Franklin Resources Inc. raised its stake in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 6.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 197,118 shares of the company's stock after purchasing an additional 12,156 shares during the quarter. Franklin Resources Inc. owned about 0.27% of Churchill Downs worth $27,338,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new stake in Churchill Downs during the third quarter worth about $27,000. Kimelman & Baird LLC purchased a new stake in shares of Churchill Downs during the 2nd quarter worth about $42,000. UMB Bank n.a. increased its position in Churchill Downs by 82.8% during the 3rd 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. 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 valued at $104,000 after buying an additional 90 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new position in Churchill Downs during the second quarter valued at approximately $112,000. 82.59% of the stock is owned by hedge funds and other institutional investors.
Churchill Downs Stock Up 2.5 %
CHDN traded up $3.20 on Thursday, reaching $132.75. The company's stock had a trading volume of 494,063 shares, compared to its average volume of 432,415. Churchill Downs Incorporated has a 1 year low of $111.10 and a 1 year high of $150.21. The business's 50 day moving average is $139.48 and its 200 day moving average is $138.53. 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 stock has a market cap of $9.76 billion, a price-to-earnings ratio of 24.18, a price-to-earnings-growth ratio of 3.84 and a beta of 0.95.
Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its earnings results on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.96 by $0.01. The company 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 business's revenue was up 9.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.87 EPS. As a group, research analysts forecast that Churchill Downs Incorporated will post 5.86 EPS for the current fiscal year.
Churchill Downs Increases Dividend
The business also recently announced 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 represents a dividend yield of 0.29%. This is an increase from Churchill Downs's previous annual dividend of $0.38. Churchill Downs's payout ratio is presently 7.29%.
Wall Street Analysts Forecast Growth
CHDN has been the topic of a number of research reports. StockNews.com raised shares of Churchill Downs from a "sell" rating to a "hold" rating in a research note on Wednesday, November 6th. Truist Financial reissued 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 decreased their target price on Churchill Downs from $157.00 to $151.00 and set an "outperform" rating for the company in a research report on Tuesday, October 22nd. JMP Securities reiterated a "market outperform" rating and set a $166.00 target price on shares of Churchill Downs in a report on Thursday. Finally, Wells Fargo & Company boosted their price target on Churchill Downs from $161.00 to $168.00 and gave the stock an "overweight" rating in a research report on Thursday, October 17th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $160.88.
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Churchill Downs Profile
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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.
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