Allianz Asset Management GmbH increased its stake in shares of Churchill Downs, Inc. (NASDAQ:CHDN) by 3.7% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 63,928 shares of the company’s stock after purchasing an additional 2,252 shares during the period. Allianz Asset Management GmbH owned 0.47% of Churchill Downs worth $17,753,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. Macquarie Group Ltd. purchased a new stake in Churchill Downs during the 2nd quarter worth about $119,000. Fort L.P. purchased a new stake in Churchill Downs during the 2nd quarter worth about $120,000. Stratos Wealth Partners LTD. purchased a new stake in Churchill Downs during the 3rd quarter worth about $143,000. Private Advisor Group LLC purchased a new stake in Churchill Downs during the 3rd quarter worth about $202,000. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in Churchill Downs during the 2nd quarter worth about $203,000. 70.45% of the stock is currently owned by institutional investors and hedge funds.
CHDN has been the topic of a number of recent research reports. BidaskClub cut Churchill Downs from a “sell” rating to a “strong sell” rating in a report on Saturday, September 8th. Zacks Investment Research cut Churchill Downs from a “hold” rating to a “sell” rating in a report on Monday, September 24th. Jefferies Financial Group set a $325.00 price objective on Churchill Downs and gave the stock a “hold” rating in a report on Thursday, September 20th. They noted that the move was a valuation call. ValuEngine cut Churchill Downs from a “buy” rating to a “hold” rating in a report on Tuesday, October 23rd. Finally, Telsey Advisory Group decreased their target price on Churchill Downs from $290.00 to $280.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 14th. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Churchill Downs presently has an average rating of “Buy” and an average price target of $303.33.
Shares of NASDAQ CHDN opened at $262.46 on Friday. The stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of 44.64, a price-to-earnings-growth ratio of 1.25 and a beta of 1.09. The company has a debt-to-equity ratio of 1.71, a quick ratio of 1.09 and a current ratio of 1.09. Churchill Downs, Inc. has a twelve month low of $222.90 and a twelve month high of $314.60.
Shares of Churchill Downs are scheduled to split on the morning of Monday, January 28th. The 3-1 split was announced on Wednesday, October 31st. The newly created shares will be distributed to shareholders after the closing bell on Friday, January 25th.
Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, October 31st. The company reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.43). The business had revenue of $221.30 million during the quarter, compared to the consensus estimate of $208.87 million. Churchill Downs had a return on equity of 30.33% and a net margin of 39.18%. Churchill Downs’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.08 earnings per share. Research analysts forecast that Churchill Downs, Inc. will post 10.82 EPS for the current fiscal year.
The firm also recently announced an annual dividend, which will be paid on Friday, January 4th. Shareholders of record on Friday, December 7th will be paid a $1.63 dividend. This is a positive change from Churchill Downs’s previous annual dividend of $1.52. This represents a yield of 0.6%. The ex-dividend date of this dividend is Thursday, December 6th. Churchill Downs’s dividend payout ratio is currently 25.85%.
In other Churchill Downs news, Director Richard L. Duchossois bought 3,700 shares of the firm’s stock in a transaction on Tuesday, November 6th. The shares were acquired at an average cost of $271.47 per share, for a total transaction of $1,004,439.00. Following the purchase, the director now directly owns 12,137 shares of the company’s stock, valued at $3,294,831.39. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Richard L. Duchossois bought 1,900 shares of the firm’s stock in a transaction on Friday, November 9th. The stock was acquired at an average price of $265.83 per share, for a total transaction of $505,077.00. Following the completion of the purchase, the director now directly owns 8,550 shares in the company, valued at $2,272,846.50. The disclosure for this purchase can be found here. 13.78% of the stock is owned by corporate insiders.
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Churchill Downs Company Profile
Churchill Downs Incorporated operates as a racing, gaming, and online entertainment company in the United States. It operates through Racing, Casinos, TwinSpires, and Other Investments segments. The company operates 4 racetracks, including Churchill Downs Racetrack in Louisville, Kentucky; Arlington International Race Course in Arlington Heights with 11 off-track betting (OTB) facilities in Illinois; Fair Grounds Race Course in New Orleans along with 12 OTBs in Louisiana; and Calder Race Course in Miami Gardens, Florida.
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