Churchill Downs (NASDAQ:CHDN) Sees Unusually-High Trading Volume – Should You Buy?

Churchill Downs Incorporated (NASDAQ:CHDN) saw unusually-high trading volume on Thursday . Approximately 600,771 shares changed hands during mid-day trading, an increase of 48% from the previous session’s volume of 405,976 shares.The stock last traded at $124.77 and had previously closed at $126.89.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Truist Financial reissued a “buy” rating and set a $165.00 price target (down previously from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. Wells Fargo & Company upped their price target on shares of Churchill Downs from $161.00 to $168.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. JMP Securities reissued a “market outperform” rating and set a $166.00 price objective on shares of Churchill Downs in a report on Thursday. Finally, Mizuho cut their target price on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $160.88.

Churchill Downs Stock Up 1.1 %

The stock has a 50 day moving average price of $135.50 and a 200 day moving average price of $137.57. The company has a market cap of $9.26 billion, a P/E ratio of 22.95, a P/E/G ratio of 2.97 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 announced 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 return on equity of 45.48% and a net margin of 15.45%. The company had revenue of $628.50 million for the quarter, compared to analyst estimates of $627.90 million. During the same period in the previous year, the firm earned $0.87 earnings per share. Churchill Downs’s revenue for the quarter was up 9.8% compared to the same quarter last year. Research analysts expect that Churchill Downs Incorporated will post 5.84 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The firm also recently announced an annual dividend, which was paid on Friday, January 3rd. Shareholders of record on Friday, December 6th were paid a dividend of $0.409 per share. This represents a yield of 0.29%. The ex-dividend date of this dividend was Friday, December 6th. This is a boost from Churchill Downs’s previous annual dividend of $0.38. Churchill Downs’s payout ratio is 7.47%.

Institutional Investors Weigh In On Churchill Downs

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHDN. Commonwealth Equity Services LLC raised its position in Churchill Downs by 7.9% during the second quarter. Commonwealth Equity Services LLC now owns 2,204 shares of the company’s stock valued at $308,000 after acquiring an additional 162 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Churchill Downs during the 2nd quarter valued at $794,000. Envestnet Asset Management Inc. lifted its stake in shares of Churchill Downs by 46.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 266,137 shares of the company’s stock valued at $37,153,000 after purchasing an additional 84,420 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Churchill Downs by 15.1% in the second quarter. Dimensional Fund Advisors LP now owns 442,531 shares of the company’s stock worth $61,782,000 after purchasing an additional 57,892 shares in the last quarter. Finally, Argent Trust Co increased its position in Churchill Downs by 18.3% during the second quarter. Argent Trust Co now owns 4,517 shares of the company’s stock worth $631,000 after buying an additional 700 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

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.