Churchill Downs Incorporated (NASDAQ:CHDN) Shares Purchased by Millennium Management LLC

Millennium Management LLC increased its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 29.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 264,431 shares of the company’s stock after purchasing an additional 60,080 shares during the period. Millennium Management LLC owned 0.36% of Churchill Downs worth $35,312,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised its position in shares of Churchill Downs by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 6,808,321 shares of the company’s stock worth $909,183,000 after purchasing an additional 107,737 shares during the last quarter. FMR LLC raised its position in shares of Churchill Downs by 6.4% during the 4th quarter. FMR LLC now owns 3,592,087 shares of the company’s stock worth $479,687,000 after purchasing an additional 214,694 shares during the last quarter. Boston Partners raised its position in shares of Churchill Downs by 25.6% during the 4th quarter. Boston Partners now owns 1,794,630 shares of the company’s stock worth $239,619,000 after purchasing an additional 366,283 shares during the last quarter. Schroder Investment Management Group raised its position in shares of Churchill Downs by 5.4% during the 4th quarter. Schroder Investment Management Group now owns 1,499,874 shares of the company’s stock worth $201,223,000 after purchasing an additional 77,213 shares during the last quarter. Finally, ArrowMark Colorado Holdings LLC raised its position in shares of Churchill Downs by 4.6% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,344,595 shares of the company’s stock valued at $179,557,000 after buying an additional 59,657 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company’s stock.

Churchill Downs Stock Performance

Churchill Downs stock opened at $98.27 on Monday. The firm has a 50 day simple moving average of $102.17 and a 200-day simple moving average of $120.12. 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 market cap of $7.10 billion, a price-to-earnings ratio of 17.30, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.08 by ($0.01). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The firm had revenue of $642.60 million during the quarter, compared to analysts’ expectations of $649.68 million. During the same period last year, the company earned $1.13 EPS. The business’s quarterly revenue was up 8.7% on a year-over-year basis. On average, analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Announces Dividend

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

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

Analysts Set New Price Targets

CHDN has been the topic of several research reports. Wells Fargo & Company decreased their price target on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Truist Financial cut their price objective on shares of Churchill Downs from $162.00 to $155.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. Mizuho cut their price objective on shares of Churchill Downs from $148.00 to $140.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. Stifel Nicolaus cut their price objective on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Finally, Barclays cut their price objective on shares of Churchill Downs from $125.00 to $124.00 and set an “overweight” rating for the company in a 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $143.50.

Insider Activity

In related news, Director R Alex Rankin acquired 2,000 shares of the 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 transaction, the director now owns 99,012 shares of the company’s stock, valued at approximately $9,173,461.80. This trade represents a 2.06% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 cost of $92.77 per share, with a total value of $927,700.00. Following the transaction, 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. Corporate insiders own 5.34% of the company’s stock.

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.