ProShare Advisors LLC Acquires 40,339 Shares of Churchill Downs, Incorporated $CHDN

Key Points

• ProShare Advisors increased its Churchill Downs stake by 13.8% in the third quarter, adding 40,339 shares for a total holding of 331,954 shares valued at approximately $25.1 million. Institutional investors collectively own 82.59% of the company.
• Churchill Downs exceeded quarterly earnings expectations, reporting $1.23 in EPS versus the $1.13 consensus and $696 million in revenue. Revenue rose 1.9% year over year.
• Analysts maintain a broadly positive outlook, with 11 Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $126.70.

ProShare Advisors LLC boosted its holdings in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 13.8% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 331,954 shares of the company's stock after acquiring an additional 40,339 shares during the period. ProShare Advisors LLC owned 0.48% of Churchill Downs worth $25,122,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the business. BlackRock Inc. bought a new position in shares of Churchill Downs during the second quarter valued at approximately $555,948,000. William Blair Investment Management LLC bought a new stake in shares of Churchill Downs in the 2nd quarter worth approximately $92,340,000. Bank of America Corp DE bought a new stake in shares of Churchill Downs in the 2nd quarter worth approximately $69,099,000. Jupiter Topco LLC bought a new stake in shares of Churchill Downs in the 2nd quarter worth approximately $67,787,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Churchill Downs in the 2nd quarter worth approximately $39,781,000. Institutional investors own 82.59% of the company's stock.

Churchill Downs Price Performance

Shares of CHDN opened at $99.01 on Tuesday. The company has a market capitalization of $6.79 billion, a P/E ratio of 15.37, a price-to-earnings-growth ratio of 0.87 and a beta of 0.77. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.06. The firm has a 50 day moving average of $83.02 and a 200 day moving average of $88.25. Churchill Downs, Incorporated has a twelve month low of $73.08 and a twelve month high of $118.35.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $1.23 earnings per share for the quarter, topping analysts' consensus estimates of $1.13 by $0.10. The company had revenue of $696.00 million during the quarter, compared to analyst estimates of $695.16 million. Churchill Downs had a net margin of 15.15% and a return on equity of 41.89%. The firm's revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.09 EPS. As a group, equities research analysts anticipate that Churchill Downs, Incorporated will post 6.98 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Tuesday, January 5th. Stockholders of record on Friday, December 4th will be issued a dividend of $0.4690 per share. The ex-dividend date of this dividend is Friday, December 4th. This is an increase from Churchill Downs's previous annual dividend of $0.4380. This represents a dividend yield of 57.0%. Churchill Downs's dividend payout ratio is currently 7.14%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CHDN. Wolfe Research assumed coverage on Churchill Downs in a research report on Wednesday, September 2nd. They set an "outperform" rating and a $119.00 price objective for the company. Wells Fargo & Company reissued an "overweight" rating and issued a $120.00 target price (up from $117.00) on shares of Churchill Downs in a research note on Monday, October 19th. Citigroup restated a "market outperform" rating on shares of Churchill Downs in a report on Tuesday, October 13th. Truist Financial lowered their price target on Churchill Downs from $145.00 to $140.00 and set a "buy" rating for the company in a research report on Tuesday, October 20th. Finally, JPMorgan Chase & Co. lifted their price target on Churchill Downs from $118.00 to $120.00 and gave the stock an "overweight" rating in a research report on Friday. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $126.70.

Churchill Downs Profile

Churchill Downs Incorporated NASDAQ: CHDN is a gaming, racing and entertainment company best known for operating Churchill Downs Racetrack in Louisville, Kentucky, the home of the Kentucky Derby. The company traces its history to the opening of Churchill Downs in 1875 and has expanded its operations beyond traditional Thoroughbred racing.

Its business activities include live and historical horse racing, pari-mutuel wagering, casino gaming, video lottery and related entertainment offerings.

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