Hudson Bay Capital Management LP bought a new position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 27,853 shares of the company's stock, valued at approximately $3,719,000.
A number of other hedge funds have also bought and sold shares of CHDN. Louisiana State Employees Retirement System boosted its stake in Churchill Downs by 0.5% in the 4th quarter. Louisiana State Employees Retirement System now owns 20,400 shares of the company's stock worth $2,724,000 after purchasing an additional 100 shares during the period. Utah Retirement Systems boosted its stake in Churchill Downs by 2.7% in the 4th quarter. Utah Retirement Systems now owns 3,800 shares of the company's stock worth $507,000 after purchasing an additional 100 shares during the period. Blue Trust Inc. boosted 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 acquiring an additional 103 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Churchill Downs by 0.6% during the 4th quarter. Arizona State Retirement System now owns 19,165 shares of the company's stock valued at $2,559,000 after acquiring an additional 116 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its position in shares of Churchill Downs by 5.6% during the 4th quarter. CIBC Asset Management Inc now owns 2,252 shares of the company's stock valued at $301,000 after acquiring an additional 120 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company's stock.
Wall Street Analyst Weigh In
CHDN has been the subject of a number of analyst reports. JMP Securities restated a "market outperform" rating and issued a $144.00 price target on shares of Churchill Downs in a research report on Monday, May 5th. Stifel Nicolaus lowered their price target on Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research report on Thursday, April 24th. Mizuho lowered their price target on Churchill Downs from $148.00 to $140.00 and set an "outperform" rating for the company in a research report on Tuesday, April 22nd. Finally, Jefferies Financial Group reduced their target price on Churchill Downs from $160.00 to $127.00 and set a "buy" rating on the stock in a research note on Friday, April 25th. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Churchill Downs presently has an average rating of "Moderate Buy" and an average price target of $143.50.
Get Our Latest Stock Analysis on Churchill Downs
Insider Activity at Churchill Downs
In related news, Director R Alex Rankin purchased 2,000 shares of Churchill Downs stock in a transaction that occurred on Monday, May 5th. The stock was bought 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 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 acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Douglas C. Grissom purchased 10,000 shares of Churchill Downs stock in a transaction that occurred on Wednesday, May 7th. The shares were bought at an average price of $92.77 per share, with a total value of $927,700.00. Following the completion of the transaction, the director now owns 38,869 shares of the company's stock, valued at $3,605,877.13. This represents a 34.64% increase in their position. The disclosure for this purchase can be found here. 5.34% of the stock is owned by insiders.
Churchill Downs Stock Performance
Churchill Downs stock traded up $0.43 during mid-day trading on Friday, reaching $98.27. 702,254 shares of the company traded hands, compared to its average volume of 559,066. Churchill Downs Incorporated has a fifty-two week low of $85.58 and a fifty-two week high of $150.21. The firm's fifty day moving average is $102.38 and its two-hundred day moving average is $120.74. 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 market capitalization of $7.10 billion, a price-to-earnings ratio of 17.30, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02.
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). The firm had revenue of $642.60 million during the quarter, compared to analysts' expectations of $649.68 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The business's revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the business earned $1.13 EPS. On average, equities research analysts expect that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.
Churchill Downs Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.24%. Churchill Downs's dividend payout ratio is currently 7.12%.
Churchill Downs announced that its board has approved a share buyback plan on Wednesday, March 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.
Churchill Downs Profile
(
Free Report)
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.
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