First Horizon Advisors Inc. Sells 152 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

First Horizon Advisors Inc. decreased its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 18.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 666 shares of the company’s stock after selling 152 shares during the period. First Horizon Advisors Inc.’s holdings in Churchill Downs were worth $90,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CHDN. William Blair Investment Management LLC bought a new stake in Churchill Downs in the second quarter valued at approximately $125,418,000. Assenagon Asset Management S.A. increased its position in shares of Churchill Downs by 10,126.1% in the 2nd quarter. Assenagon Asset Management S.A. now owns 195,829 shares of the company’s stock valued at $27,338,000 after buying an additional 193,914 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in Churchill Downs during the 2nd quarter worth $26,384,000. Artemis Investment Management LLP lifted its holdings in Churchill Downs by 60.1% during the second quarter. Artemis Investment Management LLP now owns 347,074 shares of the company’s stock worth $48,452,000 after acquiring an additional 130,331 shares in the last quarter. Finally, WCM Investment Management LLC acquired a new position in Churchill Downs in the third quarter valued at about $15,231,000. 82.59% of the stock is currently owned by institutional investors.

Churchill Downs Stock Down 0.4 %

Shares of CHDN stock opened at $141.87 on Monday. The firm’s fifty day moving average price is $139.05 and its two-hundred day moving average price is $137.99. Churchill Downs Incorporated has a 1 year low of $111.10 and a 1 year high of $150.21. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 4.35. The firm has a market capitalization of $10.43 billion, a P/E ratio of 25.84, a PEG ratio of 3.94 and a beta of 0.96.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $628.50 million for the quarter, compared to the consensus estimate of $627.90 million. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. Churchill Downs’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.87 earnings per share. On average, equities analysts predict that Churchill Downs Incorporated will post 5.86 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The company also recently announced an annual dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 6th will be paid a $0.409 dividend. The ex-dividend date is Friday, December 6th. This is a boost from Churchill Downs’s previous annual dividend of $0.38. This represents a dividend yield of 0.29%. Churchill Downs’s dividend payout ratio (DPR) is currently 7.29%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CHDN. Wells Fargo & Company lifted their price objective on Churchill Downs from $161.00 to $168.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Bank of America upgraded shares of Churchill Downs from a “neutral” rating to a “buy” rating and upped their price target for the company from $145.00 to $155.00 in a report on Monday, August 12th. Truist Financial restated a “buy” rating and set a $165.00 price objective (down from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. JMP Securities reaffirmed a “market outperform” rating and issued a $166.00 target price on shares of Churchill Downs in a research note on Monday, October 14th. Finally, Mizuho lowered their target price on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $160.88.

About Churchill Downs

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.