Parthenon LLC Cuts Stock Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Parthenon LLC trimmed its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 0.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 71,912 shares of the company’s stock after selling 150 shares during the period. Churchill Downs makes up approximately 1.2% of Parthenon LLC’s portfolio, making the stock its 24th biggest holding. Parthenon LLC owned approximately 0.10% of Churchill Downs worth $9,723,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Winslow Asset Management Inc. increased its holdings in shares of Churchill Downs by 2.8% in the 3rd quarter. Winslow Asset Management Inc. now owns 3,280 shares of the company’s stock worth $443,000 after buying an additional 90 shares during the last quarter. Venturi Wealth Management LLC increased its stake in Churchill Downs by 13.3% in the third quarter. Venturi Wealth Management LLC now owns 767 shares of the company’s stock valued at $104,000 after acquiring an additional 90 shares during the last quarter. First Horizon Advisors Inc. increased its stake in Churchill Downs by 13.8% in the second quarter. First Horizon Advisors Inc. now owns 818 shares of the company’s stock valued at $114,000 after acquiring an additional 99 shares during the last quarter. Nisa Investment Advisors LLC raised its position in Churchill Downs by 1.5% during the second quarter. Nisa Investment Advisors LLC now owns 7,065 shares of the company’s stock valued at $986,000 after purchasing an additional 105 shares in the last quarter. Finally, Arizona State Retirement System lifted its stake in Churchill Downs by 0.6% during the second quarter. Arizona State Retirement System now owns 18,564 shares of the company’s stock worth $2,592,000 after purchasing an additional 114 shares during the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Trading Down 1.1 %

NASDAQ:CHDN traded down $1.51 during midday trading on Wednesday, reaching $139.77. 66,338 shares of the stock traded hands, compared to its average volume of 435,192. The stock has a market capitalization of $10.27 billion, a P/E ratio of 25.73, a PEG 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. 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 company has a fifty day moving average of $138.88 and a 200 day moving average of $137.61.

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

Churchill Downs Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 6th will be paid a dividend of $0.409 per share. The ex-dividend date of this dividend is Friday, December 6th. This is a boost from Churchill Downs’s previous annual dividend of $0.38. This represents a dividend yield of 0.29%. Churchill Downs’s payout ratio is 6.92%.

Analyst Upgrades and Downgrades

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