Churchill Downs, Inc. (CHDN) Stake Boosted by First Trust Advisors LP
First Trust Advisors LP grew its holdings in Churchill Downs, Inc. (NASDAQ:CHDN) by 29.4% during the 3rd quarter, Holdings Channel reports. The firm owned 16,859 shares of the company’s stock after purchasing an additional 3,828 shares during the quarter. First Trust Advisors LP’s holdings in Churchill Downs were worth $4,682,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of CHDN. Macquarie Group Ltd. bought a new stake in Churchill Downs during the 2nd quarter worth $119,000. Fort L.P. bought a new stake in Churchill Downs during the 2nd quarter worth $120,000. Robeco Institutional Asset Management B.V. bought a new stake in Churchill Downs during the 2nd quarter worth $203,000. Brown Advisory Inc. bought a new stake in Churchill Downs during the 2nd quarter worth $205,000. Finally, Greenwood Capital Associates LLC bought a new stake in Churchill Downs during the 2nd quarter worth $239,000. Institutional investors own 71.25% of the company’s stock.
A number of brokerages recently weighed in on CHDN. BidaskClub upgraded Churchill Downs from a “hold” rating to a “buy” rating in a research report on Thursday. Zacks Investment Research upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research report on Thursday, November 8th. Telsey Advisory Group reduced their price target on Churchill Downs from $290.00 to $280.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 14th. ValuEngine upgraded Churchill Downs from a “hold” rating to a “buy” rating in a research report on Friday, October 12th. Finally, Jefferies Financial Group set a $325.00 price target on Churchill Downs and gave the company a “hold” rating in a research report on Thursday, September 20th. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $303.33.
Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, October 31st. The company reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.43). Churchill Downs had a net margin of 39.18% and a return on equity of 30.33%. The company had revenue of $221.30 million during the quarter, compared to the consensus estimate of $208.87 million. During the same quarter last year, the firm posted $1.08 EPS. The company’s quarterly revenue was up 12.4% on a year-over-year basis. Equities research analysts expect that Churchill Downs, Inc. will post 10.82 EPS for the current year.
The business also recently declared an annual dividend, which will be paid on Friday, January 4th. Shareholders of record on Friday, December 7th will be given a $1.63 dividend. This represents a dividend yield of 0.6%. The ex-dividend date of this dividend is Thursday, December 6th. This is a positive change from Churchill Downs’s previous annual dividend of $1.52. Churchill Downs’s payout ratio is 25.85%.
In related news, Director Richard L. Duchossois purchased 1,900 shares of Churchill Downs stock in a transaction on Friday, November 9th. The shares were purchased at an average price of $265.83 per share, for a total transaction of $505,077.00. Following the transaction, the director now owns 8,550 shares of the company’s stock, valued at approximately $2,272,846.50. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Richard L. Duchossois purchased 3,700 shares of Churchill Downs stock in a transaction on Tuesday, November 6th. The stock was bought at an average price of $271.47 per share, for a total transaction of $1,004,439.00. Following the transaction, the director now directly owns 12,137 shares in the company, valued at approximately $3,294,831.39. The disclosure for this purchase can be found here. Insiders own 13.78% of the company’s stock.
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About Churchill Downs
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.
Further Reading: Cost of Equity For A Business, Investors
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