Churchill Downs, Incorporated $CHDN Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. reduced its position in Churchill Downs, Incorporated (NASDAQ:CHDN) by 43.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,948 shares of the company’s stock after selling 27,842 shares during the period. Edgestream Partners L.P.’s holdings in Churchill Downs were worth $3,732,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. increased its position in shares of Churchill Downs by 1,364.7% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock valued at $28,000 after buying an additional 232 shares in the last quarter. Elequin Capital LP acquired a new stake in Churchill Downs in the 1st quarter valued at about $29,000. MAI Capital Management increased its holdings in Churchill Downs by 306.9% during the 2nd quarter. MAI Capital Management now owns 293 shares of the company’s stock valued at $30,000 after acquiring an additional 221 shares in the last quarter. Signaturefd LLC raised its position in Churchill Downs by 161.1% during the second quarter. Signaturefd LLC now owns 329 shares of the company’s stock worth $33,000 after acquiring an additional 203 shares during the last quarter. Finally, Huntington National Bank lifted its holdings in shares of Churchill Downs by 534.3% in the second quarter. Huntington National Bank now owns 425 shares of the company’s stock valued at $43,000 after purchasing an additional 358 shares in the last quarter. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CHDN. Macquarie reissued an “outperform” rating and set a $155.00 price objective on shares of Churchill Downs in a research note on Friday, October 24th. JPMorgan Chase & Co. cut their price target on Churchill Downs from $130.00 to $128.00 and set an “overweight” rating for the company in a report on Thursday, October 16th. Barclays increased their price objective on Churchill Downs from $131.00 to $132.00 and gave the company an “overweight” rating in a research note on Friday, October 24th. Susquehanna reiterated a “positive” rating and set a $124.00 price objective (down previously from $126.00) on shares of Churchill Downs in a research report on Tuesday, October 21st. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Churchill Downs in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $133.30.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN opened at $111.61 on Thursday. The business has a fifty day simple moving average of $99.03 and a 200-day simple moving average of $100.50. Churchill Downs, Incorporated has a 52 week low of $85.58 and a 52 week high of $143.34. The company has a market cap of $7.78 billion, a P/E ratio of 20.29, a P/E/G ratio of 1.99 and a beta of 0.70. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 4.87.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.97 by $0.12. Churchill Downs had a return on equity of 42.54% and a net margin of 13.99%.The company had revenue of $683.00 million during the quarter, compared to analysts’ expectations of $671.43 million. During the same quarter in the previous year, the business earned $0.97 EPS. The firm’s revenue was up 8.7% on a year-over-year basis. Equities research analysts forecast that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Churchill Downs Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, January 6th. Investors of record on Friday, December 5th will be given a dividend of $0.438 per share. This represents a yield of 46.0%. This is a positive change from Churchill Downs’s previous annual dividend of $0.41. The ex-dividend date of this dividend is Friday, December 5th. Churchill Downs’s dividend payout ratio (DPR) is currently 7.82%.

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.