6,050 Shares in Churchill Downs, Incorporated (NASDAQ:CHDN) Purchased by Skylands Capital LLC

Skylands Capital LLC acquired a new position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 6,050 shares of the company's stock, valued at approximately $672,000.

A number of other hedge funds also recently made changes to their positions in CHDN. MassMutual Private Wealth & Trust FSB raised its position in Churchill Downs by 159.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock valued at $46,000 after purchasing an additional 253 shares in the last quarter. Central Pacific Bank Trust Division increased its position in shares of Churchill Downs by 39.6% during the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock valued at $51,000 after purchasing an additional 129 shares during the last quarter. Covestor Ltd increased its position in shares of Churchill Downs by 46.8% during the 4th quarter. Covestor Ltd now owns 929 shares of the company's stock valued at $124,000 after purchasing an additional 296 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Churchill Downs by 119,900.0% during the 4th quarter. Larson Financial Group LLC now owns 1,200 shares of the company's stock valued at $160,000 after buying an additional 1,199 shares in the last quarter. Finally, Machina Capital S.A.S. bought a new stake in Churchill Downs in the 4th quarter worth approximately $202,000. 82.59% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CHDN has been the topic of a number of recent research reports. Susquehanna reduced their price target on shares of Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. Mizuho reduced their target price on shares of Churchill Downs from $137.00 to $134.00 and set an "outperform" rating on the stock in a report on Friday, May 23rd. Macquarie decreased their target price on shares of Churchill Downs from $172.00 to $154.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Truist Financial cut their price target on shares of Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Finally, JMP Securities reduced their price objective on Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating on the stock in a research note on Tuesday, May 27th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Churchill Downs currently has a consensus rating of "Moderate Buy" and an average target price of $139.91.

Insider Buying and Selling at Churchill Downs

In related news, Director Douglas C. Grissom acquired 10,000 shares of the firm's stock in a transaction 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 acquisition, the director owned 38,869 shares of the company's stock, valued at $3,605,877.13. This trade represents a 34.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director R Alex Rankin bought 2,000 shares of the business's stock in a transaction dated Monday, May 5th. The shares were bought at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the purchase, the director directly owned 99,012 shares in the company, valued at approximately $9,173,461.80. This 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.

Churchill Downs Trading Up 0.0%

NASDAQ:CHDN traded up $0.05 during mid-day trading on Monday, reaching $101.00. 633,621 shares of the company's stock traded hands, compared to its average volume of 587,751. The company has a 50 day moving average price of $96.21 and a 200-day moving average price of $110.99. The firm has a market capitalization of $7.30 billion, a price-to-earnings ratio of 17.97, a PEG ratio of 2.61 and a beta of 0.94. The company has a debt-to-equity ratio of 4.49, a current ratio of 0.53 and a quick ratio of 0.53. Churchill Downs, Incorporated has a 12-month low of $85.58 and a 12-month high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its 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). The business had revenue of $642.60 million for the quarter, compared to analysts' expectations of $649.68 million. Churchill Downs had a net margin of 15.19% and a return on equity of 40.73%. Churchill Downs's quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the firm posted $1.13 earnings per share. On average, sell-side analysts predict that Churchill Downs, Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs declared that its Board of Directors has authorized a share repurchase program on Wednesday, March 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are 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.