Renaissance Technologies LLC Has $11.34 Million Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Renaissance Technologies LLC increased its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 15.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 84,950 shares of the company’s stock after buying an additional 11,400 shares during the quarter. Renaissance Technologies LLC’s holdings in Churchill Downs were worth $11,344,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CHDN. Barclays PLC raised its position in shares of Churchill Downs by 59.2% during the third quarter. Barclays PLC now owns 29,584 shares of the company’s stock worth $4,000,000 after purchasing an additional 11,006 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Churchill Downs during the 3rd quarter worth approximately $27,000. Tidal Investments LLC raised its holdings in Churchill Downs by 295.2% during the 3rd quarter. Tidal Investments LLC now owns 6,988 shares of the company’s stock worth $945,000 after buying an additional 5,220 shares during the period. Synovus Financial Corp boosted its holdings in shares of Churchill Downs by 3.0% in the third quarter. Synovus Financial Corp now owns 10,381 shares of the company’s stock valued at $1,404,000 after buying an additional 303 shares during the period. Finally, Franklin Resources Inc. increased its position in shares of Churchill Downs by 6.6% during the third quarter. Franklin Resources Inc. now owns 197,118 shares of the company’s stock worth $27,338,000 after acquiring an additional 12,156 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors.

Churchill Downs Stock Performance

NASDAQ CHDN opened at $102.63 on Wednesday. The firm’s fifty day moving average price is $112.12 and its two-hundred day moving average price is $127.11. Churchill Downs Incorporated has a 1 year low of $96.67 and a 1 year high of $150.21. The firm has a market capitalization of $7.54 billion, a P/E ratio of 18.07, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, February 19th. The company reported $0.92 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.06). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The business had revenue of $624.20 million for the quarter, compared to the consensus estimate of $620.21 million. As a group, research analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Dividend Announcement

The business also recently disclosed 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 0.23%. Churchill Downs’s payout ratio is presently 7.04%.

Churchill Downs declared that its board has authorized a stock buyback plan on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CHDN shares. Stifel Nicolaus cut their price objective on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. StockNews.com lowered Churchill Downs from a “hold” rating to a “sell” rating in a report on Tuesday, April 8th. Barclays began coverage on Churchill Downs in a research report on Friday, April 11th. They issued an “overweight” rating and a $125.00 target price on the stock. Mizuho reduced their price target on Churchill Downs from $151.00 to $148.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Finally, Wells Fargo & Company lowered their price objective on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $153.44.

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.