Nitorum Capital L.P. Trims Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Nitorum Capital L.P. trimmed its holdings in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 11.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 566,022 shares of the company's stock after selling 76,815 shares during the period. Churchill Downs comprises about 8.7% of Nitorum Capital L.P.'s investment portfolio, making the stock its 2nd largest holding. Nitorum Capital L.P. owned about 0.77% of Churchill Downs worth $75,587,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. grew its position in shares of Churchill Downs by 127.2% in the 4th quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after purchasing an additional 103 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Churchill Downs in the third quarter valued at approximately $27,000. Fortitude Family Office LLC increased its position in shares of Churchill Downs by 2,733.3% during the fourth quarter. Fortitude Family Office LLC now owns 255 shares of the company's stock worth $34,000 after acquiring an additional 246 shares in the last quarter. Eagle Bay Advisors LLC acquired a new stake in shares of Churchill Downs during the fourth quarter worth $55,000. Finally, R Squared Ltd bought a new stake in Churchill Downs in the 4th quarter valued at $55,000. 82.59% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on CHDN shares. Wells Fargo & Company dropped their price target on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Stifel Nicolaus decreased their price target on shares of Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a research note on Thursday, April 10th. Susquehanna lowered their price objective on shares of Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a report on Tuesday. JMP Securities restated a "market outperform" rating and set a $157.00 target price on shares of Churchill Downs in a report on Thursday. Finally, Jefferies Financial Group lowered their price target on shares of Churchill Downs from $160.00 to $127.00 and set a "buy" rating on the stock in a research note on Friday. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $144.80.

Churchill Downs Stock Performance

Shares of CHDN opened at $88.35 on Friday. 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 firm has a 50-day moving average of $108.37 and a 200-day moving average of $125.07. The company has a market cap of $6.49 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. Churchill Downs Incorporated has a one year low of $85.58 and a one year high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share for the quarter, missing analysts' consensus estimates 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 analyst estimates of $649.68 million. As a group, equities analysts forecast that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. Churchill Downs's dividend payout ratio (DPR) is presently 7.12%.

Churchill Downs declared that its board has approved a stock buyback plan on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 6.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its shares are undervalued.

Churchill Downs 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.

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