Systematic Financial Management LP lessened its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 18.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 67,048 shares of the company’s stock after selling 15,289 shares during the quarter. Systematic Financial Management LP owned approximately 0.43% of Churchill Downs worth $13,825,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. SG Americas Securities LLC lifted its stake in shares of Churchill Downs by 1.6% in the second quarter. SG Americas Securities LLC now owns 4,233 shares of the company’s stock worth $776,000 after buying an additional 67 shares in the last quarter. K.J. Harrison & Partners Inc lifted its stake in shares of Churchill Downs by 2.3% in the second quarter. K.J. Harrison & Partners Inc now owns 3,070 shares of the company’s stock worth $563,000 after buying an additional 70 shares in the last quarter. Comerica Bank lifted its stake in shares of Churchill Downs by 1.2% in the second quarter. Comerica Bank now owns 7,622 shares of the company’s stock worth $1,407,000 after buying an additional 90 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of Churchill Downs by 2.0% in the second quarter. Arizona State Retirement System now owns 5,200 shares of the company’s stock worth $953,000 after buying an additional 100 shares in the last quarter. Finally, State Treasurer State of Michigan lifted its stake in shares of Churchill Downs by 2.0% in the second quarter. State Treasurer State of Michigan now owns 5,100 shares of the company’s stock worth $935,000 after buying an additional 100 shares in the last quarter. Institutional investors own 72.50% of the company’s stock.
In related news, Director Robert L. Evans sold 5,000 shares of Churchill Downs stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $198.25, for a total value of $991,250.00. Following the completion of the transaction, the director now owns 90,878 shares in the company, valued at $18,016,563.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 18.44% of the company’s stock.
Shares of Churchill Downs, Incorporated (CHDN) traded down $0.05 on Thursday, hitting $231.15. 86,716 shares of the company’s stock were exchanged, compared to its average volume of 72,804. Churchill Downs, Incorporated has a 1-year low of $141.00 and a 1-year high of $237.82. The firm has a market capitalization of $3,571.80, a PE ratio of 33.03 and a beta of 0.92. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 1.77.
Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings data on Wednesday, November 1st. The company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.18. The firm had revenue of $314.80 million during the quarter, compared to analysts’ expectations of $308.43 million. Churchill Downs had a net margin of 9.75% and a return on equity of 17.48%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.52 earnings per share. equities analysts forecast that Churchill Downs, Incorporated will post 6.95 earnings per share for the current year.
Churchill Downs declared that its Board of Directors has initiated a share repurchase program on Wednesday, November 29th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed an annual dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 1st will be issued a $1.52 dividend. The ex-dividend date is Thursday, November 30th. This represents a dividend yield of 0.73%. This is a boost from Churchill Downs’s previous annual dividend of $1.32. Churchill Downs’s payout ratio is 19.17%.
A number of equities analysts have commented on the stock. Telsey Advisory Group lifted their target price on shares of Churchill Downs from $196.00 to $209.00 and gave the stock a “market perform” rating in a research note on Thursday, October 12th. BidaskClub raised shares of Churchill Downs from a “hold” rating to a “buy” rating in a research note on Saturday, December 2nd. Finally, Zacks Investment Research downgraded shares of Churchill Downs from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $218.67.
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Churchill Downs Company Profile
Churchill Downs Incorporated is a racing, gaming and online entertainment company. The Company is engaged in brick-and-mortar casino gaming with approximately 9,030 gaming positions in seven states, and is a legal mobile and online platform for betting on horseracing in the United States. It operates through six segments: Racing, Casinos, TwinSpires, Big Fish Games, Other Investments and Corporate.
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