Geode Capital Management LLC Purchases 96,910 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Geode Capital Management LLC lifted its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 8.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,299,442 shares of the company's stock after purchasing an additional 96,910 shares during the period. Geode Capital Management LLC owned approximately 1.77% of Churchill Downs worth $175,742,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CHDN. State Street Corp boosted its holdings in shares of Churchill Downs by 5.8% in the third quarter. State Street Corp now owns 2,078,031 shares of the company's stock worth $280,971,000 after buying an additional 114,018 shares during the period. William Blair Investment Management LLC purchased a new stake in shares of Churchill Downs in the second quarter valued at $125,418,000. Westfield Capital Management Co. LP boosted its position in shares of Churchill Downs by 100.0% in the third quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company's stock worth $103,241,000 after buying an additional 381,754 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Churchill Downs by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 634,319 shares of the company's stock valued at $88,551,000 after buying an additional 3,608 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Churchill Downs by 6.8% during 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 during the period. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Stock Performance

NASDAQ:CHDN traded down $1.25 during midday trading on Monday, reaching $134.80. The stock had a trading volume of 505,316 shares, compared to its average volume of 430,752. The stock has a market capitalization of $9.91 billion, a P/E ratio of 24.78, a PEG ratio of 3.84 and a beta of 0.95. 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 1-year low of $111.10 and a 1-year high of $150.21. The firm's fifty day simple moving average is $140.03 and its 200-day simple moving average is $138.57.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.97 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.01. The business 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 firm's revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.87 EPS. 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 business also recently announced an annual dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 6th will be given a dividend of $0.409 per share. The ex-dividend date is Friday, December 6th. This represents a yield of 0.29%. This is a positive change from Churchill Downs's previous annual dividend of $0.38. Churchill Downs's payout ratio is 7.29%.

Analysts Set New Price Targets

A number of equities research analysts have commented on CHDN shares. Mizuho decreased their price objective 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 reaffirmed a "market outperform" rating and set a $166.00 price objective on shares of Churchill Downs in a research report on Monday, October 14th. Truist Financial reiterated a "buy" rating and set a $165.00 price objective (down from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a report on Wednesday, November 6th. Finally, Wells Fargo & Company boosted their price target on Churchill Downs from $161.00 to $168.00 and gave the company an "overweight" rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, Churchill Downs presently has an average rating of "Moderate Buy" and a consensus price target of $160.88.

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.