Churchill Downs, Inc. (NASDAQ:CHDN) saw unusually large options trading activity on Tuesday. Stock traders acquired 1,078 call options on the company. This is an increase of approximately 989% compared to the typical daily volume of 99 call options.
Institutional investors have recently made changes to their positions in the company. Citigroup Inc. increased its holdings in shares of Churchill Downs by 352.2% in the 2nd quarter. Citigroup Inc. now owns 719 shares of the company’s stock valued at $132,000 after acquiring an additional 560 shares during the period. Smithfield Trust Co. acquired a new position in shares of Churchill Downs in the 3rd quarter valued at $175,000. Campbell & CO Investment Adviser LLC acquired a new position in shares of Churchill Downs in the 3rd quarter valued at $206,000. Community Trust & Investment Co. acquired a new position in shares of Churchill Downs in the 3rd quarter valued at $206,000. Finally, Aviance Capital Partners LLC acquired a new position in shares of Churchill Downs in the 3rd quarter valued at $206,000. 72.50% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have weighed in on CHDN shares. BidaskClub raised shares of Churchill Downs from a “hold” rating to a “buy” rating in a report on Saturday, December 2nd. Zacks Investment Research raised shares of Churchill Downs from a “hold” rating to a “buy” rating and set a $239.00 price objective on the stock in a report on Wednesday, November 8th. Jefferies Group started coverage on shares of Churchill Downs in a report on Thursday. They set a “hold” rating and a $261.00 price objective on the stock. Finally, Telsey Advisory Group raised their price objective on shares of Churchill Downs from $196.00 to $209.00 and gave the stock a “market perform” rating in a report on Thursday, October 12th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $240.25.
Churchill Downs (CHDN) opened at $255.45 on Friday. The company has a market cap of $3,894.15, a price-to-earnings ratio of 32.21, a PEG ratio of 1.54 and a beta of 0.92. Churchill Downs has a 1-year low of $141.00 and a 1-year high of $256.10. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.57 and a quick ratio of 0.57.
Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, November 1st. The company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.18. The business had revenue of $314.80 million for 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 company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 EPS. analysts predict that Churchill Downs will post 7.05 earnings per share for the current fiscal year.
The firm also recently announced an annual dividend, which was paid on Friday, January 5th. Stockholders of record on Friday, December 1st were issued a $1.52 dividend. This represents a dividend yield of 0.73%. This is a boost from Churchill Downs’s previous annual dividend of $1.32. The ex-dividend date of this dividend was Thursday, November 30th. Churchill Downs’s payout ratio is presently 19.17%.
Churchill Downs declared that its Board of Directors has approved a share repurchase plan on Wednesday, November 29th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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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 five segments: Racing, Casinos, TwinSpires, Other Investments and Corporate.
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