Bridgewater Associates LP Buys Shares of 9,844 Churchill Downs Incorporated (NASDAQ:CHDN)

Bridgewater Associates LP bought a new stake in Churchill Downs Incorporated (NASDAQ:CHDN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 9,844 shares of the company’s stock, valued at approximately $1,331,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Kimelman & Baird LLC acquired a new stake in shares of Churchill Downs in the 2nd quarter valued at approximately $42,000. CWM LLC lifted 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 buying an additional 118 shares during the period. UMB Bank n.a. lifted its holdings in shares of Churchill Downs by 82.8% in the 3rd quarter. UMB Bank n.a. now owns 563 shares of the company’s stock valued at $76,000 after buying an additional 255 shares during the period. Bank & Trust Co acquired a new stake in shares of Churchill Downs in the 2nd quarter valued at approximately $84,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Churchill Downs by 72.4% in the 2nd quarter. GAMMA Investing LLC now owns 612 shares of the company’s stock valued at $85,000 after buying an additional 257 shares during the period. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on CHDN shares. Wells Fargo & Company raised their price target on Churchill Downs from $161.00 to $168.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Bank of America raised Churchill Downs from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $145.00 to $155.00 in a report on Monday, August 12th. Mizuho reduced 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. Truist Financial reaffirmed 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. Finally, StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. 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.com, Churchill Downs has an average rating of “Moderate Buy” and a consensus price target of $160.88.

Churchill Downs Stock Performance

NASDAQ CHDN opened at $142.11 on Monday. Churchill Downs Incorporated has a fifty-two week low of $111.10 and a fifty-two week high of $150.21. The stock has a market cap of $10.44 billion, a price-to-earnings ratio of 25.89, a price-to-earnings-growth ratio of 3.94 and a beta of 0.96. The business has a fifty day moving average of $139.18 and a 200-day moving average of $138.14. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 4.35.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share 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 company had revenue of $628.50 million during the quarter, compared to analysts’ expectations of $627.90 million. During the same period in the previous year, the firm posted $0.87 earnings per share. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, 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. Stockholders of record on Friday, December 6th will be given a $0.409 dividend. The ex-dividend date 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 currently 7.29%.

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.