Thrivent Financial for Lutherans Raises Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

Thrivent Financial for Lutherans boosted its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 6.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,248 shares of the company’s stock after acquiring an additional 1,086 shares during the period. Thrivent Financial for Lutherans’ holdings in Churchill Downs were worth $2,332,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Kimelman & Baird LLC purchased a new position in Churchill Downs in the second quarter worth about $42,000. CWM LLC raised its holdings in Churchill Downs by 36.8% in the second quarter. CWM LLC now owns 439 shares of the company’s stock worth $61,000 after buying an additional 118 shares during the last quarter. UMB Bank n.a. raised its holdings in Churchill Downs by 82.8% in the third quarter. UMB Bank n.a. now owns 563 shares of the company’s stock worth $76,000 after buying an additional 255 shares during the last quarter. Bank & Trust Co purchased a new position in Churchill Downs in the second quarter worth about $84,000. Finally, GAMMA Investing LLC raised its holdings in Churchill Downs by 72.4% in the second quarter. GAMMA Investing LLC now owns 612 shares of the company’s stock worth $85,000 after buying an additional 257 shares during the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on CHDN shares. Mizuho decreased their target price on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a report on Tuesday, October 22nd. Truist Financial reiterated a “buy” rating and issued a $165.00 price target (down from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. Wells Fargo & Company lifted their price target on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. JMP Securities reiterated a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a research note on Monday, October 14th. Finally, Bank of America upgraded 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 research note on Monday, August 12th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $160.88.

Churchill Downs Stock Performance

Shares of NASDAQ CHDN opened at $140.22 on Thursday. The firm has a 50 day moving average of $139.07 and a 200 day moving average of $138.03. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 4.35. The firm has a market capitalization of $10.31 billion, a price-to-earnings ratio of 25.66, a price-to-earnings-growth ratio of 3.93 and a beta of 0.96. Churchill Downs Incorporated has a 12-month low of $111.10 and a 12-month high of $150.21.

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

Churchill Downs Increases Dividend

The company also recently declared an annual dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 6th will be given a $0.409 dividend. 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 is presently 6.92%.

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.