Employees Retirement System of Texas Makes New Investment in Churchill Downs, Incorporated $CHDN

Employees Retirement System of Texas purchased a new stake in Churchill Downs, Incorporated (NASDAQ:CHDN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 547 shares of the company’s stock, valued at approximately $55,000.

Several other institutional investors and hedge funds also recently modified their holdings of CHDN. Geneos Wealth Management Inc. grew its holdings in shares of Churchill Downs by 1,364.7% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock worth $28,000 after buying an additional 232 shares in the last quarter. Elequin Capital LP acquired a new position in Churchill Downs during the 1st quarter worth approximately $29,000. MAI Capital Management grew its stake in shares of Churchill Downs by 306.9% during the 2nd quarter. MAI Capital Management now owns 293 shares of the company’s stock worth $30,000 after acquiring an additional 221 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Churchill Downs by 161.1% in the second quarter. Signaturefd LLC now owns 329 shares of the company’s stock valued at $33,000 after purchasing an additional 203 shares during the last quarter. Finally, Huntington National Bank raised its holdings in shares of Churchill Downs by 534.3% in the second quarter. Huntington National Bank now owns 425 shares of the company’s stock valued at $43,000 after purchasing an additional 358 shares during the last quarter. 82.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Churchill Downs Price Performance

NASDAQ:CHDN opened at $109.09 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 4.87. Churchill Downs, Incorporated has a 12-month low of $85.58 and a 12-month high of $143.90. The stock’s 50 day moving average price is $98.18 and its two-hundred day moving average price is $100.23. The firm has a market capitalization of $7.61 billion, a price-to-earnings ratio of 19.83, a P/E/G ratio of 1.84 and a beta of 0.81.

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

Churchill Downs Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Tuesday, January 6th. Stockholders of record on Friday, December 5th will be given a $0.438 dividend. The ex-dividend date of this dividend is Friday, December 5th. This is a boost from Churchill Downs’s previous annual dividend of $0.41. This represents a dividend yield of 46.0%. Churchill Downs’s payout ratio is currently 7.82%.

About Churchill Downs

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.