3,001 Shares in Churchill Downs Incorporated (NASDAQ:CHDN) Acquired by Meridian Wealth Management LLC

Meridian Wealth Management LLC bought a new stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,001 shares of the company’s stock, valued at approximately $406,000.

Other hedge funds have also recently added to or reduced their stakes in the company. William Blair Investment Management LLC bought a new position in shares of Churchill Downs in the 2nd quarter worth about $125,418,000. Assenagon Asset Management S.A. grew its position in shares of Churchill Downs by 10,126.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 195,829 shares of the company’s stock worth $27,338,000 after buying an additional 193,914 shares during the period. Sequoia Financial Advisors LLC bought a new stake in shares of Churchill Downs in the 2nd quarter valued at $26,384,000. Artemis Investment Management LLP lifted its position in shares of Churchill Downs by 60.1% during the 2nd quarter. Artemis Investment Management LLP now owns 347,074 shares of the company’s stock valued at $48,452,000 after acquiring an additional 130,331 shares during the period. Finally, WCM Investment Management LLC bought a new position in Churchill Downs during the third quarter worth $15,231,000. Institutional investors own 82.59% of the company’s stock.

Churchill Downs Stock Performance

NASDAQ:CHDN opened at $141.87 on Monday. The business’s fifty day moving average is $139.05 and its 200 day moving average is $137.99. The firm has a market cap of $10.43 billion, a price-to-earnings ratio of 25.84, a PEG ratio of 3.94 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 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 issued its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 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 analyst estimates of $627.90 million. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.87 EPS. Research analysts predict that Churchill Downs Incorporated will post 5.86 EPS for the current year.

Churchill Downs Increases Dividend

The business also recently disclosed 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. This is a boost 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 dividend payout ratio (DPR) is 7.29%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. JMP Securities reaffirmed a “market outperform” rating and set a $166.00 target price on shares of Churchill Downs in a research report on Monday, October 14th. Wells Fargo & Company boosted their price objective on Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Bank of America upgraded Churchill Downs from a “neutral” rating to a “buy” rating and raised their target price for the company from $145.00 to $155.00 in a report on Monday, August 12th. Mizuho decreased their price target on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a report on Tuesday, October 22nd. Finally, Truist Financial reaffirmed a “buy” rating and set a $165.00 price target (down from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.