Systematic Financial Management LP Raises Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Systematic Financial Management LP grew its stake in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 3.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 177,193 shares of the company's stock after buying an additional 5,919 shares during the quarter. Systematic Financial Management LP owned 0.24% of Churchill Downs worth $23,662,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Barclays PLC lifted its stake in Churchill Downs by 59.2% in the third quarter. Barclays PLC now owns 29,584 shares of the company's stock worth $4,000,000 after acquiring an additional 11,006 shares during the last quarter. Park Avenue Securities LLC lifted its position in shares of Churchill Downs by 20.6% during the 4th quarter. Park Avenue Securities LLC now owns 10,943 shares of the company's stock worth $1,461,000 after purchasing an additional 1,871 shares during the last quarter. Artemis Investment Management LLP grew its stake in shares of Churchill Downs by 4.8% during the fourth quarter. Artemis Investment Management LLP now owns 355,567 shares of the company's stock worth $47,482,000 after purchasing an additional 16,373 shares in the last quarter. MCF Advisors LLC purchased a new position in Churchill Downs in the fourth quarter valued at $595,000. Finally, Barlow Wealth Partners Inc. raised its stake in Churchill Downs by 2.5% in the fourth quarter. Barlow Wealth Partners Inc. now owns 125,768 shares of the company's stock valued at $15,959,000 after buying an additional 3,076 shares in the last quarter. 82.59% of the stock is owned by institutional investors and hedge funds.

Churchill Downs Price Performance

Churchill Downs stock traded down $0.73 during trading hours on Tuesday, hitting $97.31. The stock had a trading volume of 585,861 shares, compared to its average volume of 562,164. Churchill Downs Incorporated has a 1-year low of $85.58 and a 1-year high of $150.21. The stock has a market capitalization of $7.03 billion, a price-to-earnings ratio of 17.13, a PEG ratio of 2.95 and a beta of 1.02. The stock's fifty day moving average is $101.79 and its two-hundred day moving average is $119.68. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released 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 during the quarter, compared to analysts' expectations of $649.68 million. During the same quarter in the prior year, the firm earned $1.13 earnings per share. Churchill Downs's quarterly revenue was up 8.7% on a year-over-year basis. As a group, analysts predict that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs Dividend Announcement

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

Churchill Downs declared that its board has authorized a share repurchase plan on Wednesday, March 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Wells Fargo & Company lowered 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. Mizuho lowered their target price on shares of Churchill Downs from $148.00 to $140.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Truist Financial dropped their target price on shares of Churchill Downs from $162.00 to $155.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. JMP Securities reissued a "market outperform" rating and issued a $144.00 price target on shares of Churchill Downs in a research report on Monday, May 5th. Finally, Stifel Nicolaus decreased their price objective on shares of Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $143.50.

Insider Activity

In other news, Director Douglas C. Grissom bought 10,000 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The stock was purchased at an average price of $92.77 per share, with a total value of $927,700.00. Following the purchase, the director now owns 38,869 shares of the company's stock, valued at $3,605,877.13. This trade represents a 34.64% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director R Alex Rankin bought 2,000 shares of Churchill Downs stock in a transaction on Monday, May 5th. The stock was purchased at an average price of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the acquisition, the director now owns 99,012 shares in the company, valued at $9,173,461.80. This 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 Company 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.