Secure Asset Management LLC Buys New Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Secure Asset Management LLC purchased a new position in Churchill Downs Incorporated (NASDAQ:CHDN) during the 1st quarter, HoldingsChannel reports. The institutional investor purchased 20,616 shares of the company’s stock, valued at approximately $2,290,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC lifted its holdings in shares of Churchill Downs by 59.2% in the 3rd quarter. Barclays PLC now owns 29,584 shares of the company’s stock worth $4,000,000 after purchasing an additional 11,006 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Churchill Downs by 127.2% in the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock valued at $25,000 after buying an additional 103 shares in the last quarter. KBC Group NV grew its holdings in shares of Churchill Downs by 52.1% during the fourth quarter. KBC Group NV now owns 2,541 shares of the company’s stock valued at $339,000 after buying an additional 870 shares during the last quarter. Centerline Wealth Advisors LLC acquired a new position in shares of Churchill Downs during the fourth quarter valued at about $314,000. Finally, Empowered Funds LLC increased its position in shares of Churchill Downs by 33.0% during the fourth quarter. Empowered Funds LLC now owns 12,441 shares of the company’s stock worth $1,661,000 after acquiring an additional 3,086 shares in the last quarter. Institutional investors and hedge funds own 82.59% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Susquehanna dropped their price target on shares of Churchill Downs from $150.00 to $136.00 and set a “positive” rating on the stock in a research report on Tuesday, April 22nd. Macquarie dropped their target price on Churchill Downs from $172.00 to $154.00 and set an “outperform” rating on the stock in a report on Thursday, April 24th. JMP Securities decreased their price target on Churchill Downs from $144.00 to $138.00 and set a “market outperform” rating for the company in a report on Tuesday, May 27th. Wall Street Zen raised Churchill Downs from a “sell” rating to a “hold” rating in a research report on Thursday, April 24th. Finally, Stifel Nicolaus cut their price objective on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.30.

Insiders Place Their Bets

In other news, Director R Alex Rankin acquired 2,000 shares of Churchill Downs stock in a transaction that occurred on Monday, May 5th. The stock was bought 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 owns 99,012 shares in the company, valued at approximately $9,173,461.80. The trade was a 2.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Douglas C. Grissom bought 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 7th. The shares were purchased at an average cost of $92.77 per share, for a total transaction of $927,700.00. Following the acquisition, the director now directly owns 38,869 shares in the company, valued at $3,605,877.13. This trade represents a 34.64% increase in their position. The disclosure for this purchase can be found here. Company insiders own 5.34% of the company’s stock.

Churchill Downs Trading Up 1.2%

Shares of Churchill Downs stock opened at $93.89 on Wednesday. The firm has a market cap of $6.78 billion, a PE ratio of 16.53, a P/E/G ratio of 2.95 and a beta of 1.02. Churchill Downs Incorporated has a 1 year low of $85.58 and a 1 year high of $150.21. 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 stock has a fifty day moving average price of $98.15 and a 200-day moving average price of $116.36.

Churchill Downs (NASDAQ:CHDN) last released its 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). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The company had revenue of $642.60 million for the quarter, compared to the consensus estimate of $649.68 million. During the same period in the prior year, the company earned $1.13 earnings per share. The firm’s revenue was up 8.7% on a year-over-year basis. Equities research analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.26%. Churchill Downs’s dividend payout ratio (DPR) is 7.12%.

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

Churchill Downs 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.