Geode Capital Management LLC Raises Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

Geode Capital Management LLC increased its position in Churchill Downs Incorporated (NASDAQ:CHDN) by 8.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,299,442 shares of the company’s stock after buying an additional 96,910 shares during the period. Geode Capital Management LLC owned about 1.77% of Churchill Downs worth $175,742,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Winslow Asset Management Inc. raised its holdings in Churchill Downs by 2.8% in the 3rd quarter. Winslow Asset Management Inc. now owns 3,280 shares of the company’s stock valued at $443,000 after acquiring 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 purchasing an additional 90 shares during the last quarter. Commerce Bank lifted its position in Churchill Downs by 1.8% during the third quarter. Commerce Bank now owns 5,072 shares of the company’s stock worth $686,000 after buying an additional 90 shares during the period. First Horizon Advisors Inc. boosted its stake in Churchill Downs by 13.8% in the 2nd quarter. First Horizon Advisors Inc. now owns 818 shares of the company’s stock worth $114,000 after buying an additional 99 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its holdings in Churchill Downs by 1.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 7,065 shares of the company’s stock valued at $986,000 after buying an additional 105 shares during the period. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Stock Down 1.0 %

Shares of Churchill Downs stock opened at $136.05 on Monday. Churchill Downs Incorporated has a twelve month low of $111.10 and a twelve month high of $150.21. The stock has a market cap of $10.00 billion, a price-to-earnings ratio of 24.78, a price-to-earnings-growth ratio of 3.84 and a beta of 0.95. 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 company has a fifty day moving average price of $140.03 and a 200 day moving average price of $138.57.

Churchill Downs (NASDAQ:CHDN) last posted its earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share (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%. The company’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.87 earnings per share. Equities research analysts forecast that Churchill Downs Incorporated will post 5.86 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The company also recently disclosed 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 an increase from Churchill Downs’s previous annual dividend of $0.38. The ex-dividend date is Friday, December 6th. This represents a yield of 0.29%. Churchill Downs’s dividend payout ratio (DPR) is 7.29%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Truist Financial reaffirmed a “buy” rating and set a $165.00 price target (down previously from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. StockNews.com raised shares of Churchill Downs from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th. Mizuho reduced their target price on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $166.00 target price on shares of Churchill Downs in a report on Monday, October 14th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target 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.