Bank of Montreal Can Acquires 44,201 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Bank of Montreal Can raised its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 321.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 57,946 shares of the company’s stock after purchasing an additional 44,201 shares during the period. Bank of Montreal Can owned 0.08% of Churchill Downs worth $7,766,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. William Blair Investment Management LLC acquired a new stake in shares of Churchill Downs during the second quarter worth $125,418,000. Westfield Capital Management Co. LP grew its holdings in Churchill Downs by 100.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock worth $103,241,000 after acquiring an additional 381,754 shares during the period. Bank of New York Mellon Corp grew its holdings in 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 acquiring an additional 3,608 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Churchill Downs by 6.8% in 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 lifted its stake in shares of 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 purchasing an additional 57,892 shares during the period. 82.59% of the stock is owned by institutional investors and hedge funds.

Churchill Downs Price Performance

CHDN stock opened at $142.78 on Tuesday. The company has a debt-to-equity ratio of 4.35, a quick ratio of 0.55 and a current ratio of 0.55. The business has a 50-day simple moving average of $139.18 and a two-hundred day simple moving average of $138.17. The company has a market capitalization of $10.49 billion, a P/E ratio of 25.89, a price-to-earnings-growth ratio of 3.94 and a beta of 0.96. Churchill Downs Incorporated has a 52-week low of $111.10 and a 52-week high of $150.21.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $628.50 million during the quarter, compared to analyst estimates of $627.90 million. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. Churchill Downs’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.87 EPS. Research analysts expect that Churchill Downs Incorporated will post 5.86 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The company also recently declared an annual dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 6th will be given 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 dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, December 6th. Churchill Downs’s dividend payout ratio (DPR) is presently 7.29%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on CHDN. Bank of America upgraded Churchill Downs from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $145.00 to $155.00 in a report on Monday, August 12th. JMP Securities reiterated a “market outperform” rating and issued a $166.00 price objective on shares of Churchill Downs in a research note on Monday, October 14th. Mizuho cut their target price on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 22nd. Truist Financial restated a “buy” rating and issued a $165.00 price target (down from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. Finally, StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $160.88.

Churchill Downs Company 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.