Cerity Partners LLC Raises Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

Cerity Partners LLC boosted its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 4.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 91,787 shares of the company's stock after acquiring an additional 4,095 shares during the quarter. Cerity Partners LLC owned 0.12% of Churchill Downs worth $12,411,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the business. William Blair Investment Management LLC purchased a new position in Churchill Downs during the second quarter valued at approximately $125,418,000. Boston Partners grew its position in shares of Churchill Downs by 4.4% in the first quarter. Boston Partners now owns 846,151 shares of the company's stock valued at $104,723,000 after purchasing an additional 35,587 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Churchill Downs by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 634,319 shares of the company's stock worth $88,551,000 after buying an additional 3,608 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position 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 valued at $80,477,000 after acquiring an additional 37,679 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in 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 purchasing an additional 57,892 shares during the period. Institutional investors own 82.59% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CHDN shares. Bank of America raised Churchill Downs from a "neutral" rating to a "buy" rating and raised their target price for the stock from $145.00 to $155.00 in a research note on Monday, August 12th. 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. Truist Financial reissued a "buy" rating and issued a $165.00 target price (down previously from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. StockNews.com raised Churchill Downs from a "sell" rating to a "hold" rating in a research note on Wednesday, November 6th. Finally, Mizuho dropped their price objective on shares of Churchill Downs from $157.00 to $151.00 and set an "outperform" rating for the company in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $160.88.

Churchill Downs Stock Performance

NASDAQ:CHDN traded down $2.36 during midday trading on Tuesday, reaching $139.47. The stock had a trading volume of 232,831 shares, compared to its average volume of 434,952. The firm has a fifty day simple moving average of $139.07 and a two-hundred day simple moving average of $138.02. Churchill Downs Incorporated has a 12-month low of $111.10 and a 12-month high of $150.21. 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 stock has a market cap of $10.25 billion, a P/E ratio of 25.83, a P/E/G ratio of 3.93 and a beta of 0.96.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings data 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. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. The firm had revenue of $628.50 million for the quarter, compared to analyst estimates of $627.90 million. During the same period last year, the firm posted $0.87 EPS. Churchill Downs's quarterly revenue was up 9.8% on a year-over-year basis. On average, equities analysts expect that Churchill Downs Incorporated will post 5.86 EPS for the current year.

Churchill Downs Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 6th will be given a $0.409 dividend. This represents a yield of 0.29%. This is a positive change from Churchill Downs's previous annual dividend of $0.38. The ex-dividend date is Friday, December 6th. Churchill Downs's dividend payout ratio (DPR) is 6.92%.

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.