Systematic Financial Management LP Has $23.66 Million Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Systematic Financial Management LP increased its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 3.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 177,193 shares of the company’s stock after purchasing an additional 5,919 shares during the period. Systematic Financial Management LP’s holdings in Churchill Downs were worth $23,662,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Truist Financial Corp lifted its position in shares of Churchill Downs by 22.1% during the 4th quarter. Truist Financial Corp now owns 29,637 shares of the company’s stock worth $3,958,000 after buying an additional 5,372 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Churchill Downs by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company’s stock valued at $80,839,000 after acquiring an additional 10,153 shares during the last quarter. Proficio Capital Partners LLC bought a new position in Churchill Downs during the 4th quarter valued at approximately $1,927,000. Landmark Investment Partners L.P. purchased a new position in Churchill Downs during the fourth quarter valued at $13,317,000. Finally, Optimize Financial Inc bought a new stake in Churchill Downs during the fourth quarter worth approximately $516,000. Institutional investors own 82.59% of the company’s stock.

Insider Buying and Selling at Churchill Downs

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

Churchill Downs Price Performance

Churchill Downs stock opened at $98.27 on Friday. The business has a 50 day simple moving average of $102.17 and a 200-day simple moving average of $120.42. The stock has a market capitalization of $7.10 billion, a PE ratio of 17.30, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55. Churchill Downs Incorporated has a 12 month low of $85.58 and a 12 month high of $150.21.

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

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

Churchill Downs Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.24%. Churchill Downs’s payout ratio is 7.12%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CHDN. Mizuho cut their price target on Churchill Downs from $148.00 to $140.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 22nd. Stifel Nicolaus reduced their price target 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. Macquarie lowered their price target on shares of Churchill Downs from $172.00 to $154.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Barclays lowered their target price on shares of Churchill Downs from $125.00 to $124.00 and set an “overweight” rating on the stock in a research note on Friday, April 25th. Finally, Jefferies Financial Group reduced their target price on shares of Churchill Downs from $160.00 to $127.00 and set a “buy” rating for the company in a research note on Friday, April 25th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat.com, Churchill Downs currently has a consensus rating of “Moderate Buy” and a consensus price target of $143.50.

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.