Raymond James & Associates Reduces Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Raymond James & Associates lowered its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 4.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 77,462 shares of the company’s stock after selling 3,294 shares during the quarter. Raymond James & Associates owned 0.11% of Churchill Downs worth $10,474,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. State of Michigan Retirement System raised its stake in shares of Churchill Downs by 2.5% in the first quarter. State of Michigan Retirement System now owns 16,680 shares of the company’s stock valued at $2,064,000 after acquiring an additional 400 shares during the period. SeaCrest Wealth Management LLC raised its position in Churchill Downs by 8.7% in the 1st quarter. SeaCrest Wealth Management LLC now owns 2,800 shares of the company’s stock worth $346,000 after purchasing an additional 225 shares during the period. Retirement Systems of Alabama lifted its stake in Churchill Downs by 9.8% in the first quarter. Retirement Systems of Alabama now owns 176,626 shares of the company’s stock worth $21,857,000 after purchasing an additional 15,777 shares during the last quarter. BNP Paribas Financial Markets boosted its position in shares of Churchill Downs by 56.2% during the first quarter. BNP Paribas Financial Markets now owns 6,481 shares of the company’s stock valued at $802,000 after buying an additional 2,332 shares during the period. Finally, Hunter Associates Investment Management LLC grew its stake in shares of Churchill Downs by 40.7% during the first quarter. Hunter Associates Investment Management LLC now owns 19,442 shares of the company’s stock valued at $2,397,000 after buying an additional 5,626 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Price Performance

Shares of NASDAQ CHDN opened at $141.17 on Tuesday. Churchill Downs Incorporated has a fifty-two week low of $107.37 and a fifty-two week high of $146.64. The company has a debt-to-equity ratio of 4.65, a quick ratio of 0.57 and a current ratio of 0.57. The company has a market cap of $10.38 billion, a PE ratio of 31.44, a P/E/G ratio of 2.06 and a beta of 0.97. The business has a 50-day simple moving average of $137.90 and a two-hundred day simple moving average of $136.13.

Churchill Downs (NASDAQ:CHDN) last released 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 company had revenue of $628.50 million for the quarter, compared to the consensus estimate of $627.90 million. Churchill Downs had a net margin of 15.61% and a return on equity of 47.53%. Churchill Downs’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.87 EPS. As a group, equities analysts expect that Churchill Downs Incorporated will post 6.13 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The company also recently announced an annual dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 6th will be given a $0.409 dividend. This represents a dividend yield of 0.29%. This is an increase from Churchill Downs’s previous annual dividend of $0.38. The ex-dividend date is Friday, December 6th. Churchill Downs’s dividend payout ratio is presently 8.91%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on CHDN shares. Wells Fargo & Company raised their price target on Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. StockNews.com lowered shares of Churchill Downs from a “hold” rating to a “sell” rating in a report on Friday. Bank of America upgraded Churchill Downs from a “neutral” rating to a “buy” rating and upped their target price for the stock from $145.00 to $155.00 in a report on Monday, August 12th. Stifel Nicolaus increased their target price on shares of Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Truist Financial reiterated a “buy” rating and set a $165.00 price objective (down from $166.00) on shares of Churchill Downs in a research note on Friday. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price 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.