WCM Investment Management LLC Buys New Shares in Churchill Downs Incorporated (NASDAQ:CHDN)

WCM Investment Management LLC bought a new stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 113,644 shares of the company’s stock, valued at approximately $15,231,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Capital International Investors lifted its stake in Churchill Downs by 7.5% during the first quarter. Capital International Investors now owns 2,560,653 shares of the company’s stock valued at $316,881,000 after purchasing an additional 177,900 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Churchill Downs in the 2nd quarter valued at approximately $125,418,000. Boston Partners lifted its position in shares of Churchill Downs by 4.4% in the 1st quarter. Boston Partners now owns 846,151 shares of the company’s stock valued at $104,723,000 after acquiring an additional 35,587 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Churchill Downs by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 634,319 shares of the company’s stock valued at $88,551,000 after acquiring an additional 3,608 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Churchill Downs by 15.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 442,531 shares of the company’s stock valued at $61,782,000 after acquiring an additional 57,892 shares in the last quarter. 82.59% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on CHDN shares. Wells Fargo & Company upped their price target on shares of Churchill Downs from $161.00 to $168.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. Macquarie upped their price target on shares of Churchill Downs from $154.00 to $162.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Truist Financial restated a “buy” rating and issued a $165.00 price target (down previously from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. Bank of America upgraded shares of Churchill Downs from a “neutral” rating to a “buy” rating and upped their price target for the company from $145.00 to $155.00 in a research report on Monday, August 12th. Finally, StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a research 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 company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $160.88.

Churchill Downs Stock Performance

Shares of CHDN opened at $141.88 on Tuesday. The company’s fifty day moving average is $138.77 and its 200-day moving average is $137.53. Churchill Downs Incorporated has a 12 month low of $111.10 and a 12 month high of $150.21. The firm has a market cap of $10.43 billion, a price-to-earnings ratio of 25.84, a price-to-earnings-growth ratio of 4.02 and a beta of 0.96. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 4.35.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. The company had revenue of $628.50 million for the quarter, compared to analyst estimates of $627.90 million. During the same quarter in the prior year, the business posted $0.87 EPS. Churchill Downs’s quarterly revenue was up 9.8% on a year-over-year basis. Equities analysts expect that Churchill Downs Incorporated will post 5.86 EPS 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. Stockholders of record on Friday, December 6th will be paid a dividend of $0.409 per share. This is a positive change from Churchill Downs’s previous annual dividend of $0.38. The ex-dividend date of this dividend is Friday, December 6th. This represents a dividend yield of 0.29%. Churchill Downs’s dividend payout ratio is 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.