Churchill Downs Incorporated (NASDAQ:CHDN) Position Increased by Walleye Capital LLC

Walleye Capital LLC increased its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 220.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,571 shares of the company’s stock after buying an additional 15,538 shares during the quarter. Walleye Capital LLC’s holdings in Churchill Downs were worth $3,052,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CHDN. Kimelman & Baird LLC bought a new stake in Churchill Downs during the second quarter worth approximately $42,000. CWM LLC raised its stake in shares of Churchill Downs by 36.8% in the 2nd quarter. CWM LLC now owns 439 shares of the company’s stock worth $61,000 after buying an additional 118 shares in the last quarter. UMB Bank n.a. lifted its holdings in shares of Churchill Downs by 82.8% in the third quarter. UMB Bank n.a. now owns 563 shares of the company’s stock valued at $76,000 after buying an additional 255 shares during the period. GAMMA Investing LLC boosted its stake in Churchill Downs by 72.4% during the second quarter. GAMMA Investing LLC now owns 612 shares of the company’s stock valued at $85,000 after buying an additional 257 shares in the last quarter. Finally, Venturi Wealth Management LLC grew its holdings in Churchill Downs by 13.3% during the third quarter. Venturi Wealth Management LLC now owns 767 shares of the company’s stock worth $104,000 after acquiring an additional 90 shares during the period. 82.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CHDN has been the topic of several recent research reports. 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 report on Thursday, October 17th. Truist Financial reaffirmed a “buy” rating and set a $165.00 target price (down from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. Mizuho dropped their price target on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 22nd. JMP Securities reaffirmed a “market outperform” rating and set a $166.00 price objective 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 upped their price target for the company from $145.00 to $155.00 in a research report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $160.88.

Churchill Downs Stock Performance

CHDN stock opened at $142.78 on Tuesday. The firm has a 50 day simple moving average of $139.18 and a 200 day simple moving average of $138.17. Churchill Downs Incorporated has a 52 week low of $111.10 and a 52 week high of $150.21. The stock has a market cap of $10.49 billion, a P/E ratio of 26.01, a P/E/G ratio of 3.94 and a beta of 0.96. The company has a debt-to-equity ratio of 4.35, a quick ratio of 0.55 and a current ratio of 0.55.

Churchill Downs (NASDAQ:CHDN) last released its 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. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. The company had revenue of $628.50 million during the quarter, compared to the consensus estimate of $627.90 million. During the same quarter in the prior year, the firm earned $0.87 EPS. The company’s revenue was up 9.8% compared to the same quarter last year. Research analysts anticipate that Churchill Downs Incorporated will post 5.86 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The company also recently announced an annual dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 6th will be paid a $0.409 dividend. The ex-dividend date is Friday, December 6th. This represents a yield of 0.29%. This is an increase from Churchill Downs’s previous annual dividend of $0.38. Churchill Downs’s payout ratio is 7.29%.

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.