Churchill Downs Incorporated (NASDAQ:CHDN) Shares Acquired by Diametric Capital LP

Diametric Capital LP lifted its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 6.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,649 shares of the company’s stock after purchasing an additional 387 shares during the period. Diametric Capital LP’s holdings in Churchill Downs were worth $888,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CHDN. Citigroup Inc. increased its position in shares of Churchill Downs by 25.3% during the third quarter. Citigroup Inc. now owns 29,891 shares of the company’s stock worth $4,042,000 after acquiring an additional 6,043 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Churchill Downs during the 3rd quarter worth about $279,000. Bank of Montreal Can raised its position in Churchill Downs by 321.6% in the 3rd quarter. Bank of Montreal Can now owns 57,946 shares of the company’s stock valued at $7,766,000 after purchasing an additional 44,201 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Churchill Downs by 5.0% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 61,169 shares of the company’s stock valued at $8,271,000 after buying an additional 2,939 shares during the period. Finally, BNP Paribas Financial Markets grew its position in shares of Churchill Downs by 298.8% during the third quarter. BNP Paribas Financial Markets now owns 18,665 shares of the company’s stock worth $2,524,000 after buying an additional 13,985 shares in the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. JMP Securities reiterated a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a research note on Thursday, January 16th. Wells Fargo & Company lowered their target price on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Mizuho cut their price target 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. StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, March 19th. Finally, Stifel Nicolaus cut their target price on Churchill Downs from $164.00 to $161.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Churchill Downs has a consensus rating of “Moderate Buy” and a consensus price target of $159.38.

Churchill Downs Trading Down 0.1 %

CHDN opened at $111.07 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. Churchill Downs Incorporated has a 52 week low of $105.18 and a 52 week high of $150.21. The business’s 50 day moving average is $117.47 and its two-hundred day moving average is $130.01. The firm has a market cap of $8.16 billion, a price-to-earnings ratio of 19.55, a price-to-earnings-growth ratio of 2.95 and a beta of 0.93.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, February 19th. The company reported $0.92 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 business had revenue of $624.20 million during the quarter, compared to analyst estimates of $620.21 million. On average, research analysts predict that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs announced that its board has authorized a share repurchase program on Wednesday, March 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 6.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Churchill Downs Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.22%. Churchill Downs’s dividend payout ratio is currently 7.04%.

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.