Independent Advisor Alliance Reduces Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Independent Advisor Alliance decreased its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 8.2% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,261 shares of the company’s stock after selling 472 shares during the quarter. Independent Advisor Alliance’s holdings in Churchill Downs were worth $711,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in CHDN. Harbor Capital Advisors Inc. boosted its stake in shares of Churchill Downs by 259.3% during the second quarter. Harbor Capital Advisors Inc. now owns 19,857 shares of the company’s stock worth $2,772,000 after buying an additional 14,331 shares during the period. Aigen Investment Management LP acquired a new stake in shares of Churchill Downs during the third quarter worth about $516,000. Westfield Capital Management Co. LP boosted its stake in shares of Churchill Downs by 100.0% during the third quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock worth $103,241,000 after buying an additional 381,754 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Churchill Downs by 10,126.1% during the second 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. Finally, Point72 Asset Management L.P. boosted its stake in shares of Churchill Downs by 66.8% during the second quarter. Point72 Asset Management L.P. now owns 250,319 shares of the company’s stock worth $34,944,000 after buying an additional 100,230 shares during the period. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Stock Up 0.4 %

CHDN stock opened at $140.22 on Thursday. The stock has a market capitalization of $10.31 billion, a P/E ratio of 25.54, a PEG ratio of 3.93 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 Incorporated has a one year low of $111.10 and a one year high of $150.21. The company has a 50 day moving average price of $139.07 and a two-hundred day moving average price of $138.03.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings data 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 analysts’ expectations of $627.90 million. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.87 EPS. As a group, sell-side analysts expect 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. Investors of record on Friday, December 6th will be issued a dividend of $0.409 per share. This is a positive change from Churchill Downs’s previous annual dividend of $0.38. The ex-dividend date of this dividend is Friday, December 6th. This represents a dividend yield of 0.29%. Churchill Downs’s payout ratio is presently 6.92%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CHDN shares. Wells Fargo & Company increased their target price 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. Bank of America upgraded shares of Churchill Downs from a “neutral” rating to a “buy” rating and raised their price objective for the company from $145.00 to $155.00 in a research report on Monday, August 12th. Truist Financial restated a “buy” rating and issued a $165.00 price objective (down previously from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. JMP Securities restated a “market outperform” rating and issued a $166.00 price objective on shares of Churchill Downs in a research report on Monday, October 14th. Finally, Mizuho reduced their price objective on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a research report on Tuesday, October 22nd. One 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.com, the company presently has an average rating of “Moderate Buy” and an average 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.