Victory Capital Management Inc. Buys 67,296 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Victory Capital Management Inc. lifted its stake in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 44.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 218,191 shares of the company’s stock after purchasing an additional 67,296 shares during the period. Victory Capital Management Inc.’s holdings in Churchill Downs were worth $29,502,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. BNP Paribas Financial Markets raised its position in Churchill Downs by 56.2% in the 1st quarter. BNP Paribas Financial Markets now owns 6,481 shares of the company’s stock worth $802,000 after purchasing an additional 2,332 shares during the last quarter. Sei Investments Co. increased its stake in shares of Churchill Downs by 29.0% in the 1st quarter. Sei Investments Co. now owns 36,100 shares of the company’s stock valued at $4,468,000 after buying an additional 8,116 shares during the period. Entropy Technologies LP bought a new stake in shares of Churchill Downs during the first quarter worth $240,000. Cynosure Group LLC acquired a new position in shares of Churchill Downs during the first quarter valued at $356,000. Finally, Covestor Ltd boosted its holdings in Churchill Downs by 22.8% in the first quarter. Covestor Ltd now owns 928 shares of the company’s stock valued at $115,000 after acquiring an additional 172 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CHDN has been the subject of several recent research reports. StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Wells Fargo & Company boosted their price target on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. Mizuho reduced their price objective on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 22nd. JMP Securities reiterated a “market outperform” rating and set a $166.00 target price on shares of Churchill Downs in a research report on Monday, October 14th. Finally, Macquarie raised their price target on Churchill Downs from $154.00 to $162.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Churchill Downs presently has an average rating of “Moderate Buy” and a consensus price target of $160.88.

Churchill Downs Price Performance

Shares of CHDN stock opened at $138.91 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 4.35. Churchill Downs Incorporated has a 12-month low of $111.10 and a 12-month high of $150.21. The firm has a fifty day moving average of $139.03 and a 200-day moving average of $137.79. The firm has a market capitalization of $10.21 billion, a price-to-earnings ratio of 25.30, a price-to-earnings-growth ratio of 3.92 and a beta of 0.96.

Churchill Downs (NASDAQ:CHDN) last posted its earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The firm had revenue of $628.50 million during the quarter, compared to analysts’ expectations of $627.90 million. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. The company’s revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.87 earnings per share. On average, equities research analysts forecast that Churchill Downs Incorporated will post 5.86 earnings per share for the current year.

Churchill Downs Increases Dividend

The business also recently announced an annual dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 6th will be issued a dividend of $0.409 per share. This is an increase from Churchill Downs’s previous annual dividend of $0.38. This represents a yield of 0.29%. The ex-dividend date is Friday, December 6th. Churchill Downs’s dividend payout ratio (DPR) is 7.29%.

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.