Edgestream Partners L.P. Invests $937,000 in Churchill Downs Incorporated (NASDAQ:CHDN)

Edgestream Partners L.P. acquired a new position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,933 shares of the company's stock, valued at approximately $937,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CHDN. William Blair Investment Management LLC purchased a new stake in shares of Churchill Downs in the second quarter valued at $125,418,000. Westfield Capital Management Co. LP raised its stake in Churchill Downs by 100.0% in the 3rd quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company's stock valued at $103,241,000 after purchasing an additional 381,754 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Churchill Downs by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 634,319 shares of the company's stock valued at $88,551,000 after purchasing an additional 3,608 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Churchill Downs by 6.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 595,202 shares of the company's stock worth $80,477,000 after purchasing an additional 37,679 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Churchill Downs by 15.1% during the second quarter. Dimensional Fund Advisors LP now owns 442,531 shares of the company's stock worth $61,782,000 after buying an additional 57,892 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CHDN shares. Wells Fargo & Company raised their target price on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. JMP Securities reiterated a "market outperform" rating and issued a $166.00 target price on shares of Churchill Downs in a research note on Monday, October 14th. Mizuho lowered their price target on Churchill Downs from $157.00 to $151.00 and set an "outperform" rating for the company in a report on Tuesday, October 22nd. Truist Financial reiterated a "buy" rating and set a $165.00 price objective (down from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. Finally, StockNews.com upgraded shares of Churchill Downs from a "sell" rating to a "hold" rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $160.88.

Churchill Downs Stock Down 0.9 %

Churchill Downs stock traded down $1.30 during midday trading on Thursday, hitting $140.96. 230,668 shares of the company were exchanged, compared to its average volume of 433,048. The company has a market cap of $10.36 billion, a PE ratio of 25.91, a price-to-earnings-growth ratio of 3.88 and a beta of 0.95. Churchill Downs Incorporated has a fifty-two week low of $111.10 and a fifty-two week high of $150.21. The company's fifty day moving average price is $139.64 and its 200-day moving average price is $138.30. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.55 and a quick ratio of 0.55.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.01. The business had revenue of $628.50 million during the quarter, compared to analyst estimates of $627.90 million. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. The business's revenue was up 9.8% on a year-over-year basis. During the same period last year, the business earned $0.87 EPS. On average, research analysts predict that Churchill Downs Incorporated will post 5.86 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The firm also recently disclosed 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. 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. This represents a yield of 0.29%. Churchill Downs's payout ratio is currently 6.92%.

About Churchill Downs

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.