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

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

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Churchill Downs in the fourth quarter valued at $74,967,000. Boston Partners raised its stake in Churchill Downs by 25.6% during the fourth quarter. Boston Partners now owns 1,794,630 shares of the company's stock worth $239,619,000 after acquiring an additional 366,283 shares in the last quarter. FMR LLC raised its stake in Churchill Downs by 6.4% during the fourth quarter. FMR LLC now owns 3,592,087 shares of the company's stock worth $479,687,000 after acquiring an additional 214,694 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Churchill Downs by 97.9% during the fourth quarter. Point72 Asset Management L.P. now owns 431,165 shares of the company's stock worth $57,578,000 after acquiring an additional 213,311 shares in the last quarter. Finally, Clearbridge Investments LLC acquired a new stake in shares of Churchill Downs in the fourth quarter valued at $28,369,000. Institutional investors own 82.59% of the company's stock.

Churchill Downs Trading Up 0.1%

Shares of CHDN stock traded up $0.06 on Thursday, hitting $96.04. The company had a trading volume of 946,774 shares, compared to its average volume of 578,881. The firm has a market cap of $6.94 billion, a P/E ratio of 16.91, a P/E/G ratio of 2.95 and a beta of 0.94. The stock's 50-day moving average is $97.84 and its two-hundred day moving average is $116.22. 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 twelve month low of $85.58 and a twelve month high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.01). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. 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% on a year-over-year basis. On average, equities research analysts anticipate that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs declared that its board has authorized a stock buyback program on Wednesday, March 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 6.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Churchill Downs Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.25%. Churchill Downs's dividend payout ratio (DPR) is presently 7.12%.

Insider Buying and Selling at Churchill Downs

In other news, Director Douglas C. Grissom acquired 10,000 shares of Churchill Downs stock in a transaction on Wednesday, May 7th. The stock was purchased at an average price of $92.77 per share, with a total value of $927,700.00. Following the completion of the purchase, the director now owns 38,869 shares of the company's stock, valued at approximately $3,605,877.13. The trade was a 34.64% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director R Alex Rankin acquired 2,000 shares of Churchill Downs 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 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 position. The disclosure for this purchase can be found here. Insiders own 5.34% of the company's stock.

Analyst Upgrades and Downgrades

CHDN has been the topic of several recent research reports. Wells Fargo & Company decreased their price target on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a report on Friday, February 21st. JMP Securities reduced their target price on Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating on the stock in a report on Tuesday, May 27th. Barclays reduced their target price on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. Mizuho reduced their target price on Churchill Downs from $137.00 to $134.00 and set an "outperform" rating on the stock in a report on Friday, May 23rd. Finally, Susquehanna reduced their target price on Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average 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.