Churchill Downs Incorporated (NASDAQ:CHDN) Shares Sold by Cinctive Capital Management LP

Cinctive Capital Management LP decreased its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 17.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,315 shares of the company’s stock after selling 17,374 shares during the period. Cinctive Capital Management LP owned about 0.11% of Churchill Downs worth $10,992,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its holdings in shares of Churchill Downs by 127.2% during the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock valued at $25,000 after acquiring an additional 103 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Churchill Downs in the 3rd quarter valued at $27,000. Fortitude Family Office LLC lifted its holdings in Churchill Downs by 2,733.3% in the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock valued at $34,000 after purchasing an additional 246 shares in the last quarter. Eagle Bay Advisors LLC acquired a new stake in Churchill Downs during the 4th quarter worth $55,000. Finally, R Squared Ltd purchased a new stake in shares of Churchill Downs during the fourth quarter worth $55,000. Institutional investors and hedge funds own 82.59% of the company’s stock.

Churchill Downs Stock Performance

NASDAQ CHDN opened at $110.72 on Wednesday. The company has a market cap of $8.14 billion, a P/E ratio of 19.49, a P/E/G ratio of 2.95 and a beta of 0.93. Churchill Downs Incorporated has a 1-year low of $105.18 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 50-day moving average of $117.16 and a two-hundred day moving average of $129.80.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.06). The company had revenue of $624.20 million during the quarter, compared to analysts’ expectations of $620.21 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. As a group, analysts anticipate that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs announced that its Board of Directors has authorized a share buyback program on Wednesday, March 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Churchill Downs Dividend Announcement

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

Analysts Set New Price Targets

CHDN has been the subject of a number of recent research reports. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, March 19th. JMP Securities reaffirmed a “market outperform” rating and issued a $166.00 target price on shares of Churchill Downs in a research note on Thursday, January 16th. Mizuho dropped their price objective on shares of Churchill Downs from $151.00 to $148.00 and set an “outperform” rating for the company in a report on Wednesday, February 19th. Wells Fargo & Company decreased their target price on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a report on Friday, February 21st. Finally, Stifel Nicolaus lowered their price objective on Churchill Downs from $164.00 to $161.00 and set a “buy” rating for the company in a research report on Friday, February 21st. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.38.

Churchill Downs Company 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.