Penn Capital Management Company LLC Purchases 22,597 Shares of Churchill Downs, Incorporated $CHDN

Penn Capital Management Company LLC boosted its position in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 13.2% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 194,268 shares of the company’s stock after acquiring an additional 22,597 shares during the quarter. Penn Capital Management Company LLC’s holdings in Churchill Downs were worth $14,720,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Kimelman & Baird LLC purchased a new position in shares of Churchill Downs in the second quarter worth about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Churchill Downs in the second quarter valued at approximately $29,000. Twin Tree Management LP acquired a new position in Churchill Downs in the 2nd quarter worth approximately $36,000. NewEdge Advisors LLC acquired a new position in Churchill Downs in the 1st quarter worth approximately $50,000. Finally, Essential Partners LLC raised its position in Churchill Downs by 64.7% during the 1st quarter. Essential Partners LLC now owns 578 shares of the company’s stock worth $52,000 after buying an additional 227 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company’s stock.

Churchill Downs Stock Up 0.8%

Churchill Downs stock opened at $98.77 on Tuesday. The business’s 50-day moving average price is $83.96 and its 200 day moving average price is $88.05. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 2.95. The firm has a market cap of $6.77 billion, a price-to-earnings ratio of 15.34, a price-to-earnings-growth ratio of 1.01 and a beta of 0.77. Churchill Downs, Incorporated has a 52 week low of $73.08 and a 52 week high of $118.35.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.10. Churchill Downs had a return on equity of 39.90% and a net margin of 15.15%. The company had revenue of $696.00 million during the quarter, compared to the consensus estimate of $695.16 million. During the same period in the previous year, the company posted $1.09 earnings per share. Churchill Downs’s revenue for the quarter was up 1.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Churchill Downs, Incorporated will post 6.88 earnings per share for the current year.

Churchill Downs Increases Dividend

The company also recently announced an annual dividend, which will be paid on Tuesday, January 5th. Stockholders of record on Friday, December 4th will be issued a dividend of $0.4690 per share. This is a positive change from Churchill Downs’s previous annual dividend of $0.4380. The ex-dividend date of this dividend is Friday, December 4th. This represents a dividend yield of 57.0%. Churchill Downs’s payout ratio is presently 6.83%.

Analyst Ratings Changes

Several brokerages have commented on CHDN. JPMorgan Chase & Co. lifted their price objective on shares of Churchill Downs from $118.00 to $120.00 and gave the company an “overweight” rating in a research note on Friday, October 30th. Citizens Jmp dropped their price objective on shares of Churchill Downs from $137.00 to $131.00 and set a “market outperform” rating on the stock in a report on Tuesday, October 13th. Royal Bank Of Canada set a $131.00 price objective on shares of Churchill Downs in a research note on Tuesday, October 13th. Citigroup reissued a “market outperform” rating on shares of Churchill Downs in a report on Tuesday, October 13th. Finally, Weiss Ratings raised shares of Churchill Downs from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, September 2nd. Eleven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $126.70.

Churchill Downs Company Profile

Churchill Downs Incorporated is a gaming and entertainment company best known for operating Churchill Downs Racetrack in Louisville, Kentucky, home of the Kentucky Derby. The racetrack opened in 1875, the same year the inaugural Kentucky Derby was held.

The company operates horse-racing venues and related wagering businesses, as well as casinos and other gaming properties in several U.S. states. Its offerings include live and simulcast racing, casino gaming, and historical horse-racing machines.

Churchill Downs also operates TwinSpires, its online horse-racing wagering platform.