Nitorum Capital L.P. Cuts Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

Nitorum Capital L.P. decreased its holdings in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 11.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 566,022 shares of the company's stock after selling 76,815 shares during the period. Churchill Downs comprises approximately 8.7% of Nitorum Capital L.P.'s holdings, making the stock its 2nd largest holding. Nitorum Capital L.P. owned approximately 0.77% of Churchill Downs worth $75,587,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC purchased a new stake in Churchill Downs during the fourth quarter worth $7,971,000. Coldstream Capital Management Inc. raised its holdings in Churchill Downs by 10.6% in the 4th quarter. Coldstream Capital Management Inc. now owns 3,773 shares of the company's stock valued at $504,000 after acquiring an additional 363 shares during the last quarter. Two Sigma Securities LLC acquired a new stake in Churchill Downs in the 4th quarter valued at about $306,000. Orvieto Partners L.P. acquired a new stake in shares of Churchill Downs during the 4th quarter worth approximately $5,195,000. Finally, Pinebridge Investments L.P. increased its holdings in Churchill Downs by 42.7% in the 4th quarter. Pinebridge Investments L.P. now owns 18,147 shares of the company's stock valued at $2,423,000 after purchasing an additional 5,428 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN traded up $0.30 during trading hours on Thursday, hitting $90.71. 536,909 shares of the company's stock traded hands, compared to its average volume of 538,680. The company has a market cap of $6.55 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. Churchill Downs Incorporated has a 52 week low of $85.58 and a 52 week high of $150.21. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. The company's fifty day simple moving average is $106.68 and its two-hundred day simple moving average is $124.05.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $1.07 EPS for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The firm had revenue of $642.60 million during the quarter, compared to analyst estimates of $649.68 million. During the same period in the prior year, the business posted $1.13 EPS. The company's revenue for the quarter was up 8.7% on a year-over-year basis. As a group, equities analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs announced that its board has initiated a share repurchase program on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to buy 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 Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders 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 0.26%. Churchill Downs's payout ratio is 7.12%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on CHDN. Truist Financial decreased their price objective 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. StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Stifel Nicolaus decreased their price target on Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. Susquehanna reduced their price objective on Churchill Downs from $150.00 to $136.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Finally, Wells Fargo & Company cut their price target on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a report on Friday, February 21st. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $144.80.

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.