Walleye Capital LLC Increases Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Walleye Capital LLC lifted its stake in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 220.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,571 shares of the company's stock after buying an additional 15,538 shares during the quarter. Walleye Capital LLC's holdings in Churchill Downs were worth $3,052,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of CHDN. Kimelman & Baird LLC acquired a new stake in shares of Churchill Downs in the second quarter valued at approximately $42,000. CWM LLC boosted its position in shares of Churchill Downs by 36.8% during the second quarter. CWM LLC now owns 439 shares of the company's stock worth $61,000 after buying an additional 118 shares during the period. UMB Bank n.a. boosted its position in shares of Churchill Downs by 82.8% during the third quarter. UMB Bank n.a. now owns 563 shares of the company's stock worth $76,000 after buying an additional 255 shares during the period. GAMMA Investing LLC boosted its holdings in Churchill Downs by 72.4% in the second quarter. GAMMA Investing LLC now owns 612 shares of the company's stock valued at $85,000 after purchasing an additional 257 shares during the period. Finally, Venturi Wealth Management LLC boosted its holdings in Churchill Downs by 13.3% in the third quarter. Venturi Wealth Management LLC now owns 767 shares of the company's stock valued at $104,000 after purchasing an additional 90 shares during the period. Hedge funds and other institutional investors own 82.59% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Mizuho decreased their target price 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 issued a $165.00 target price (down from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. Wells Fargo & Company lifted their price target on Churchill Downs from $161.00 to $168.00 and gave the stock an "overweight" rating in a report on Thursday, October 17th. JMP Securities reaffirmed a "market outperform" rating and set a $166.00 price target on shares of Churchill Downs in a report on Monday, October 14th. Finally, Bank of America raised Churchill Downs from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $145.00 to $155.00 in a report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $160.88.

Churchill Downs Stock Performance

CHDN stock traded down $2.52 during trading on Tuesday, hitting $140.26. The company had a trading volume of 400,314 shares, compared to its average volume of 423,182. The firm has a market cap of $10.31 billion, a PE ratio of 25.55, a price-to-earnings-growth ratio of 3.95 and a beta of 0.95. Churchill Downs Incorporated has a 1-year low of $111.10 and a 1-year high of $150.21. The firm has a 50-day moving average price of $139.29 and a 200-day moving average price of $138.22. 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 the consensus estimate of $0.96 by $0.01. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. The company had revenue of $628.50 million for the quarter, compared to analysts' expectations of $627.90 million. During the same quarter in the previous year, the firm posted $0.87 EPS. The firm's quarterly revenue was up 9.8% on a year-over-year basis. On average, analysts expect that Churchill Downs Incorporated will post 5.86 earnings per share for the current year.

Churchill Downs Increases Dividend

The company also recently declared an annual dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 6th will be paid a dividend of $0.409 per share. This is a positive change from Churchill Downs's previous annual dividend of $0.38. The ex-dividend date of this dividend is Friday, December 6th. This represents a dividend yield of 0.29%. Churchill Downs's payout ratio is 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.