J. Goldman & Co LP Sells 42,080 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

J. Goldman & Co LP trimmed its position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 75.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,734 shares of the company's stock after selling 42,080 shares during the quarter. J. Goldman & Co LP's holdings in Churchill Downs were worth $1,834,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Blue Trust Inc. increased its holdings in shares of Churchill Downs by 127.2% in 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. Wilmington Savings Fund Society FSB bought a new stake in shares of Churchill Downs in the 3rd quarter valued at approximately $27,000. Eagle Bay Advisors LLC bought a new stake in shares of Churchill Downs in the 4th quarter valued at approximately $55,000. R Squared Ltd bought a new position in Churchill Downs during the 4th quarter worth $55,000. Finally, Covestor Ltd grew its stake in Churchill Downs by 46.8% during the 4th quarter. Covestor Ltd now owns 929 shares of the company's stock worth $124,000 after buying an additional 296 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors.

Churchill Downs Price Performance

CHDN stock traded down $0.97 during trading hours on Thursday, hitting $97.84. 984,183 shares of the stock traded hands, compared to its average volume of 558,080. The stock has a 50-day simple moving average of $102.61 and a 200 day simple moving average of $121.03. Churchill Downs Incorporated has a one year low of $85.58 and a one year high of $150.21. The company has a market cap of $7.07 billion, a P/E ratio of 17.23, a P/E/G ratio of 2.95 and a beta of 1.02. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced 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 net margin of 15.61% and a return on equity of 43.67%. The company had revenue of $642.60 million for the quarter, compared to analysts' expectations of $649.68 million. During the same period in the prior year, the company earned $1.13 earnings per share. The company's revenue for the quarter was up 8.7% on a year-over-year basis. Equities analysts forecast that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Announces Dividend

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

Churchill Downs declared that its board has approved a stock buyback program on Wednesday, March 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Macquarie lowered their price objective 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. JMP Securities restated a "market outperform" rating and set a $144.00 price objective on shares of Churchill Downs in a research note on Monday, May 5th. 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. Barclays lowered their price objective on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a research note on Friday, April 25th. Finally, StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $143.50.

Insider Activity

In related news, Director Douglas C. Grissom acquired 10,000 shares of the stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average price of $92.77 per share, with a total value of $927,700.00. Following the acquisition, the director now owns 38,869 shares in the company, 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 SEC, which can be accessed through this link. Also, Director R Alex Rankin bought 2,000 shares of the stock in a transaction on Monday, May 5th. The stock was acquired at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the acquisition, the director now directly owns 99,012 shares in the company, valued at approximately $9,173,461.80. The trade was 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 company insiders.

Churchill Downs 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.