of 0.94. The firm has a 50 day simple moving average of $97.29 and a 200-day simple moving average of $115.47. 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 issued 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 business had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.13 earnings per share. Research analysts forecast that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Announces Dividend

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

Churchill Downs declared that its Board of Directors has initiated a stock repurchase plan 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 plans are often a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CHDN has been the topic of a number of recent analyst reports. Barclays decreased their target price on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a research report on Friday, April 25th. Jefferies Financial Group decreased their target price on Churchill Downs from $160.00 to $127.00 and set a "buy" rating on the stock in a research report on Friday, April 25th. Mizuho decreased their target price on Churchill Downs from $137.00 to $134.00 and set an "outperform" rating on the stock in a research report on Friday, May 23rd. Truist Financial reduced their price objective on Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Finally, Wall Street Zen raised Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $142.30.

Insider Buying and Selling at Churchill Downs

In other news, Director Douglas C. Grissom bought 10,000 shares of the company's stock in a transaction on Wednesday, May 7th. The stock was bought 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 in the company, valued at $3,605,877.13. The trade was a 34.64% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director R Alex Rankin bought 2,000 shares of the company's stock in a transaction on Monday, May 5th. The stock was purchased at an average cost of $92.65 per share, with a total value of $185,300.00. Following the completion of the transaction, the director now owns 99,012 shares in the company, valued at $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 currently owned by corporate insiders.

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.