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

William Blair Investment Management LLC lowered its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 2.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,009,557 shares of the company’s stock after selling 20,564 shares during the period. William Blair Investment Management LLC’s holdings in Churchill Downs were worth $76,403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Kimelman & Baird LLC acquired a new position in Churchill Downs in the second quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Churchill Downs in the second quarter worth approximately $29,000. Twin Tree Management LP acquired a new stake in Churchill Downs during the second quarter worth $36,000. NewEdge Advisors LLC acquired a new stake in Churchill Downs during the first quarter worth $50,000. Finally, Essential Partners LLC increased its stake in Churchill Downs by 64.7% during the first quarter. Essential Partners LLC now owns 578 shares of the company’s stock worth $52,000 after acquiring an additional 227 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on CHDN. Wells Fargo & Company restated an “overweight” rating and issued a $120.00 target price (up from $117.00) on shares of Churchill Downs in a research report on Monday, October 19th. Barclays raised their price objective on Churchill Downs from $132.00 to $133.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. Weiss Ratings upgraded shares of Churchill Downs from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, September 2nd. Royal Bank Of Canada set a $131.00 price objective on shares of Churchill Downs in a report on Tuesday, October 13th. Finally, Susquehanna decreased their target price on shares of Churchill Downs from $124.00 to $115.00 and set a “positive” rating on the stock in a research report on Wednesday, October 21st. Eleven investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $126.70.

Churchill Downs Trading Up 0.1%

Churchill Downs stock traded up $0.10 during 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. 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 company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 2.95. Churchill Downs, Incorporated has a 1-year low of $73.08 and a 1-year high of $118.35. The company’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 results on Wednesday, October 28th. The company reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.10. Churchill Downs had a return on equity of 39.90% and a net margin of 15.15%. The company had revenue of $696.00 million for the quarter, compared to analysts’ expectations of $695.16 million. During the same period in the prior year, the firm earned $1.09 earnings per share. The firm’s revenue was up 1.9% compared to the same quarter last year. As a group, analysts expect that Churchill Downs, Incorporated will post 6.88 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Tuesday, January 5th. Investors of record on Friday, December 4th will be issued a $0.4690 dividend. 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 dividend payout ratio (DPR) is presently 6.83%.

Churchill Downs Company Profile

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.