Citigroup Inc. Boosts Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

Citigroup Inc. boosted its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 25.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 29,891 shares of the company's stock after acquiring an additional 6,043 shares during the period. Citigroup Inc.'s holdings in Churchill Downs were worth $4,042,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kimelman & Baird LLC purchased a new position in shares of Churchill Downs in the second quarter valued at $42,000. CWM LLC raised its holdings in shares of Churchill Downs by 36.8% in the second quarter. CWM LLC now owns 439 shares of the company's stock valued at $61,000 after acquiring an additional 118 shares in the last quarter. UMB Bank n.a. raised its holdings in Churchill Downs by 82.8% in the third quarter. UMB Bank n.a. now owns 563 shares of the company's stock worth $76,000 after purchasing an additional 255 shares in the last quarter. GAMMA Investing LLC raised its holdings in Churchill Downs by 72.4% in the second quarter. GAMMA Investing LLC now owns 612 shares of the company's stock worth $85,000 after purchasing an additional 257 shares in the last quarter. Finally, Venturi Wealth Management LLC raised 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 worth $104,000 after purchasing an additional 90 shares in the last quarter. Institutional investors own 82.59% of the company's stock.

Churchill Downs Stock Up 1.4 %

Shares of NASDAQ CHDN traded up $2.00 during midday trading on Wednesday, hitting $142.26. 378,716 shares of the company's stock were exchanged, compared to its average volume of 433,912. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.55 and a quick ratio of 0.55. Churchill Downs Incorporated has a twelve month low of $111.10 and a twelve month high of $150.21. The company has a market cap of $10.46 billion, a PE ratio of 25.55, a P/E/G ratio of 3.95 and a beta of 0.95. The firm's fifty day simple moving average is $139.43 and its 200-day simple moving average is $138.27.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.96 by $0.01. The firm had revenue of $628.50 million for the quarter, compared to the consensus estimate of $627.90 million. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. The firm's quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.87 EPS. Research analysts predict that Churchill Downs Incorporated will post 5.86 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 6th will be paid a $0.409 dividend. 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. This represents a dividend yield of 0.29%. Churchill Downs's payout ratio is 6.92%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CHDN. JMP Securities restated a "market outperform" rating and set a $166.00 price target on shares of Churchill Downs in a research note on Monday, October 14th. Truist Financial reiterated 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. Mizuho dropped their target price on Churchill Downs from $157.00 to $151.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 22nd. Wells Fargo & Company upped their target price on Churchill Downs from $161.00 to $168.00 and gave the company an "overweight" rating in a research report on Thursday, October 17th. Finally, Bank of America upgraded Churchill Downs from a "neutral" rating to a "buy" rating and upped their target price for the company from $145.00 to $155.00 in a research report on Monday, August 12th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Churchill Downs has an average rating of "Moderate Buy" and a consensus price target of $160.88.

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.