Assetmark Inc. Sells 40,148 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Assetmark Inc. lowered its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 99.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 288 shares of the company’s stock after selling 40,148 shares during the quarter. Assetmark Inc.’s holdings in Churchill Downs were worth $39,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CHDN. Applied Finance Capital Management LLC lifted its holdings in Churchill Downs by 110.0% during the third quarter. Applied Finance Capital Management LLC now owns 3,761 shares of the company’s stock worth $509,000 after acquiring an additional 1,970 shares during the period. Olympiad Research LP purchased a new stake in shares of Churchill Downs during the 3rd quarter valued at $392,000. Amalgamated Bank raised its stake in shares of Churchill Downs by 2.7% during the 3rd quarter. Amalgamated Bank now owns 35,788 shares of the company’s stock worth $4,839,000 after purchasing an additional 934 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in shares of Churchill Downs by 127.6% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 45,202 shares of the company’s stock worth $6,112,000 after buying an additional 25,345 shares during the last quarter. Finally, Silvant Capital Management LLC grew its position in Churchill Downs by 34.0% during the third quarter. Silvant Capital Management LLC now owns 19,345 shares of the company’s stock valued at $2,616,000 after buying an additional 4,905 shares during the period. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Stock Performance

Shares of CHDN opened at $138.85 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 stock has a market capitalization of $10.21 billion, a price-to-earnings ratio of 25.29, a price-to-earnings-growth ratio of 3.85 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. The stock’s 50-day simple moving average is $139.01 and its 200 day simple moving average is $137.88.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The firm 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 15.45% and a return on equity of 45.48%. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.87 earnings per share. Research analysts forecast 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. Stockholders 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 is Friday, December 6th. Churchill Downs’s payout ratio is 6.92%.

Analyst Ratings Changes

A number of research firms recently issued reports on CHDN. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Bank of America raised shares of Churchill Downs from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $145.00 to $155.00 in a report on Monday, August 12th. Truist Financial reissued a “buy” rating and issued a $165.00 target price (down from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. JMP Securities restated a “market outperform” rating and issued a $166.00 target price on shares of Churchill Downs in a research note on Monday, October 14th. Finally, Macquarie lifted their price objective on Churchill Downs from $154.00 to $162.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $160.88.

Churchill Downs 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.