BNP Paribas Financial Markets Acquires 13,985 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

BNP Paribas Financial Markets raised its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 298.8% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,665 shares of the company’s stock after buying an additional 13,985 shares during the period. BNP Paribas Financial Markets’ holdings in Churchill Downs were worth $2,524,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CHDN. William Blair Investment Management LLC acquired a new stake in Churchill Downs during the 2nd quarter valued at $125,418,000. Westfield Capital Management Co. LP raised 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 valued at $103,241,000 after purchasing an additional 381,754 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Churchill Downs by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 634,319 shares of the company’s stock worth $88,551,000 after buying an additional 3,608 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Churchill Downs by 6.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 595,202 shares of the company’s stock worth $80,477,000 after buying an additional 37,679 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in Churchill Downs by 15.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 442,531 shares of the company’s stock valued at $61,782,000 after buying an additional 57,892 shares during the last quarter. 82.59% of the stock is owned by institutional investors and hedge funds.

Churchill Downs Stock Down 1.3 %

Shares of NASDAQ CHDN opened at $139.18 on Friday. The stock has a market capitalization of $10.23 billion, a P/E ratio of 25.35, a PEG ratio of 3.88 and a beta of 0.95. The stock’s fifty day moving average is $139.89 and its 200 day moving average is $138.34. Churchill Downs Incorporated has a 52 week low of $111.10 and a 52 week high of $150.21. The company has a debt-to-equity ratio of 4.35, a quick ratio of 0.55 and a current ratio of 0.55.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share for the quarter, beating 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 firm had revenue of $628.50 million for the quarter, compared to the consensus estimate of $627.90 million. During the same quarter last year, the business posted $0.87 EPS. The company’s revenue was up 9.8% compared to the same quarter last year. Sell-side analysts forecast that Churchill Downs Incorporated will post 5.86 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 6th will be paid a dividend of $0.409 per share. This is an increase from Churchill Downs’s previous annual dividend of $0.38. The ex-dividend date of this dividend is Friday, December 6th. This represents a yield of 0.29%. Churchill Downs’s payout ratio is presently 7.29%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CHDN. Wells Fargo & Company raised their price objective on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Mizuho dropped their price target on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a report on Tuesday, October 22nd. Bank of America raised Churchill Downs from a “neutral” rating to a “buy” rating and upped their price objective for the company from $145.00 to $155.00 in a report on Monday, August 12th. StockNews.com raised shares of Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Finally, Truist Financial reaffirmed a “buy” rating and set a $165.00 price target (down from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Churchill Downs currently 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.