Charles Schwab Investment Management Inc. Raises Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Charles Schwab Investment Management Inc. boosted its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 6.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 595,202 shares of the company's stock after buying an additional 37,679 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.81% of Churchill Downs worth $80,477,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Harbor Capital Advisors Inc. increased its holdings in shares of Churchill Downs by 259.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 19,857 shares of the company's stock valued at $2,772,000 after acquiring an additional 14,331 shares during the period. Aigen Investment Management LP purchased a new position in Churchill Downs in the third quarter valued at about $516,000. Assenagon Asset Management S.A. raised its holdings 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 worth $27,338,000 after purchasing an additional 193,914 shares in the last quarter. Point72 Asset Management L.P. lifted its position in shares of Churchill Downs by 66.8% during the second quarter. Point72 Asset Management L.P. now owns 250,319 shares of the company's stock valued at $34,944,000 after buying an additional 100,230 shares during the last quarter. Finally, Boston Partners lifted its position in shares of Churchill Downs by 4.4% during the first quarter. Boston Partners now owns 846,151 shares of the company's stock valued at $104,723,000 after buying an additional 35,587 shares during the last quarter. Institutional investors own 82.59% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Bank of America upgraded shares of Churchill Downs from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $145.00 to $155.00 in a research note on Monday, August 12th. JMP Securities reaffirmed a "market outperform" rating and set a $166.00 price target on shares of Churchill Downs in a research report on Monday, October 14th. Wells Fargo & Company raised their price objective on Churchill Downs from $161.00 to $168.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. Truist Financial reaffirmed 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. Finally, StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $160.88.

Churchill Downs Stock Performance

CHDN traded up $0.52 on Thursday, reaching $140.22. 290,494 shares of the stock were exchanged, compared to its average volume of 435,206. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.55 and a quick ratio of 0.55. The company's 50-day moving average price is $139.10 and its 200 day moving average price is $138.04. The firm has a market capitalization of $10.31 billion, a PE ratio of 25.54, a PEG ratio of 3.93 and a beta of 0.96. Churchill Downs Incorporated has a fifty-two week low of $111.10 and a fifty-two week high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.01. The firm had revenue of $628.50 million during the quarter, compared to analysts' expectations 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 for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the business posted $0.87 earnings per share. As a group, sell-side analysts forecast 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 paid a dividend of $0.409 per share. This represents a yield of 0.29%. This is a boost from Churchill Downs's previous annual dividend of $0.38. The ex-dividend date of this dividend is Friday, December 6th. Churchill Downs's payout ratio is presently 7.29%.

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.