Churchill Downs, Incorporated (NASDAQ:CHDN - Get Free Report) traded up 10% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $107.00 and last traded at $105.86. 373,503 shares traded hands during mid-day trading, a decline of 47% from the average session volume of 702,869 shares. The stock had previously closed at $96.22.
The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.97 by $0.12. Churchill Downs had a return on equity of 41.46% and a net margin of 15.22%.The business had revenue of $683.00 million during the quarter, compared to the consensus estimate of $671.43 million. During the same quarter in the previous year, the business earned $0.97 EPS. The company's quarterly revenue was up 8.7% on a year-over-year basis.
Churchill Downs Increases Dividend
The firm also recently announced an annual dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.438 per share. This represents a yield of 46.0%. The ex-dividend date of this dividend is Friday, December 5th. This is a positive change from Churchill Downs's previous annual dividend of $0.41. Churchill Downs's payout ratio is presently 7.04%.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on CHDN shares. Mizuho increased their target price on shares of Churchill Downs from $134.00 to $136.00 and gave the stock an "outperform" rating in a report on Tuesday, July 22nd. Barclays boosted their price objective on shares of Churchill Downs from $127.00 to $131.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Weiss Ratings restated a "hold (c-)" rating on shares of Churchill Downs in a research report on Wednesday, October 8th. Susquehanna restated a "positive" rating and set a $124.00 price objective (down previously from $126.00) on shares of Churchill Downs in a research report on Tuesday. Finally, Stifel Nicolaus boosted their price objective on shares of Churchill Downs from $130.00 to $133.00 and gave the stock a "buy" rating in a research report on Friday, July 11th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Churchill Downs has a consensus rating of "Moderate Buy" and a consensus target price of $137.50.
Read Our Latest Report on Churchill Downs
Institutional Trading of Churchill Downs
Institutional investors and hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. raised its position in Churchill Downs by 3.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 306,771 shares of the company's stock valued at $34,073,000 after purchasing an additional 11,460 shares during the last quarter. Aurora Investment Counsel purchased a new stake in Churchill Downs in the 1st quarter valued at $2,675,000. Teacher Retirement System of Texas raised its position in Churchill Downs by 19.3% in the 1st quarter. Teacher Retirement System of Texas now owns 10,970 shares of the company's stock valued at $1,218,000 after purchasing an additional 1,774 shares during the last quarter. Hunter Associates Investment Management LLC raised its position in Churchill Downs by 29.1% in the 1st quarter. Hunter Associates Investment Management LLC now owns 32,428 shares of the company's stock valued at $3,600,000 after purchasing an additional 7,306 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in Churchill Downs during the 1st quarter worth $8,677,000. Hedge funds and other institutional investors own 82.59% of the company's stock.
Churchill Downs Stock Performance
The company has a market cap of $7.41 billion, a PE ratio of 18.27, a P/E/G ratio of 1.78 and a beta of 0.83. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.60 and a current ratio of 0.60. The stock's 50-day simple moving average is $97.56 and its 200 day simple moving average is $99.31.
Churchill Downs Company Profile
(
Get Free Report)
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.
Further Reading
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