Quest Partners LLC Makes New $832,000 Investment in Churchill Downs Incorporated (NASDAQ:CHDN)

Quest Partners LLC acquired a new position in shares of Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 6,150 shares of the company's stock, valued at approximately $832,000.

Other hedge funds have also recently bought and sold shares of the company. Winslow Asset Management Inc. increased its position in shares of Churchill Downs by 2.8% in the third 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 boosted its stake 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 purchasing an additional 90 shares during the period. First Horizon Advisors Inc. lifted its stake in Churchill Downs by 13.8% in the second 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 period. Nisa Investment Advisors LLC lifted its stake in Churchill Downs by 1.5% in the second 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 period. Finally, Arizona State Retirement System lifted its stake in Churchill Downs by 0.6% in the second quarter. Arizona State Retirement System now owns 18,564 shares of the company's stock worth $2,592,000 after acquiring an additional 114 shares during the period. 82.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on CHDN shares. Truist Financial reaffirmed a "buy" rating and issued a $165.00 price target (down previously from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. StockNews.com upgraded Churchill Downs from a "sell" rating to a "hold" rating in a report on Wednesday, November 6th. Macquarie increased their price objective on Churchill Downs from $154.00 to $162.00 and gave the stock an "outperform" rating in a report on Friday, July 26th. JMP Securities reiterated a "market outperform" rating and issued a $166.00 price objective on shares of Churchill Downs in a report on Monday, October 14th. Finally, Mizuho decreased their price objective on Churchill Downs from $157.00 to $151.00 and set an "outperform" rating for the company in a report on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $160.88.

Churchill Downs Stock Performance

Shares of CHDN stock traded down $0.51 during trading hours on Friday, reaching $141.87. 299,219 shares of the company traded hands, compared to its average volume of 435,817. The firm has a 50-day moving average price of $139.05 and a 200 day moving average price of $138.00. 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 12-month low of $111.10 and a 12-month high of $150.21. The company has a market cap of $10.43 billion, a P/E ratio of 25.84, a P/E/G ratio of 3.84 and a beta of 0.96.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data 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. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. The business had revenue of $628.50 million for the quarter, compared to the consensus estimate of $627.90 million. During the same quarter in the previous year, the company posted $0.87 EPS. The company's revenue was up 9.8% compared to the same quarter last year. As a group, sell-side analysts predict that Churchill Downs Incorporated will post 5.86 earnings per share 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. Shareholders of record on Friday, December 6th will be given a $0.409 dividend. This represents a yield of 0.29%. 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. Churchill Downs's dividend 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.