Gotham Asset Management LLC Has $14.78 Million Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

Gotham Asset Management LLC raised its position in Churchill Downs Incorporated (NASDAQ:CHDN) by 338.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 110,690 shares of the company’s stock after acquiring an additional 85,438 shares during the quarter. Gotham Asset Management LLC owned approximately 0.15% of Churchill Downs worth $14,782,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Graham Capital Management L.P. raised its stake in Churchill Downs by 106.9% in the 4th quarter. Graham Capital Management L.P. now owns 15,243 shares of the company’s stock valued at $2,036,000 after acquiring an additional 7,875 shares during the period. Focus Partners Wealth increased its holdings in shares of Churchill Downs by 72.3% in the fourth quarter. Focus Partners Wealth now owns 2,866 shares of the company’s stock valued at $383,000 after purchasing an additional 1,203 shares during the last quarter. Ethic Inc. bought a new position in shares of Churchill Downs in the fourth quarter valued at about $572,000. D. E. Shaw & Co. Inc. lifted its stake in shares of Churchill Downs by 29.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 88,187 shares of the company’s stock worth $11,776,000 after buying an additional 20,314 shares during the last quarter. Finally, Crestline Management LP bought a new stake in shares of Churchill Downs during the 4th quarter worth about $1,935,000. Institutional investors own 82.59% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on CHDN shares. Susquehanna cut their price objective on shares of Churchill Downs from $150.00 to $136.00 and set a “positive” rating for the company in a research report on Tuesday, April 22nd. Wells Fargo & Company decreased their price objective on Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Barclays reduced their target price on shares of Churchill Downs from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Friday, April 25th. 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. Finally, Stifel Nicolaus lowered their target price 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 given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $143.50.

Insider Activity at Churchill Downs

In other Churchill Downs news, Director R Alex Rankin purchased 2,000 shares of the firm’s stock in a transaction on Monday, May 5th. The stock was purchased at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the transaction, the director now owns 99,012 shares in the company, valued at $9,173,461.80. The trade was a 2.06 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Douglas C. Grissom purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average cost of $92.77 per share, with a total value of $927,700.00. Following the purchase, the director now directly owns 38,869 shares of the company’s stock, valued at approximately $3,605,877.13. The trade was a 34.64 % increase in their position. The disclosure for this purchase can be found here. 5.34% of the stock is owned by insiders.

Churchill Downs Stock Up 1.4 %

NASDAQ CHDN opened at $95.04 on Friday. Churchill Downs Incorporated has a fifty-two week low of $85.58 and a fifty-two week high of $150.21. The business has a fifty day moving average price of $103.50 and a two-hundred day moving average price of $121.77. 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 capitalization of $6.86 billion, a PE ratio of 16.73, a PEG ratio of 2.95 and a beta of 1.02.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data 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). The business had revenue of $642.60 million during the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period last year, the business earned $1.13 earnings per share. Equities analysts expect that Churchill Downs Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors 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 yield of 0.25%. Churchill Downs’s dividend payout ratio is 7.12%.

Churchill Downs declared that its Board of Directors has initiated a stock buyback program on Wednesday, March 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

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.