Optimize Financial Inc Takes Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Optimize Financial Inc purchased a new position in Churchill Downs Incorporated (NASDAQ:CHDN) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,867 shares of the company’s stock, valued at approximately $516,000.

A number of other institutional investors have also modified their holdings of CHDN. Blue Trust Inc. lifted its stake in Churchill Downs by 127.2% during the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock worth $25,000 after purchasing an additional 103 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Churchill Downs in the third quarter worth $27,000. Fortitude Family Office LLC increased its stake in Churchill Downs by 2,733.3% during the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock valued at $34,000 after buying an additional 246 shares during the period. Eagle Bay Advisors LLC bought a new stake in Churchill Downs during the fourth quarter worth approximately $55,000. Finally, R Squared Ltd acquired a new stake in shares of Churchill Downs in the fourth quarter valued at $55,000. Institutional investors and hedge funds own 82.59% of the company’s stock.

Churchill Downs Trading Up 0.1 %

Shares of CHDN stock opened at $102.51 on Friday. The stock has a market cap of $7.53 billion, a price-to-earnings ratio of 18.05, a P/E/G ratio of 2.95 and a beta of 0.86. The firm has a fifty day moving average of $112.92 and a 200-day moving average of $127.55. Churchill Downs Incorporated has a 52-week low of $96.67 and a 52-week high of $150.21. 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 data on Wednesday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.06). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The company had revenue of $624.20 million for the quarter, compared to the consensus estimate of $620.21 million. On average, equities research analysts forecast that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

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

Churchill Downs Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.23%. Churchill Downs’s payout ratio is 7.04%.

Analyst Ratings Changes

A number of brokerages recently weighed in on CHDN. Barclays started coverage on shares of Churchill Downs in a report on Friday. They set an “overweight” rating and a $125.00 target price for the company. StockNews.com cut shares of Churchill Downs from a “hold” rating to a “sell” rating in a report on Tuesday. JMP Securities restated a “market outperform” rating and issued a $166.00 target price on shares of Churchill Downs in a research note on Thursday, January 16th. Stifel Nicolaus dropped their price target on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Mizuho cut their price objective on Churchill Downs from $151.00 to $148.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 19th. One research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $153.44.

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.