Eagle Asset Management Inc. Cuts Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

Eagle Asset Management Inc. decreased its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 28.4% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 10,276 shares of the company's stock after selling 4,075 shares during the period. Eagle Asset Management Inc.'s holdings in Churchill Downs were worth $1,493,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of CHDN. Winslow Asset Management Inc. grew its position in Churchill Downs by 2.8% during the 3rd quarter. Winslow Asset Management Inc. now owns 3,280 shares of the company's stock worth $443,000 after purchasing an additional 90 shares during the last quarter. Venturi Wealth Management LLC grew its holdings in shares of Churchill Downs by 13.3% during the third quarter. Venturi Wealth Management LLC now owns 767 shares of the company's stock valued at $104,000 after buying an additional 90 shares during the last quarter. Commerce Bank increased its position in shares of Churchill Downs by 1.8% in the 3rd quarter. Commerce Bank now owns 5,072 shares of the company's stock valued at $686,000 after acquiring an additional 90 shares during the period. First Horizon Advisors Inc. raised its stake in Churchill Downs by 13.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 818 shares of the company's stock worth $114,000 after acquiring an additional 99 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Churchill Downs by 1.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,065 shares of the company's stock worth $986,000 after acquiring an additional 105 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. StockNews.com raised Churchill Downs from a "sell" rating to a "hold" rating in a report on Wednesday, November 6th. Wells Fargo & Company increased their price target 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 restated a "buy" rating and set a $165.00 price objective (down from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. JMP Securities reaffirmed a "market outperform" rating and issued a $166.00 price objective on shares of Churchill Downs in a report on Monday, October 14th. Finally, Bank of America raised shares of 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 report on Monday, August 12th. One equities 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 target price of $160.88.

Churchill Downs Stock Performance

NASDAQ CHDN traded down $2.13 during mid-day trading on Tuesday, reaching $139.70. 419,976 shares of the stock were exchanged, compared to its average volume of 435,838. The company has a market capitalization of $10.27 billion, a P/E ratio of 25.47, a P/E/G ratio of 3.93 and a beta of 0.96. The company has a debt-to-equity ratio of 4.35, a quick ratio of 0.55 and a current ratio of 0.55. The business's 50 day moving average is $139.07 and its 200-day moving average is $138.02. Churchill Downs Incorporated has a 1 year low of $111.10 and a 1 year high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted 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 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 in the prior year, the company posted $0.87 EPS. The company's revenue for the quarter was up 9.8% on a year-over-year basis. On average, equities research 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. Stockholders of record on Friday, December 6th will be given a $0.409 dividend. 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 dividend yield of 0.29%. Churchill Downs's payout ratio 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.