Verition Fund Management LLC Grows Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Verition Fund Management LLC boosted its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 43.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,839 shares of the company's stock after purchasing an additional 8,690 shares during the period. Verition Fund Management LLC's holdings in Churchill Downs were worth $3,899,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

CHDN has been the subject of several research analyst reports. Bank of America raised Churchill Downs from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $145.00 to $155.00 in a research note on Monday, August 12th. JMP Securities reissued a "market outperform" rating and set a $166.00 price target on shares of Churchill Downs in a research report on Monday, October 14th. Truist Financial reaffirmed a "buy" rating and issued a $165.00 price objective (down from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. Mizuho reduced their price target on shares of Churchill Downs from $157.00 to $151.00 and set an "outperform" rating for the company in a research report on Tuesday, October 22nd. Finally, StockNews.com raised shares of Churchill Downs from a "sell" rating to a "hold" rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Churchill Downs presently has a consensus rating of "Moderate Buy" and a consensus target price of $160.88.

Churchill Downs Trading Up 1.4 %

NASDAQ:CHDN traded up $2.00 during trading hours on Wednesday, reaching $142.26. 378,716 shares of the stock were exchanged, compared to its average volume of 433,912. The company has a market capitalization of $10.46 billion, a price-to-earnings ratio of 25.55, a PEG ratio of 3.95 and a beta of 0.95. 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 business has a 50-day moving average of $139.43 and a two-hundred day moving average of $138.27. Churchill Downs Incorporated has a twelve month low of $111.10 and a twelve month 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 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 business had revenue of $628.50 million for the quarter, compared to analyst estimates of $627.90 million. During the same period last year, the business earned $0.87 EPS. The company's revenue was up 9.8% on a year-over-year basis. On average, equities analysts predict 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 issued a dividend of $0.409 per share. The ex-dividend date of this dividend is Friday, December 6th. This is a boost 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%.

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.