Point72 Hong Kong Ltd Invests $1.59 Million in Churchill Downs Incorporated (NASDAQ:CHDN)

Point72 Hong Kong Ltd acquired a new position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 11,889 shares of the company's stock, valued at approximately $1,588,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Blue Trust Inc. increased its holdings in shares of 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 in the last quarter. R Squared Ltd acquired a new stake in Churchill Downs during the fourth quarter valued at $55,000. Covestor Ltd grew its stake in shares of Churchill Downs by 46.8% in the 4th quarter. Covestor Ltd now owns 929 shares of the company's stock valued at $124,000 after buying an additional 296 shares in the last quarter. Kentucky Trust Co bought a new stake in Churchill Downs in the fourth quarter worth approximately $134,000. Finally, Larson Financial Group LLC increased its position in Churchill Downs by 119,900.0% during the fourth quarter. Larson Financial Group LLC now owns 1,200 shares of the company's stock worth $160,000 after buying an additional 1,199 shares during the last quarter. Institutional investors own 82.59% of the company's stock.

Insiders Place Their Bets

In related news, Director Douglas C. Grissom bought 10,000 shares of Churchill Downs stock in a transaction on Wednesday, May 7th. The shares were purchased at an average price of $92.77 per share, for a total transaction of $927,700.00. Following the completion of the acquisition, the director now owns 38,869 shares in the company, valued at approximately $3,605,877.13. This represents a 34.64% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director R Alex Rankin bought 2,000 shares of the firm's stock in a transaction dated Monday, May 5th. The shares were bought at an average price of $92.65 per share, with a total value of $185,300.00. Following the completion of the transaction, the director now directly owns 99,012 shares in the company, valued at approximately $9,173,461.80. This trade represents a 2.06% increase in their position. The disclosure for this purchase can be found here. Company insiders own 5.34% of the company's stock.

Churchill Downs Price Performance

Shares of NASDAQ CHDN traded down $0.23 during trading on Monday, reaching $98.04. The company had a trading volume of 733,683 shares, compared to its average volume of 561,407. Churchill Downs Incorporated has a 52 week low of $85.58 and a 52 week high of $150.21. The business's 50 day moving average price is $102.17 and its 200-day moving average price is $120.12. The stock has a market cap of $7.08 billion, a PE ratio of 17.26, a PEG ratio of 2.95 and a beta of 1.02. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57.

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

Churchill Downs declared that its board has authorized a stock buyback 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 stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Churchill Downs Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.24%. Churchill Downs's payout ratio is presently 7.12%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Mizuho dropped their target price on shares of Churchill Downs from $148.00 to $140.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. JMP Securities reissued a "market outperform" rating and issued a $144.00 price target on shares of Churchill Downs in a report on Monday, May 5th. Stifel Nicolaus cut their target price 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. Jefferies Financial Group cut their price target 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. Finally, Susquehanna cut their target price on shares of Churchill Downs from $150.00 to $136.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. One research 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 presently has an average rating of "Moderate Buy" and a consensus target price of $143.50.

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.