Cinctive Capital Management LP Purchases 13,996 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Cinctive Capital Management LP boosted its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 16.3% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 99,689 shares of the company’s stock after purchasing an additional 13,996 shares during the quarter. Cinctive Capital Management LP owned 0.14% of Churchill Downs worth $13,479,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CHDN. William Blair Investment Management LLC bought a new stake in shares of Churchill Downs during the 2nd quarter worth $125,418,000. Westfield Capital Management Co. LP grew its position in shares of Churchill Downs by 100.0% in the 3rd quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock valued at $103,241,000 after buying an additional 381,754 shares during the last quarter. Bank of New York Mellon Corp increased its position in Churchill Downs by 0.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 634,319 shares of the company’s stock valued at $88,551,000 after purchasing an additional 3,608 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Churchill Downs by 6.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 595,202 shares of the company’s stock worth $80,477,000 after buying an additional 37,679 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Churchill Downs by 15.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 442,531 shares of the company’s stock worth $61,782,000 after acquiring an additional 57,892 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Trading Up 1.3 %

Churchill Downs stock opened at $142.11 on Monday. The stock has a market cap of $10.44 billion, a P/E ratio of 25.89, a PEG ratio of 3.94 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. The firm’s fifty day moving average price is $139.18 and its 200-day moving average price is $138.14. Churchill Downs Incorporated has a fifty-two week low of $111.10 and a fifty-two week high of $150.21.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share 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%. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the business posted $0.87 earnings per share. Equities research analysts forecast that Churchill Downs Incorporated will post 5.86 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 6th will be given a $0.409 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a yield of 0.29%. This is an increase from Churchill Downs’s previous annual dividend of $0.38. Churchill Downs’s payout ratio is presently 7.29%.

Analyst Ratings Changes

Several research analysts recently issued reports on CHDN shares. Truist Financial reissued a “buy” rating and set a $165.00 target price (down from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Mizuho dropped 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 report on Tuesday, October 22nd. JMP Securities reissued a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a report on Monday, October 14th. Finally, Bank of America raised Churchill Downs from a “neutral” rating to a “buy” rating and increased their price objective for the company from $145.00 to $155.00 in a report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price 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.