State of New Jersey Common Pension Fund D Decreases Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

State of New Jersey Common Pension Fund D cut its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 11.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 21,408 shares of the company’s stock after selling 2,668 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Churchill Downs were worth $2,895,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Kimelman & Baird LLC bought a new stake in shares of Churchill Downs in the second quarter worth approximately $42,000. CWM LLC grew its position in Churchill Downs by 36.8% in the 2nd quarter. CWM LLC now owns 439 shares of the company’s stock worth $61,000 after purchasing an additional 118 shares during the period. UMB Bank n.a. grew its position in Churchill Downs by 82.8% in the 3rd quarter. UMB Bank n.a. now owns 563 shares of the company’s stock worth $76,000 after purchasing an additional 255 shares during the period. Bank & Trust Co purchased a new stake in Churchill Downs during the 2nd quarter valued at $84,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Churchill Downs by 72.4% during the 2nd quarter. GAMMA Investing LLC now owns 612 shares of the company’s stock valued at $85,000 after buying an additional 257 shares during the period. 82.59% of the stock is currently owned by institutional investors.

Churchill Downs Stock Performance

NASDAQ:CHDN opened at $141.54 on Thursday. Churchill Downs Incorporated has a 12-month low of $111.10 and a 12-month high of $150.21. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 4.35. The stock has a market capitalization of $10.40 billion, a P/E ratio of 25.78, a P/E/G ratio of 3.91 and a beta of 0.96. The stock has a 50-day moving average price of $138.94 and a 200 day moving average price of $137.64.

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

Churchill Downs Increases Dividend

The company also recently disclosed an annual dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.409 per share. This is a positive change from Churchill Downs’s previous annual dividend of $0.38. The ex-dividend date of this dividend is Friday, December 6th. This represents a dividend yield of 0.29%. Churchill Downs’s dividend payout ratio (DPR) is presently 6.92%.

Analyst Ratings Changes

A number of research firms have weighed in on CHDN. Wells Fargo & Company increased their target price on Churchill Downs from $161.00 to $168.00 and gave the company an “overweight” rating in a report on Thursday, October 17th. Mizuho dropped their price objective on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. Truist Financial reissued a “buy” rating and set a $165.00 price objective (down previously from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. JMP Securities reaffirmed a “market outperform” rating and issued a $166.00 target price on shares of Churchill Downs in a report on Monday, October 14th. Finally, StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $160.88.

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.