Orvieto Partners L.P. Invests $5.20 Million in Churchill Downs Incorporated (NASDAQ:CHDN)

Orvieto Partners L.P. purchased a new stake in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 38,900 shares of the company's stock, valued at approximately $5,195,000. Churchill Downs makes up about 4.4% of Orvieto Partners L.P.'s investment portfolio, making the stock its 6th biggest holding. Orvieto Partners L.P. owned about 0.05% of Churchill Downs at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Barclays PLC grew its position in Churchill Downs by 59.2% in the third quarter. Barclays PLC now owns 29,584 shares of the company's stock valued at $4,000,000 after acquiring an additional 11,006 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Churchill Downs during the 3rd quarter valued at approximately $27,000. Tidal Investments LLC increased its position in Churchill Downs by 295.2% during the 3rd quarter. Tidal Investments LLC now owns 6,988 shares of the company's stock worth $945,000 after purchasing an additional 5,220 shares in the last quarter. Synovus Financial Corp lifted its stake in Churchill Downs by 3.0% in the 3rd quarter. Synovus Financial Corp now owns 10,381 shares of the company's stock valued at $1,404,000 after purchasing an additional 303 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in Churchill Downs by 6.6% in the 3rd quarter. Franklin Resources Inc. now owns 197,118 shares of the company's stock valued at $27,338,000 after purchasing an additional 12,156 shares during the last quarter. Institutional investors own 82.59% of the company's stock.

Wall Street Analyst Weigh In

CHDN has been the subject of several research analyst reports. JMP Securities reiterated a "market outperform" rating and set a $157.00 price target on shares of Churchill Downs in a report on Thursday. Stifel Nicolaus lowered their target price on Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Macquarie cut their price target on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating on the stock in a research note on Thursday. StockNews.com raised Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday. Finally, Wells Fargo & Company dropped their price objective on shares of Churchill Downs from $165.00 to $158.00 and set an "overweight" rating for the company in a report on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $144.80.

Churchill Downs Trading Up 1.2 %

Shares of NASDAQ CHDN traded up $1.02 during midday trading on Monday, reaching $89.37. The stock had a trading volume of 2,001,603 shares, compared to its average volume of 533,474. The company's 50 day moving average price is $108.37 and its 200 day moving average price is $124.86. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. Churchill Downs Incorporated has a twelve month low of $85.58 and a twelve month high of $150.21. The firm has a market cap of $6.57 billion, a price-to-earnings ratio of 15.73, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 EPS for the quarter, missing analysts' consensus estimates of $1.08 by ($0.01). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The firm had revenue of $642.60 million for the quarter, compared to the consensus estimate of $649.68 million. During the same period last year, the company posted $1.13 EPS. The business's revenue was up 8.7% compared to the same quarter last year. As a group, sell-side analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current year.

Churchill Downs Announces Dividend

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

Churchill Downs declared that its board has initiated a share repurchase program on Wednesday, March 12th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 6.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board 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.