Investors Buy High Volume of Churchill Downs Put Options (CHDN)

Churchill Downs, Inc. (NASDAQ:CHDN) was the recipient of some unusual options trading activity on Tuesday. Investors acquired 1,050 put options on the stock. This is an increase of approximately 1,300% compared to the typical daily volume of 75 put options.

CHDN has been the topic of several recent research reports. BidaskClub cut shares of Churchill Downs from a “buy” rating to a “hold” rating in a research report on Thursday, December 14th. Zacks Investment Research raised shares of Churchill Downs from a “hold” rating to a “buy” rating and set a $239.00 price target on the stock in a research report on Wednesday, November 8th. Telsey Advisory Group boosted their price target on shares of Churchill Downs from $196.00 to $209.00 and gave the company a “market perform” rating in a research report on Thursday, October 12th. Finally, Jefferies Group initiated coverage on shares of Churchill Downs in a research report on Thursday. They set a “hold” rating on the stock. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Churchill Downs presently has an average rating of “Buy” and a consensus price target of $233.33.

Churchill Downs (NASDAQ CHDN) opened at $252.70 on Friday. Churchill Downs has a 1 year low of $141.00 and a 1 year high of $254.75. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.57 and a quick ratio of 0.57. The company has a market cap of $3,900.00, a PE ratio of 31.55, a price-to-earnings-growth ratio of 1.53 and a beta of 0.92.

Churchill Downs (NASDAQ:CHDN) last posted its earnings results on Wednesday, November 1st. The company reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.18. Churchill Downs had a net margin of 9.75% and a return on equity of 17.48%. The company had revenue of $314.80 million for the quarter, compared to analysts’ expectations of $308.43 million. During the same quarter in the prior year, the company posted $0.52 earnings per share. Churchill Downs’s revenue for the quarter was up 3.8% compared to the same quarter last year. equities research analysts forecast that Churchill Downs will post 7.05 EPS for the current fiscal year.

Churchill Downs declared that its board has approved a share buyback plan on Wednesday, November 29th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

The business also recently announced an annual dividend, which was paid on Friday, January 5th. Shareholders of record on Friday, December 1st were given a $1.52 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a yield of 0.73%. This is a boost from Churchill Downs’s previous annual dividend of $1.32. Churchill Downs’s dividend payout ratio is presently 18.98%.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Amalgamated Bank lifted its position in Churchill Downs by 5.5% in the second quarter. Amalgamated Bank now owns 1,941 shares of the company’s stock valued at $356,000 after buying an additional 101 shares during the last quarter. Thrivent Financial For Lutherans lifted its position in Churchill Downs by 7.8% in the second quarter. Thrivent Financial For Lutherans now owns 2,500 shares of the company’s stock valued at $458,000 after buying an additional 180 shares during the last quarter. Sei Investments Co. lifted its position in Churchill Downs by 17.8% in the third quarter. Sei Investments Co. now owns 2,014 shares of the company’s stock valued at $415,000 after buying an additional 304 shares during the last quarter. Nationwide Fund Advisors lifted its position in Churchill Downs by 1.2% in the second quarter. Nationwide Fund Advisors now owns 28,852 shares of the company’s stock valued at $5,289,000 after buying an additional 335 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its position in Churchill Downs by 6.0% in the third quarter. Allianz Asset Management GmbH now owns 6,248 shares of the company’s stock valued at $1,288,000 after buying an additional 353 shares during the last quarter. 72.50% of the stock is currently owned by institutional investors.

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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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