Dynamic Technology Lab Private Ltd Purchases Shares of 2,066 Churchill Downs Incorporated (NASDAQ:CHDN)

Dynamic Technology Lab Private Ltd acquired a new position in Churchill Downs Incorporated (NASDAQ:CHDN) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 2,066 shares of the company’s stock, valued at approximately $279,000.

A number of other hedge funds have also recently made changes to their positions in CHDN. William Blair Investment Management LLC purchased a new stake in Churchill Downs in the second quarter valued at approximately $125,418,000. Westfield Capital Management Co. LP raised its holdings in shares of Churchill Downs by 100.0% in the 3rd quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock valued at $103,241,000 after buying an additional 381,754 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Churchill Downs by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 634,319 shares of the company’s stock valued at $88,551,000 after buying an additional 3,608 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in 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 acquiring an additional 37,679 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Churchill Downs by 15.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 442,531 shares of the company’s stock valued at $61,782,000 after acquiring an additional 57,892 shares during the period. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Stock Up 1.3 %

Shares of NASDAQ CHDN opened at $142.11 on Monday. The business has a 50-day moving average of $139.18 and a two-hundred day moving average of $138.14. The company has a market capitalization 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. Churchill Downs Incorporated has a 1 year low of $111.10 and a 1 year high of $150.21. 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 (NASDAQ:CHDN) last posted 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 firm had revenue of $628.50 million during the quarter, compared to analysts’ expectations of $627.90 million. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.87 earnings per share. On average, analysts forecast that Churchill Downs Incorporated will post 5.86 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The business also recently declared an annual dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 6th will be paid a dividend of $0.409 per share. This is a positive change from Churchill Downs’s previous annual dividend of $0.38. This represents a yield of 0.29%. The ex-dividend date is Friday, December 6th. Churchill Downs’s dividend payout ratio (DPR) is currently 7.29%.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wells Fargo & Company increased their price target 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 decreased their price target 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 raised Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Truist Financial reiterated a “buy” rating and issued a $165.00 price objective (down from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. Finally, Bank of America raised Churchill Downs from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $145.00 to $155.00 in a research note on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Churchill Downs has an average rating of “Moderate Buy” and an average 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.