Insider Buying: Churchill Downs, Inc. (CHDN) Director Acquires 1,900 Shares of Stock

Churchill Downs, Inc. (NASDAQ:CHDN) Director Richard L. Duchossois bought 1,900 shares of the business’s stock in a transaction that occurred on Friday, November 9th. The shares were acquired at an average price of $265.83 per share, for a total transaction of $505,077.00. Following the transaction, the director now owns 8,550 shares in the company, valued at $2,272,846.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

CHDN stock traded down $9.20 during trading on Friday, reaching $265.00. 113,769 shares of the stock were exchanged, compared to its average volume of 141,516. Churchill Downs, Inc. has a twelve month low of $211.20 and a twelve month high of $314.60. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market cap of $3.75 billion, a P/E ratio of 45.07, a price-to-earnings-growth ratio of 1.28 and a beta of 1.07.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, October 31st. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.43). Churchill Downs had a return on equity of 30.33% and a net margin of 39.18%. The firm had revenue of $221.30 million for the quarter, compared to analyst estimates of $208.87 million. During the same period last year, the company posted $1.08 earnings per share. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. Equities analysts predict that Churchill Downs, Inc. will post 10.82 earnings per share for the current year.

The company also recently declared an annual dividend, which will be paid on Friday, January 4th. Investors of record on Friday, December 7th will be paid a dividend of $1.63 per share. This is an increase from Churchill Downs’s previous annual dividend of $1.52. This represents a yield of 0.6%. The ex-dividend date of this dividend is Thursday, December 6th. Churchill Downs’s dividend payout ratio is 25.85%.

Several equities research analysts recently commented on CHDN shares. ValuEngine lowered Churchill Downs from a “buy” rating to a “hold” rating in a research report on Wednesday, August 15th. Jefferies Financial Group set a $317.00 target price on Churchill Downs and gave the company a “hold” rating in a research report on Monday, August 6th. BidaskClub raised Churchill Downs from a “hold” rating to a “buy” rating in a research note on Wednesday, October 17th. Finally, Zacks Investment Research downgraded Churchill Downs from a “hold” rating to a “sell” rating in a research note on Monday, September 24th. Five equities research analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and an average price target of $316.67.

A number of hedge funds have recently bought and sold shares of the stock. FMR LLC raised its stake in Churchill Downs by 5.7% during the 3rd quarter. FMR LLC now owns 370,791 shares of the company’s stock worth $102,968,000 after buying an additional 20,091 shares during the period. American International Group Inc. raised its stake in Churchill Downs by 5.0% during the 3rd quarter. American International Group Inc. now owns 31,861 shares of the company’s stock worth $8,848,000 after buying an additional 1,508 shares during the period. BlackRock Inc. raised its stake in shares of Churchill Downs by 3.3% in the third quarter. BlackRock Inc. now owns 1,317,957 shares of the company’s stock worth $365,998,000 after purchasing an additional 42,497 shares during the last quarter. Cim Investment Mangement Inc. raised its stake in shares of Churchill Downs by 20.8% in the third quarter. Cim Investment Mangement Inc. now owns 2,633 shares of the company’s stock worth $731,000 after purchasing an additional 453 shares during the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of Churchill Downs by 416.9% in the third quarter. Prudential Financial Inc. now owns 140,755 shares of the company’s stock worth $39,088,000 after purchasing an additional 113,524 shares during the last quarter. 69.91% of the stock is currently owned by institutional investors and hedge funds.

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Churchill Downs Company Profile

Churchill Downs Incorporated operates as a racing, gaming, and online entertainment company in the United States. It operates through Racing, Casinos, TwinSpires, and Other Investments segments. The company operates 4 racetracks, including Churchill Downs Racetrack in Louisville, Kentucky; Arlington International Race Course in Arlington Heights with 11 off-track betting (OTB) facilities in Illinois; Fair Grounds Race Course in New Orleans along with 12 OTBs in Louisiana; and Calder Race Course in Miami Gardens, Florida.

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