Freestone Grove Partners LP Takes $420,000 Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Freestone Grove Partners LP purchased a new position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 3,142 shares of the company's stock, valued at approximately $420,000.

Several other hedge funds have also recently made changes to their positions in the business. Blue Trust Inc. lifted its stake in Churchill Downs by 127.2% in the fourth quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after buying an additional 103 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of Churchill Downs during the 3rd quarter worth about $27,000. Fortitude Family Office LLC grew its stake in shares of Churchill Downs by 2,733.3% in the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company's stock valued at $34,000 after buying an additional 246 shares during the period. Eagle Bay Advisors LLC bought a new stake in Churchill Downs in the 4th quarter valued at about $55,000. Finally, R Squared Ltd acquired a new position in Churchill Downs during the 4th quarter worth approximately $55,000. 82.59% of the stock is owned by institutional investors.

Analyst Ratings Changes

CHDN has been the topic of a number of research reports. Barclays lowered 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 reduced their price objective on shares of Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a report on Friday, April 25th. JMP Securities restated a "market outperform" rating and issued a $144.00 target price on shares of Churchill Downs in a report on Monday. Macquarie cut their price target on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Finally, Wells Fargo & Company lowered their price objective on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a research note on Friday, February 21st. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Churchill Downs currently has a consensus rating of "Moderate Buy" and a consensus price target of $143.50.

Churchill Downs Stock Performance

Shares of Churchill Downs stock traded up $1.17 on Friday, reaching $94.89. 430,522 shares of the company traded hands, compared to its average volume of 548,620. The firm has a market capitalization of $6.85 billion, a PE ratio of 16.71, a PEG ratio of 2.95 and a beta of 1.02. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55. The company has a 50 day moving average of $103.85 and a 200 day moving average of $122.13. Churchill Downs Incorporated has a 52 week low of $85.58 and a 52 week high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its earnings results 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 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 the consensus estimate of $649.68 million. During the same period in the previous year, the firm earned $1.13 EPS. The company's revenue was up 8.7% compared to the same quarter last year. Equities analysts forecast that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.25%. Churchill Downs's dividend payout ratio is currently 7.12%.

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

Insider Buying and Selling

In other news, Director R Alex Rankin bought 2,000 shares of Churchill Downs stock in a transaction that occurred on Monday, May 5th. The shares were acquired at an average price of $92.65 per share, with a total value of $185,300.00. Following the completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Douglas C. Grissom purchased 10,000 shares of the company's stock in a transaction on Wednesday, May 7th. The shares were purchased at an average cost of $92.77 per share, with a total value of $927,700.00. Following 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 ownership of the stock. The disclosure for this purchase can be found here. 5.34% of the stock is currently owned by insiders.

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.