WCM Investment Management LLC purchased a new position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 113,644 shares of the company's stock, valued at approximately $15,231,000. WCM Investment Management LLC owned 0.15% of Churchill Downs at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of CHDN. William Blair Investment Management LLC acquired a new position in shares of Churchill Downs during the 2nd quarter worth about $125,418,000. Assenagon Asset Management S.A. lifted its position in Churchill Downs by 10,126.1% in the second quarter. Assenagon Asset Management S.A. now owns 195,829 shares of the company's stock valued at $27,338,000 after acquiring an additional 193,914 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new position in shares of Churchill Downs during the second quarter worth about $26,384,000. Capital International Investors increased its position in Churchill Downs by 7.5% during the first quarter. Capital International Investors now owns 2,560,653 shares of the company's stock worth $316,881,000 after buying an additional 177,900 shares during the period. Finally, Artemis Investment Management LLP raised its position in Churchill Downs by 60.1% in the 2nd quarter. Artemis Investment Management LLP now owns 347,074 shares of the company's stock valued at $48,452,000 after purchasing an additional 130,331 shares during the last quarter. 82.59% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of research firms have recently issued reports on CHDN. Bank of America raised Churchill Downs from a "neutral" rating to a "buy" rating and boosted their target price for the company from $145.00 to $155.00 in a report on Monday, August 12th. Macquarie lifted their price target on Churchill Downs from $154.00 to $162.00 and gave the company an "outperform" rating in a research note on Friday, July 26th. Truist Financial restated a "buy" rating and set a $165.00 target price (down from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. JMP Securities reaffirmed a "market outperform" rating and issued a $166.00 target price on shares of Churchill Downs in a report on Monday, October 14th. Finally, Mizuho dropped their price target on Churchill Downs from $157.00 to $151.00 and set an "outperform" rating for the company in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $160.88.
Read Our Latest Stock Analysis on Churchill Downs
Churchill Downs Stock Performance
Churchill Downs stock traded down $0.60 during mid-day trading on Tuesday, hitting $141.28. 565,602 shares of the company's stock traded hands, compared to its average volume of 436,877. Churchill Downs Incorporated has a one year low of $111.10 and a one year high of $150.21. The company has a market cap of $10.38 billion, a PE ratio of 25.84, a price-to-earnings-growth ratio of 4.02 and a beta of 0.96. The firm has a 50 day moving average price of $138.77 and a 200 day moving average price of $137.53. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 4.35.
Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.01. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. The firm had revenue of $628.50 million for the quarter, compared to analyst estimates of $627.90 million. During the same period in the previous year, the company earned $0.87 earnings per share. Churchill Downs's revenue was up 9.8% compared to the same quarter last year. On average, equities analysts forecast that Churchill Downs Incorporated will post 5.86 EPS for the current year.
Churchill Downs Increases Dividend
The business also recently declared an annual dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 6th will be issued a dividend of $0.409 per share. This represents a yield of 0.29%. The ex-dividend date of this dividend is Friday, December 6th. This is an increase from Churchill Downs's previous annual dividend of $0.38. Churchill Downs's dividend payout ratio (DPR) is 6.92%.
About Churchill Downs
(
Free Report)
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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