Churchill Downs Incorporated (NASDAQ:CHDN) Shares Bought by RK Capital Management LLC

RK Capital Management LLC increased its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 36.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 69,020 shares of the company’s stock after acquiring an additional 18,620 shares during the quarter. Churchill Downs makes up 2.1% of RK Capital Management LLC’s holdings, making the stock its 24th largest holding. RK Capital Management LLC’s holdings in Churchill Downs were worth $9,606,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Arizona State Retirement System grew its holdings in shares of Churchill Downs by 94.0% during the second quarter. Arizona State Retirement System now owns 18,925 shares of the company’s stock valued at $2,634,000 after buying an additional 9,171 shares in the last quarter. Walker Financial Services Inc. increased its holdings in Churchill Downs by 99.4% in the second quarter. Walker Financial Services Inc. now owns 1,613 shares of the company’s stock worth $224,000 after buying an additional 804 shares during the last quarter. New York State Teachers Retirement System raised its position in Churchill Downs by 99.7% during the second quarter. New York State Teachers Retirement System now owns 62,148 shares of the company’s stock valued at $8,649,000 after acquiring an additional 31,024 shares in the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in Churchill Downs in the second quarter valued at approximately $673,000. Finally, Bank of Montreal Can acquired a new stake in Churchill Downs in the second quarter valued at approximately $1,123,000. Institutional investors and hedge funds own 72.88% of the company’s stock.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN traded up $0.90 during trading on Monday, reaching $121.65. The stock had a trading volume of 77,920 shares, compared to its average volume of 383,119. The stock has a market capitalization of $9.07 billion, a PE ratio of 25.64 and a beta of 1.08. Churchill Downs Incorporated has a 52 week low of $101.89 and a 52 week high of $150.45. The business’s 50-day moving average price is $114.78 and its 200 day moving average price is $127.06. The company has a debt-to-equity ratio of 5.24, a current ratio of 0.55 and a quick ratio of 0.55.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, October 25th. The company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.03. Churchill Downs had a return on equity of 49.33% and a net margin of 15.15%. The company had revenue of $572.50 million during the quarter, compared to the consensus estimate of $568.55 million. During the same quarter in the previous year, the company posted $0.81 earnings per share. The firm’s quarterly revenue was up 49.4% on a year-over-year basis. As a group, equities analysts predict that Churchill Downs Incorporated will post 5.36 earnings per share for the current year.

Churchill Downs Increases Dividend

The firm also recently announced an annual dividend, which will be paid on Friday, January 5th. Investors of record on Friday, December 1st will be paid a dividend of $0.382 per share. This represents a yield of 0.35%. This is a boost from Churchill Downs’s previous annual dividend of $0.36. The ex-dividend date of this dividend is Thursday, November 30th. Churchill Downs’s dividend payout ratio is presently 8.07%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CHDN shares. Stifel Nicolaus began coverage on shares of Churchill Downs in a report on Monday, October 2nd. They set a “buy” rating and a $148.00 price target on the stock. Capital One Financial initiated coverage on Churchill Downs in a research note on Thursday, October 12th. They issued an “overweight” rating and a $144.00 price objective on the stock. Wells Fargo & Company dropped their target price on shares of Churchill Downs from $150.00 to $139.00 and set an “overweight” rating on the stock in a report on Friday, July 28th. Truist Financial cut their price target on Churchill Downs from $148.00 to $140.00 and set a “buy” rating for the company in a report on Friday, October 27th. Finally, StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Monday, November 13th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $139.81.

Churchill Downs Company Profile

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through Live and Historical Racing, TwinSpires, and Gaming segments. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sportsbooks; and casino gaming.