Cinctive Capital Management LP Raises Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Cinctive Capital Management LP grew its position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 16.3% during the third quarter, Holdings Channel reports. The fund owned 99,689 shares of the company’s stock after purchasing an additional 13,996 shares during the period. Cinctive Capital Management LP’s holdings in Churchill Downs were worth $13,479,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CHDN. Kimelman & Baird LLC bought a new position in Churchill Downs during the 2nd quarter valued at approximately $42,000. CWM LLC increased its stake in Churchill Downs by 36.8% during the 2nd quarter. CWM LLC now owns 439 shares of the company’s stock valued at $61,000 after purchasing an additional 118 shares in the last quarter. UMB Bank n.a. increased its stake in Churchill Downs by 82.8% during the 3rd quarter. UMB Bank n.a. now owns 563 shares of the company’s stock valued at $76,000 after purchasing an additional 255 shares in the last quarter. Bank & Trust Co purchased a new position in Churchill Downs in the second quarter worth about $84,000. Finally, GAMMA Investing LLC grew its holdings in shares of Churchill Downs by 72.4% during the second quarter. GAMMA Investing LLC now owns 612 shares of the company’s stock valued at $85,000 after buying an additional 257 shares during the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on CHDN shares. Mizuho reduced their price target on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a research note on Tuesday, October 22nd. Bank of America upgraded shares of Churchill Downs from a “neutral” rating to a “buy” rating and boosted their target price for the company from $145.00 to $155.00 in a research report on Monday, August 12th. JMP Securities reiterated a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a research report on Monday, October 14th. StockNews.com raised shares of Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company raised their target price on Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Churchill Downs has an average rating of “Moderate Buy” and an average price target of $160.88.

Churchill Downs Trading Up 1.3 %

Shares of CHDN opened at $142.11 on Monday. Churchill Downs Incorporated has a 1 year low of $111.10 and a 1 year high of $150.21. The company has a 50 day simple moving average of $139.18 and a two-hundred day simple moving average of $138.14. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a market cap of $10.44 billion, a P/E ratio of 25.89, a price-to-earnings-growth ratio of 3.94 and a beta of 0.96.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings data 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 firm had revenue of $628.50 million during the quarter, compared to analyst estimates of $627.90 million. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.87 earnings per share. On average, equities analysts expect that Churchill Downs Incorporated will post 5.86 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

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

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.