Churchill Downs (NASDAQ:CHDN) Sees Strong Trading Volume – Here’s What Happened

Shares of Churchill Downs Incorporated (NASDAQ:CHDN) saw an uptick in trading volume on Thursday . 600,771 shares changed hands during mid-day trading, an increase of 48% from the previous session’s volume of 405,976 shares.The stock last traded at $124.77 and had previously closed at $126.89.

Analyst Ratings Changes

CHDN has been the subject of several analyst reports. Wells Fargo & Company raised their price target on Churchill Downs from $161.00 to $168.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Truist Financial restated a “buy” rating and set a $165.00 price objective (down from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. Mizuho decreased their target price on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a report on Tuesday, October 22nd. JMP Securities reiterated a “market outperform” rating and set a $166.00 price target on shares of Churchill Downs in a report on Thursday. Finally, StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $160.88.

Churchill Downs Stock Down 1.9 %

The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 4.35. The company has a market cap of $9.15 billion, a PE ratio of 22.68, a PEG ratio of 2.97 and a beta of 0.96. The company’s fifty day moving average is $136.33 and its 200-day moving average is $137.75.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The firm 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 period last year, the business posted $0.87 EPS. On average, analysts predict that Churchill Downs Incorporated will post 5.84 EPS for the current year.

Churchill Downs Increases Dividend

The company also recently declared an annual dividend, which was paid on Friday, January 3rd. Shareholders of record on Friday, December 6th were paid a dividend of $0.409 per share. This is an increase from Churchill Downs’s previous annual dividend of $0.38. This represents a dividend yield of 0.29%. The ex-dividend date of this dividend was Friday, December 6th. Churchill Downs’s payout ratio is currently 7.47%.

Hedge Funds Weigh In On Churchill Downs

A number of institutional investors and hedge funds have recently made changes to their positions in CHDN. Winslow Asset Management Inc. increased its holdings in Churchill Downs by 2.8% during the third quarter. Winslow Asset Management Inc. now owns 3,280 shares of the company’s stock valued at $443,000 after buying an additional 90 shares during the last quarter. Venturi Wealth Management LLC increased its stake in shares of Churchill Downs by 13.3% in the 3rd quarter. Venturi Wealth Management LLC now owns 767 shares of the company’s stock worth $104,000 after purchasing an additional 90 shares in the last quarter. Commerce Bank raised its holdings in Churchill Downs by 1.8% in the 3rd quarter. Commerce Bank now owns 5,072 shares of the company’s stock worth $686,000 after purchasing an additional 90 shares during the period. Mercer Global Advisors Inc. ADV lifted its position in Churchill Downs by 4.8% during the second quarter. Mercer Global Advisors Inc. ADV now owns 2,547 shares of the company’s stock valued at $356,000 after purchasing an additional 116 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its position in Churchill Downs by 7.9% during the second quarter. Commonwealth Equity Services LLC now owns 2,204 shares of the company’s stock valued at $308,000 after purchasing an additional 162 shares in the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Company 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.