Douglas C. Grissom Acquires 10,000 Shares of Churchill Downs Incorporated (NASDAQ:CHDN) Stock

Churchill Downs Incorporated (NASDAQ:CHDN) Director Douglas C. Grissom bought 10,000 shares of Churchill Downs stock in a transaction that occurred on Wednesday, May 7th. The shares were acquired at an average cost of $92.77 per share, for a total transaction of $927,700.00. Following the completion of the transaction, the director now directly owns 38,869 shares in the company, valued at $3,605,877.13. This represents a 34.64 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Churchill Downs Trading Up 1.4 %

Shares of NASDAQ:CHDN opened at $95.04 on Friday. 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 Incorporated has a 12-month low of $85.58 and a 12-month high of $150.21. The business has a 50 day moving average of $103.50 and a two-hundred day moving average of $121.86. The company has a market capitalization of $6.86 billion, a PE ratio of 16.73, a PEG ratio of 2.95 and a beta of 1.02.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The firm had revenue of $642.60 million for the quarter, compared to analysts’ expectations of $649.68 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the company posted $1.13 earnings per share. As a group, analysts forecast that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Announces Dividend

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

Churchill Downs announced that its Board of Directors has approved a stock repurchase plan on Wednesday, March 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Churchill Downs

A number of institutional investors and hedge funds have recently made changes to their positions in CHDN. Norges Bank acquired a new stake in Churchill Downs in the 4th quarter valued at $74,967,000. SG Americas Securities LLC grew its position in shares of Churchill Downs by 28,864.9% in the first quarter. SG Americas Securities LLC now owns 512,099 shares of the company’s stock valued at $56,879,000 after purchasing an additional 510,331 shares during the period. Boston Partners increased its stake in shares of Churchill Downs by 25.6% during the fourth quarter. Boston Partners now owns 1,794,630 shares of the company’s stock worth $239,619,000 after purchasing an additional 366,283 shares in the last quarter. FMR LLC raised its position in shares of Churchill Downs by 6.4% during the 4th quarter. FMR LLC now owns 3,592,087 shares of the company’s stock worth $479,687,000 after purchasing an additional 214,694 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in Churchill Downs by 97.9% in the 4th quarter. Point72 Asset Management L.P. now owns 431,165 shares of the company’s stock valued at $57,578,000 after buying an additional 213,311 shares in the last quarter. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CHDN. Mizuho cut their price objective 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. Truist Financial decreased their price target on shares of Churchill Downs from $162.00 to $155.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Barclays dropped their price objective on shares of Churchill Downs from $125.00 to $124.00 and set an “overweight” rating on the stock in a report on Friday, April 25th. Susquehanna reduced their target price on Churchill Downs from $150.00 to $136.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. Finally, Jefferies Financial Group dropped their price target on Churchill Downs from $160.00 to $127.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. 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, Churchill Downs presently has an average rating of “Moderate Buy” and a consensus price target of $143.50.

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.