Magnetar Financial LLC acquired a new stake in shares of Churchill Downs, Inc. (NASDAQ:CHDN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,736 shares of the company’s stock, valued at approximately $770,000.
A number of other institutional investors also recently modified their holdings of CHDN. SG Americas Securities LLC raised its position in shares of Churchill Downs by 1.6% during the 2nd quarter. SG Americas Securities LLC now owns 4,233 shares of the company’s stock valued at $776,000 after purchasing an additional 67 shares during the period. Comerica Bank raised its position in shares of Churchill Downs by 1.2% during the 2nd quarter. Comerica Bank now owns 7,622 shares of the company’s stock valued at $1,407,000 after purchasing an additional 90 shares during the period. Arizona State Retirement System raised its position in shares of Churchill Downs by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 5,200 shares of the company’s stock valued at $953,000 after purchasing an additional 100 shares during the period. Amalgamated Bank grew its stake in Churchill Downs by 5.5% during the second quarter. Amalgamated Bank now owns 1,941 shares of the company’s stock valued at $356,000 after acquiring an additional 101 shares in the last quarter. Finally, Texas Permanent School Fund grew its stake in Churchill Downs by 1.2% during the second quarter. Texas Permanent School Fund now owns 9,027 shares of the company’s stock valued at $1,655,000 after acquiring an additional 105 shares in the last quarter. Institutional investors own 72.50% of the company’s stock.
Several equities analysts recently weighed in on CHDN shares. BidaskClub raised shares of Churchill Downs from a “hold” rating to a “buy” rating in a research note on Saturday, December 2nd. Zacks Investment Research raised shares of Churchill Downs from a “hold” rating to a “buy” rating and set a $239.00 target price for the company in a research note on Wednesday, November 8th. Finally, Telsey Advisory Group raised their target price on shares of Churchill Downs from $196.00 to $209.00 and gave the company a “market perform” rating in a research note on Thursday, October 12th.
Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings data on Wednesday, November 1st. The company reported $1.08 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.18. Churchill Downs had a net margin of 9.75% and a return on equity of 17.48%. The business had revenue of $314.80 million during the quarter, compared to analysts’ expectations of $308.43 million. During the same period last year, the company posted $0.52 EPS. The business’s revenue was up 3.8% on a year-over-year basis. sell-side analysts anticipate that Churchill Downs, Inc. will post 6.95 earnings per share for the current fiscal year.
The company also recently announced an annual dividend, which will be paid on Friday, January 5th. Stockholders of record on Friday, December 1st will be issued a $1.52 dividend. This represents a dividend yield of 0.73%. The ex-dividend date of this dividend is Thursday, November 30th. This is a positive change from Churchill Downs’s previous annual dividend of $1.32. Churchill Downs’s dividend payout ratio (DPR) is 19.17%.
Churchill Downs announced that its board has initiated a stock buyback program on Wednesday, November 29th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.
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About Churchill Downs
Churchill Downs Incorporated is a racing, gaming and online entertainment company. The Company is engaged in brick-and-mortar casino gaming with approximately 9,030 gaming positions in seven states, and is a legal mobile and online platform for betting on horseracing in the United States. It operates through six segments: Racing, Casinos, TwinSpires, Big Fish Games, Other Investments and Corporate.
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