Dudley Capital Management LLC Lowers Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

Dudley Capital Management LLC trimmed its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 18.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 2,460 shares of the company’s stock after selling 540 shares during the quarter. Dudley Capital Management LLC’s holdings in Churchill Downs were worth $333,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. BNP Paribas Financial Markets raised its stake in Churchill Downs by 56.2% during the 1st quarter. BNP Paribas Financial Markets now owns 6,481 shares of the company’s stock valued at $802,000 after acquiring an additional 2,332 shares during the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of Churchill Downs during the first quarter worth approximately $44,000. Texas Permanent School Fund Corp lifted its holdings in shares of Churchill Downs by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 59,409 shares of the company’s stock worth $7,352,000 after purchasing an additional 769 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Churchill Downs by 12.8% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 9,531 shares of the company’s stock worth $1,179,000 after purchasing an additional 1,085 shares during the period. Finally, Concurrent Investment Advisors LLC purchased a new position in Churchill Downs in the 1st quarter valued at $354,000. Institutional investors and hedge funds own 82.59% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Truist Financial reiterated a “buy” rating and set a $165.00 price target (down from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. Macquarie boosted their price target on Churchill Downs from $154.00 to $162.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a research note on Wednesday. Stifel Nicolaus upped their target price on Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Finally, Wells Fargo & Company lifted their price target on Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $160.88.

Churchill Downs Stock Performance

Churchill Downs stock opened at $146.41 on Friday. The company has a debt-to-equity ratio of 4.35, a quick ratio of 0.55 and a current ratio of 0.55. Churchill Downs Incorporated has a fifty-two week low of $111.10 and a fifty-two week high of $150.21. The stock has a fifty day moving average of $138.59 and a two-hundred day moving average of $137.08. The company has a market capitalization of $10.76 billion, a price-to-earnings ratio of 26.67, a PEG ratio of 3.80 and a beta of 0.96.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The firm had revenue of $628.50 million during the quarter, compared to analysts’ expectations of $627.90 million. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. The firm’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 EPS. On average, analysts anticipate that Churchill Downs Incorporated will post 5.86 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 6th will be given a $0.409 dividend. This represents a dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, December 6th. This is a positive change from Churchill Downs’s previous annual dividend of $0.38. Churchill Downs’s payout ratio is currently 6.92%.

Churchill Downs 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.