Churchill Downs, Incorporated $CHDN Stock: William Blair Investment Management LLC Trims Holdings

William Blair Investment Management LLC cut its stake in Churchill Downs, Incorporated (NASDAQ:CHDN) by 2.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,009,557 shares of the company’s stock after selling 20,564 shares during the quarter. William Blair Investment Management LLC owned approximately 1.47% of Churchill Downs worth $76,403,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Engineers Gate Manager LP lifted its position in shares of Churchill Downs by 118.8% in the second quarter. Engineers Gate Manager LP now owns 54,890 shares of the company’s stock valued at $4,920,000 after acquiring an additional 29,807 shares in the last quarter. Bridger Management LLC purchased a new stake in shares of Churchill Downs during the second quarter worth approximately $5,126,000. BlackRock Inc. purchased a new stake in shares of Churchill Downs during the second quarter worth approximately $555,948,000. Aurora Investment Counsel purchased a new stake in shares of Churchill Downs during the second quarter worth approximately $2,265,000. Finally, Commerce Bank acquired a new position in Churchill Downs in the 2nd quarter valued at $604,000. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on CHDN shares. Citigroup restated a “market outperform” rating on shares of Churchill Downs in a report on Tuesday, October 13th. Truist Financial dropped their target price on shares of Churchill Downs from $145.00 to $140.00 and set a “buy” rating for the company in a report on Tuesday, October 20th. Weiss Ratings upgraded shares of Churchill Downs from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Wednesday, September 2nd. Royal Bank Of Canada set a $131.00 price target on shares of Churchill Downs in a research note on Tuesday, October 13th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $120.00 price target (up from $117.00) on shares of Churchill Downs in a research report on Monday, October 19th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $126.70.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN traded up $0.10 during midday trading on Friday, hitting $99.72. The company had a trading volume of 764,624 shares, compared to its average volume of 1,113,677. Churchill Downs, Incorporated has a twelve month low of $73.08 and a twelve month high of $118.35. The company has a debt-to-equity ratio of 2.95, a current ratio of 0.32 and a quick ratio of 0.32. The stock has a market cap of $6.84 billion, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 1.02 and a beta of 0.77. The business’s 50-day simple moving average is $84.93 and its 200-day simple moving average is $88.03.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data on Wednesday, October 28th. The company reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.10. The company had revenue of $696.00 million for the quarter, compared to analyst estimates of $695.16 million. Churchill Downs had a return on equity of 39.90% and a net margin of 15.15%. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 earnings per share. On average, research analysts predict that Churchill Downs, Incorporated will post 6.88 earnings per share for the current year.

Churchill Downs Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, January 5th. Stockholders of record on Friday, December 4th will be issued a dividend of $0.4690 per share. The ex-dividend date is Friday, December 4th. This represents a dividend yield of 57.0%. This is a boost from Churchill Downs’s previous annual dividend of $0.4380. Churchill Downs’s payout ratio is presently 6.83%.

About Churchill Downs

Churchill Downs Incorporated is a gaming and entertainment company best known for operating Churchill Downs Racetrack in Louisville, Kentucky, home of the Kentucky Derby. The racetrack opened in 1875, the same year the inaugural Kentucky Derby was held. The company operates horse-racing venues and related wagering businesses, as well as casinos and other gaming properties in several U.S. states. Its offerings include live and simulcast racing, casino gaming, and historical horse-racing machines.