Churchill Downs Incorporated (NASDAQ:CHDN) Holdings Lifted by Bank of Montreal Can

Bank of Montreal Can boosted its holdings in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 321.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 57,946 shares of the company's stock after purchasing an additional 44,201 shares during the quarter. Bank of Montreal Can owned approximately 0.08% of Churchill Downs worth $7,766,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Winslow Asset Management Inc. grew its stake in Churchill Downs by 2.8% during the 3rd quarter. Winslow Asset Management Inc. now owns 3,280 shares of the company's stock worth $443,000 after buying an additional 90 shares during the last quarter. Venturi Wealth Management LLC grew its position in shares of Churchill Downs by 13.3% during the third quarter. Venturi Wealth Management LLC now owns 767 shares of the company's stock worth $104,000 after acquiring an additional 90 shares during the last quarter. Commerce Bank increased its holdings in shares of Churchill Downs by 1.8% in the 3rd quarter. Commerce Bank now owns 5,072 shares of the company's stock worth $686,000 after acquiring an additional 90 shares during the period. First Horizon Advisors Inc. lifted its position in Churchill Downs by 13.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 818 shares of the company's stock valued at $114,000 after purchasing an additional 99 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in Churchill Downs by 1.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,065 shares of the company's stock valued at $986,000 after purchasing an additional 105 shares during the last quarter. Institutional investors own 82.59% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on CHDN shares. Truist Financial restated a "buy" rating and issued a $165.00 price target (down previously from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. Bank of America upgraded Churchill Downs from a "neutral" rating to a "buy" rating and raised their target price for the company from $145.00 to $155.00 in a research report on Monday, August 12th. JMP Securities reiterated a "market outperform" rating and set a $166.00 price target on shares of Churchill Downs in a research report on Monday, October 14th. Mizuho lowered their price target on Churchill Downs from $157.00 to $151.00 and set an "outperform" rating on the stock in a report on Tuesday, October 22nd. Finally, Wells Fargo & Company upped their price objective on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $160.88.

Churchill Downs Price Performance

NASDAQ:CHDN traded down $2.52 during trading hours on Tuesday, reaching $140.26. 400,314 shares of the company's stock were exchanged, compared to its average volume of 423,182. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 4.35. The company has a market capitalization of $10.31 billion, a P/E ratio of 25.55, a price-to-earnings-growth ratio of 3.95 and a beta of 0.95. Churchill Downs Incorporated has a 12 month low of $111.10 and a 12 month high of $150.21. The business's 50-day simple moving average is $139.29 and its two-hundred day simple moving average is $138.22.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data on Wednesday, October 23rd. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 45.48% and a net margin of 15.45%. The company's revenue was up 9.8% compared to the same quarter last year. During the same period last year, the company posted $0.87 EPS. Sell-side analysts expect that Churchill Downs Incorporated will post 5.86 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The business 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. 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 payout ratio is presently 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.