Baird Financial Group Inc. Cuts Stock Position in Churchill Downs, Incorporated $CHDN

Baird Financial Group Inc. lessened its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 6.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 565,813 shares of the company’s stock after selling 37,036 shares during the period. Baird Financial Group Inc. owned approximately 0.81% of Churchill Downs worth $57,147,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in CHDN. JLB & Associates Inc. increased its holdings in shares of Churchill Downs by 3.8% during the second quarter. JLB & Associates Inc. now owns 2,867 shares of the company’s stock valued at $290,000 after acquiring an additional 105 shares in the last quarter. Bessemer Group Inc. grew its position in Churchill Downs by 2.0% during the 2nd quarter. Bessemer Group Inc. now owns 6,474 shares of the company’s stock valued at $654,000 after purchasing an additional 126 shares during the last quarter. Aristides Capital LLC increased its stake in Churchill Downs by 5.7% during the 1st quarter. Aristides Capital LLC now owns 2,462 shares of the company’s stock valued at $273,000 after purchasing an additional 132 shares in the last quarter. RPS Advisory Solutions LLC raised its holdings in Churchill Downs by 4.6% in the second quarter. RPS Advisory Solutions LLC now owns 3,497 shares of the company’s stock worth $353,000 after buying an additional 154 shares during the last quarter. Finally, Main Management ETF Advisors LLC raised its holdings in Churchill Downs by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 10,262 shares of the company’s stock worth $1,036,000 after buying an additional 168 shares during the last quarter. 82.59% of the stock is owned by institutional investors.

Churchill Downs Stock Performance

CHDN opened at $113.27 on Friday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 4.87. The company has a market cap of $7.90 billion, a price-to-earnings ratio of 20.59, a PEG ratio of 2.00 and a beta of 0.70. The company’s 50 day moving average is $99.38 and its 200 day moving average is $100.59. Churchill Downs, Incorporated has a 12-month low of $85.58 and a 12-month high of $142.85.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, October 22nd. The company reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.12. The business had revenue of $683.00 million during the quarter, compared to analysts’ expectations of $671.43 million. Churchill Downs had a net margin of 13.99% and a return on equity of 42.54%. The firm’s revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.97 earnings per share. On average, equities research analysts predict that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

Churchill Downs Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, January 6th. Investors of record on Friday, December 5th will be given a dividend of $0.438 per share. This represents a yield of 39.0%. This is a boost from Churchill Downs’s previous annual dividend of $0.41. The ex-dividend date is Friday, December 5th. Churchill Downs’s dividend payout ratio (DPR) is presently 7.45%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on CHDN shares. Macquarie reiterated an “outperform” rating and set a $155.00 price target on shares of Churchill Downs in a report on Friday, October 24th. JPMorgan Chase & Co. cut their target price on Churchill Downs from $130.00 to $128.00 and set an “overweight” rating on the stock in a research note on Thursday, October 16th. Weiss Ratings reissued a “hold (c-)” rating on shares of Churchill Downs in a report on Wednesday, October 8th. Susquehanna reaffirmed a “positive” rating and set a $124.00 price target (down from $126.00) on shares of Churchill Downs in a report on Tuesday, October 21st. Finally, Wells Fargo & Company started coverage on Churchill Downs in a research report on Tuesday, November 18th. They set an “overweight” rating and a $115.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $133.30.

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.