Assenagon Asset Management S.A. Sells 103,874 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Assenagon Asset Management S.A. lessened its stake in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) by 53.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 91,955 shares of the company's stock after selling 103,874 shares during the period. Assenagon Asset Management S.A. owned about 0.13% of Churchill Downs worth $12,433,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. increased its position in shares of 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 purchasing an additional 99 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Churchill Downs by 1.5% during the second quarter. Nisa Investment Advisors LLC now owns 7,065 shares of the company's stock valued at $986,000 after buying an additional 105 shares in the last quarter. Arizona State Retirement System lifted its holdings in Churchill Downs by 0.6% during the 2nd quarter. Arizona State Retirement System now owns 18,564 shares of the company's stock worth $2,592,000 after buying an additional 114 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its position in shares of Churchill Downs by 4.8% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 2,547 shares of the company's stock worth $356,000 after acquiring an additional 116 shares in the last quarter. Finally, CWM LLC increased its holdings in shares of Churchill Downs by 36.8% in the 2nd quarter. CWM LLC now owns 439 shares of the company's stock valued at $61,000 after acquiring an additional 118 shares during the last quarter. 82.59% of the stock is owned by institutional investors and hedge funds.

Churchill Downs Price Performance

NASDAQ:CHDN traded up $0.92 during trading hours on Monday, reaching $141.17. 569,622 shares of the company's stock were exchanged, compared to its average volume of 431,913. The company has a market capitalization of $10.38 billion, a P/E ratio of 31.44, a price-to-earnings-growth ratio of 2.06 and a beta of 0.97. Churchill Downs Incorporated has a 12 month low of $107.37 and a 12 month high of $146.64. The business's 50-day simple moving average is $137.90 and its two-hundred day simple moving average is $136.13. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 4.65.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its earnings results 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 company had revenue of $628.50 million for the quarter, compared to analyst estimates of $627.90 million. Churchill Downs had a return on equity of 47.53% and a net margin of 15.61%. The business's revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.87 EPS. Sell-side analysts expect that Churchill Downs Incorporated will post 6.13 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. Stockholders 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 represents a dividend yield of 0.29%. This is an increase from Churchill Downs's previous annual dividend of $0.38. Churchill Downs's dividend payout ratio (DPR) is currently 8.91%.

Wall Street Analyst Weigh In

CHDN has been the subject of a number of research reports. Truist Financial reaffirmed a "buy" rating and issued a $165.00 price objective (down previously from $166.00) on shares of Churchill Downs in a report on Friday. Mizuho lowered their price objective 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. StockNews.com downgraded Churchill Downs from a "hold" rating to a "sell" rating in a research note on Friday. Stifel Nicolaus increased their price target on Churchill Downs from $153.00 to $160.00 and gave the stock a "buy" rating in a research report on Monday, July 22nd. Finally, Bank of America upgraded Churchill Downs from a "neutral" rating to a "buy" rating and boosted their price objective 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 sell rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, Churchill Downs presently has an average rating of "Moderate Buy" and an average target price 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.