Churchill Downs Incorporated (NASDAQ:CHDN) Director Acquires $927,700.00 in Stock

Churchill Downs Incorporated (NASDAQ:CHDN) Director Douglas C. Grissom acquired 10,000 shares of the stock in a transaction that occurred on Wednesday, May 7th. The shares were bought at an average price of $92.77 per share, with a total value of $927,700.00. Following the completion of the purchase, the director now owns 38,869 shares in the company, valued at $3,605,877.13. The trade was a 34.64 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Churchill Downs Stock Up 1.4 %

CHDN opened at $95.04 on Friday. The stock’s fifty day moving average is $103.50 and its 200-day moving average is $121.77. Churchill Downs Incorporated has a one year low of $85.58 and a one year high of $150.21. The company has a market capitalization of $6.86 billion, a PE ratio of 16.73, a P/E/G 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) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). The business had revenue of $642.60 million during the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. Churchill Downs’s revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.13 earnings per share. On average, equities analysts predict that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Dividend Announcement

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

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on CHDN shares. 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. Stifel Nicolaus decreased their target price on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating for the company in a research report on Thursday, April 10th. Truist Financial cut their price target on Churchill Downs from $162.00 to $155.00 and set a “buy” rating on the stock in a report on Wednesday, April 23rd. Mizuho decreased their price objective on Churchill Downs from $148.00 to $140.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. Finally, Barclays lowered their target price on Churchill Downs from $125.00 to $124.00 and set an “overweight” rating on the stock in a research report on Friday, April 25th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Churchill Downs presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.50.

Institutional Investors Weigh In On Churchill Downs

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

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.