Hudson Way Capital Management LLC Cuts Stake in Churchill Downs, Incorporated $CHDN

Hudson Way Capital Management LLC cut its holdings in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 7.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 997,598 shares of the company’s stock after selling 80,700 shares during the period. Churchill Downs makes up about 9.1% of Hudson Way Capital Management LLC’s investment portfolio, making the stock its 3rd largest holding. Hudson Way Capital Management LLC owned about 1.42% of Churchill Downs worth $100,757,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Signaturefd LLC increased its holdings in shares of Churchill Downs by 161.1% during 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 period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Churchill Downs by 5.6% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,561 shares of the company’s stock valued at $1,875,000 after buying an additional 990 shares in the last quarter. Bayforest Capital Ltd acquired a new position in Churchill Downs during the 2nd quarter valued at about $593,000. Norges Bank bought a new stake in shares of Churchill Downs during the 2nd quarter worth about $43,935,000. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Churchill Downs by 1.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 615,463 shares of the company’s stock worth $68,359,000 after buying an additional 10,108 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Churchill Downs Price Performance

Shares of NASDAQ:CHDN opened at $116.76 on Friday. The company has a market capitalization of $8.14 billion, a PE ratio of 21.23, a price-to-earnings-growth ratio of 2.08 and a beta of 0.70. The company has a debt-to-equity ratio of 4.87, a quick ratio of 0.57 and a current ratio of 0.57. The stock has a fifty day moving average of $101.51 and a 200-day moving average of $101.41. Churchill Downs, Incorporated has a one year low of $85.58 and a one year high of $138.61.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, October 22nd. The company reported $1.09 earnings per share (EPS) 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 analysts’ expectations of $671.43 million. During the same period in the previous year, the firm posted $0.97 EPS. The company’s quarterly revenue was up 8.7% on a year-over-year basis. As a group, equities analysts anticipate that Churchill Downs, Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Tuesday, January 6th. Shareholders of record on Friday, December 5th will be issued a dividend of $0.438 per share. This represents a yield of 39.0%. The ex-dividend date is Friday, December 5th. This is a boost from Churchill Downs’s previous annual dividend of $0.41. Churchill Downs’s dividend payout ratio is presently 7.82%.

Churchill Downs Profile

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.