Churchill Downs, Incorporated $CHDN Stock Bought by Vestor Capital LLC

Key Points

• Vestor Capital increased its Churchill Downs stake by 491% in the third quarter, to 12,286 shares worth about $930,000; institutional investors collectively own 82.59% of the company.
• Churchill Downs reported quarterly EPS of $1.23, beating the $1.13 consensus, while revenue rose 1.9% year over year to $696 million. Analysts’ consensus rating is “Moderate Buy,” with an average price target of $126.70.
• The company raised its annual dividend to $0.469 per share from $0.438, with payment scheduled for January 5.

Vestor Capital LLC raised its holdings in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 491.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 12,286 shares of the company's stock after purchasing an additional 10,207 shares during the quarter. Vestor Capital LLC's holdings in Churchill Downs were worth $930,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Churchill Downs during the 2nd quarter worth $555,948,000. William Blair Investment Management LLC purchased a new position in shares of Churchill Downs during the 2nd quarter worth approximately $92,340,000. Bank of America Corp DE acquired a new stake in Churchill Downs in the 2nd quarter valued at approximately $69,099,000. Jupiter Topco LLC acquired a new stake in Churchill Downs in the 2nd quarter valued at approximately $67,787,000. Finally, Apollo Management Holdings L.P. raised its position in Churchill Downs by 4.7% in the second quarter. Apollo Management Holdings L.P. now owns 499,482 shares of the company's stock valued at $44,774,000 after purchasing an additional 22,500 shares during the period. Hedge funds and other institutional investors own 82.59% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on CHDN. Mizuho boosted their price objective on Churchill Downs from $125.00 to $126.00 and gave the company an "outperform" rating in a report on Friday, October 30th. Royal Bank Of Canada set a $131.00 target price on Churchill Downs in a research report on Tuesday, October 13th. Barclays boosted their price target on shares of Churchill Downs from $132.00 to $133.00 and gave the stock an "overweight" rating in a research note on Friday, October 30th. Susquehanna reduced their price target on shares of Churchill Downs from $124.00 to $115.00 and set a "positive" rating on the stock in a research report on Wednesday, October 21st. Finally, Weiss Ratings raised shares of Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, September 2nd. Eleven research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Churchill Downs currently has a consensus rating of "Moderate Buy" and an average target price of $126.70.

Churchill Downs Stock Up 0.8%

Churchill Downs stock opened at $98.77 on Tuesday. The firm has a market capitalization of $6.77 billion, a P/E ratio of 15.34, a P/E/G ratio of 1.01 and a beta of 0.77. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 2.95. Churchill Downs, Incorporated has a twelve month low of $73.08 and a twelve month high of $118.35. The stock's fifty day simple moving average is $83.96 and its 200-day simple moving average is $88.05.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its earnings results on Wednesday, October 28th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.10. Churchill Downs had a return on equity of 39.90% and a net margin of 15.15%. The firm had revenue of $696.00 million during the quarter, compared to analyst estimates of $695.16 million. During the same period last year, the business posted $1.09 earnings per share. Churchill Downs's revenue was up 1.9% compared to the same quarter last year. As a group, equities analysts expect that Churchill Downs, Incorporated will post 6.88 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, January 5th. Shareholders of record on Friday, December 4th will be given a $0.4690 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a yield of 57.0%. This is an increase from Churchill Downs's previous annual dividend of $0.4380. Churchill Downs's dividend payout ratio is 6.83%.

About Churchill Downs

Churchill Downs Incorporated is a gaming and entertainment company best known for operating Churchill Downs Racetrack in Louisville, Kentucky, home of the Kentucky Derby. The racetrack opened in 1875, the same year the inaugural Kentucky Derby was held.

The company operates horse-racing venues and related wagering businesses, as well as casinos and other gaming properties in several U.S. states. Its offerings include live and simulcast racing, casino gaming, and historical horse-racing machines.

Churchill Downs also operates TwinSpires, its online horse-racing wagering platform.

Want to see what other hedge funds are holding CHDN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.