Schonfeld Strategic Advisors LLC Sells 6,760 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Schonfeld Strategic Advisors LLC lowered its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 39.7% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 10,260 shares of the company's stock after selling 6,760 shares during the period. Schonfeld Strategic Advisors LLC's holdings in Churchill Downs were worth $1,370,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Louisiana State Employees Retirement System raised its position in Churchill Downs by 0.5% during 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 last quarter. Blue Trust Inc. increased its stake 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 during the period. Arizona State Retirement System raised its position in shares of Churchill Downs by 0.6% during the fourth quarter. Arizona State Retirement System now owns 19,165 shares of the company's stock worth $2,559,000 after acquiring an additional 116 shares during the last quarter. CIBC Asset Management Inc lifted its position in shares of Churchill Downs by 5.6% in the 4th quarter. CIBC Asset Management Inc now owns 2,252 shares of the company's stock worth $301,000 after purchasing an additional 120 shares during the period. Finally, Cetera Trust Company N.A boosted its position in Churchill Downs by 7.7% during the fourth quarter. Cetera Trust Company N.A now owns 1,877 shares of the company's stock valued at $251,000 after acquiring an additional 135 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company's stock.

Insiders Place Their Bets

In other Churchill Downs news, Director R Alex Rankin bought 2,000 shares of the business's stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average cost of $92.65 per share, with a total value of $185,300.00. Following the completion of the purchase, the director now directly owns 99,012 shares of the company's stock, valued at $9,173,461.80. This trade represents a 2.06% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Douglas C. Grissom acquired 10,000 shares of the business's stock in a transaction dated Wednesday, May 7th. The stock was acquired at an average price of $92.77 per share, for a total transaction of $927,700.00. Following the completion of the transaction, 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 disclosure for this purchase can be found here. Insiders own 5.34% of the company's stock.

Churchill Downs Price Performance

Shares of Churchill Downs stock traded up $2.94 during trading on Monday, hitting $97.98. The stock had a trading volume of 157,800 shares, compared to its average volume of 550,054. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of 17.27, 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. The business's 50-day moving average is $103.50 and its 200 day moving average is $121.64. 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 issued its quarterly earnings data 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 return on equity of 43.67% and a net margin of 15.61%. The business had revenue of $642.60 million for the quarter, compared to analysts' expectations of $649.68 million. During the same period in the previous year, the firm posted $1.13 EPS. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs announced that its Board of Directors has authorized a share repurchase plan on Wednesday, March 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 6.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company's management believes its stock is undervalued.

Churchill Downs Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 0.24%. Churchill Downs's payout ratio is currently 7.12%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CHDN. Truist Financial lowered 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 note on Wednesday, April 23rd. Macquarie dropped their price objective on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Wells Fargo & Company cut their target price on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. JMP Securities restated a "market outperform" rating and set a $144.00 price target on shares of Churchill Downs in a research report on Monday, May 5th. Finally, Mizuho decreased their target price 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. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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.