Norges Bank Makes New $43.94 Million Investment in Churchill Downs, Incorporated $CHDN

Norges Bank acquired a new stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) during the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 435,002 shares of the company’s stock, valued at approximately $43,935,000.

A number of other hedge funds also recently bought and sold shares of the company. Hsbc Holdings PLC boosted its stake in Churchill Downs by 439.6% in the second quarter. Hsbc Holdings PLC now owns 64,169 shares of the company’s stock worth $6,465,000 after buying an additional 52,277 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Churchill Downs by 0.5% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 60,708 shares of the company’s stock valued at $6,132,000 after purchasing an additional 330 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new position in shares of Churchill Downs during the 2nd quarter valued at $113,000. Employees Retirement System of Texas purchased a new position in Churchill Downs in the 2nd quarter worth $55,000. Finally, J.W. Cole Advisors Inc. bought a new stake in Churchill Downs in the second quarter worth $258,000. Institutional investors own 82.59% of the company’s stock.

Churchill Downs Price Performance

Shares of Churchill Downs stock opened at $112.49 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 4.87. The company has a market cap of $7.84 billion, a PE ratio of 20.45, a P/E/G ratio of 2.02 and a beta of 0.70. The business has a 50 day moving average of $99.69 and a 200 day moving average of $100.71. Churchill Downs, Incorporated has a 52 week low of $85.58 and a 52 week high of $141.49.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, October 22nd. The company reported $1.09 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.12. Churchill Downs had a net margin of 13.99% and a return on equity of 42.54%. The business had revenue of $683.00 million for the quarter, compared to analysts’ expectations of $671.43 million. During the same quarter in the previous year, the business posted $0.97 earnings per share. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities research analysts forecast that Churchill Downs, Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Churchill Downs in a research note on Wednesday, October 8th. 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. Barclays boosted their price objective on Churchill Downs from $131.00 to $132.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Macquarie restated an “outperform” rating and issued a $155.00 target price on shares of Churchill Downs in a report on Friday, October 24th. Finally, Susquehanna reiterated a “positive” rating and set a $124.00 price target (down from $126.00) on shares of Churchill Downs in a report on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Churchill Downs has an average rating of “Buy” and an average price target of $133.30.

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.