Orvieto Partners L.P. Invests $5.20 Million in Churchill Downs Incorporated (NASDAQ:CHDN)

Orvieto Partners L.P. purchased a new position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 38,900 shares of the company's stock, valued at approximately $5,195,000. Churchill Downs comprises 4.4% of Orvieto Partners L.P.'s holdings, making the stock its 6th largest position. Orvieto Partners L.P. owned approximately 0.05% of Churchill Downs as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Pinebridge Investments L.P. boosted its stake in shares of Churchill Downs by 42.7% in the 4th quarter. Pinebridge Investments L.P. now owns 18,147 shares of the company's stock worth $2,423,000 after buying an additional 5,428 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Churchill Downs by 0.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 493,044 shares of the company's stock worth $65,842,000 after buying an additional 3,388 shares during the last quarter. Soros Capital Management LLC boosted its stake in shares of Churchill Downs by 49.8% in the 4th quarter. Soros Capital Management LLC now owns 6,921 shares of the company's stock worth $924,000 after buying an additional 2,302 shares during the last quarter. OneDigital Investment Advisors LLC lifted its position in Churchill Downs by 20.6% during the fourth quarter. OneDigital Investment Advisors LLC now owns 3,107 shares of the company's stock valued at $415,000 after purchasing an additional 531 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its position in Churchill Downs by 197.9% during the fourth quarter. Tower Research Capital LLC TRC now owns 9,502 shares of the company's stock valued at $1,269,000 after purchasing an additional 6,312 shares in the last quarter. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Churchill Downs Price Performance

NASDAQ:CHDN traded up $0.78 on Tuesday, reaching $90.15. 523,156 shares of the company's stock traded hands, compared to its average volume of 533,516. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. The stock has a 50-day simple moving average of $107.76 and a 200-day simple moving average of $124.51. The firm has a market cap of $6.62 billion, a PE ratio of 15.81, a P/E/G ratio of 2.95 and a beta of 0.86. 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 quarterly earnings results 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 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 prior year, the business earned $1.13 earnings per share. Churchill Downs's revenue was up 8.7% compared to the same quarter last year. Equities research analysts forecast that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs announced that its Board of Directors has initiated a stock buyback program on Wednesday, March 12th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Churchill Downs Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. Churchill Downs's dividend payout ratio (DPR) is 7.12%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the company. Macquarie lowered their target price on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research report on Thursday, April 24th. Mizuho lowered their target price on Churchill Downs from $148.00 to $140.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 22nd. Wells Fargo & Company lowered their target price on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a research report on Friday, February 21st. Finally, 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. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, Churchill Downs currently has an average rating of "Moderate Buy" and an average target price of $144.80.

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.