Covestor Ltd Lowers Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Covestor Ltd cut its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 16.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 633 shares of the company’s stock after selling 127 shares during the period. Covestor Ltd’s holdings in Churchill Downs were worth $86,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. William Blair Investment Management LLC purchased a new stake in Churchill Downs during the 2nd quarter worth approximately $125,418,000. Assenagon Asset Management S.A. increased its position in shares of Churchill Downs by 10,126.1% during the second quarter. Assenagon Asset Management S.A. now owns 195,829 shares of the company’s stock worth $27,338,000 after acquiring an additional 193,914 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in shares of Churchill Downs in the second quarter valued at $26,384,000. Capital International Investors boosted its holdings in Churchill Downs by 7.5% in the first quarter. Capital International Investors now owns 2,560,653 shares of the company’s stock valued at $316,881,000 after purchasing an additional 177,900 shares during the period. Finally, Artemis Investment Management LLP grew its stake in Churchill Downs by 60.1% during the 2nd quarter. Artemis Investment Management LLP now owns 347,074 shares of the company’s stock worth $48,452,000 after purchasing an additional 130,331 shares in the last quarter. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Churchill Downs Trading Up 0.2 %

NASDAQ CHDN opened at $141.54 on Thursday. Churchill Downs Incorporated has a 12 month low of $111.10 and a 12 month high of $150.21. The company has a market capitalization of $10.40 billion, a price-to-earnings ratio of 25.78, a price-to-earnings-growth ratio of 3.91 and a beta of 0.96. 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 firm’s fifty day moving average price is $138.94 and its 200 day moving average price is $137.64.

Churchill Downs (NASDAQ:CHDN) last posted its earnings results on Wednesday, October 23rd. The company reported $0.97 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 analysts’ expectations of $627.90 million. During the same quarter in the previous year, the firm earned $0.87 earnings per share. The business’s revenue was up 9.8% compared to the same quarter last year. On average, sell-side analysts expect that Churchill Downs Incorporated will post 5.86 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 6th will be paid a $0.409 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a yield of 0.29%. This is a boost from Churchill Downs’s previous annual dividend of $0.38. Churchill Downs’s payout ratio is currently 6.92%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. StockNews.com upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th. Macquarie boosted their price target on shares of Churchill Downs from $154.00 to $162.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Mizuho reduced their price objective on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. Wells Fargo & Company boosted their target price on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Finally, Bank of America upgraded Churchill Downs from a “neutral” rating to a “buy” rating and raised their price target for the company from $145.00 to $155.00 in a research note on Monday, August 12th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $160.88.

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.