R Alex Rankin Acquires 2,000 Shares of Churchill Downs Incorporated (NASDAQ:CHDN) Stock

Churchill Downs Incorporated (NASDAQ:CHDN) Director R Alex Rankin purchased 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 5th. The stock was purchased at an average price of $92.65 per share, with a total value of $185,300.00. Following the completion of the purchase, the director now directly owns 99,012 shares of the company’s stock, valued at approximately $9,173,461.80. This represents a 2.06 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Churchill Downs Stock Performance

Shares of CHDN stock opened at $95.04 on Friday. The business has a 50 day simple moving average of $103.50 and a 200 day simple moving average of $121.86. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55. The firm has a market capitalization of $6.86 billion, a price-to-earnings ratio of 16.73, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. Churchill Downs Incorporated has a 12-month low of $85.58 and a 12-month high of $150.21.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (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 the consensus estimate of $649.68 million. During the same period in the previous year, the company posted $1.13 EPS. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, equities research analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs declared that its board has initiated a stock repurchase plan on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Churchill Downs Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. boosted its stake in Churchill Downs by 127.2% during the 4th quarter. Blue Trust Inc. now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 103 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Churchill Downs during the third quarter valued at about $27,000. Fortitude Family Office LLC grew its holdings in Churchill Downs by 2,733.3% during the fourth quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock worth $34,000 after acquiring an additional 246 shares during the period. MassMutual Private Wealth & Trust FSB raised its position in Churchill Downs by 159.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company’s stock worth $46,000 after acquiring an additional 253 shares in the last quarter. Finally, Central Pacific Bank Trust Division lifted its holdings in Churchill Downs by 39.6% in the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company’s stock valued at $51,000 after acquiring an additional 129 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Truist Financial decreased their target price on Churchill Downs from $162.00 to $155.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Susquehanna dropped their target price on shares of Churchill Downs from $150.00 to $136.00 and set a “positive” rating on the stock in a report on Tuesday, April 22nd. Wells Fargo & Company decreased their price target on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating for the company in a report on Friday, February 21st. Macquarie dropped their price objective on shares of Churchill Downs from $172.00 to $154.00 and set an “outperform” rating on the stock in a research note on Thursday, April 24th. Finally, StockNews.com upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research note on Thursday, April 24th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $143.50.

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.