Meridian Wealth Management LLC Takes $406,000 Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Meridian Wealth Management LLC purchased a new position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 3,001 shares of the company’s stock, valued at approximately $406,000.

Other hedge funds have also recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co lifted its position in shares of Churchill Downs by 0.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 40,359 shares of the company’s stock worth $4,988,000 after purchasing an additional 230 shares in the last quarter. Janus Henderson Group PLC boosted its position in Churchill Downs by 6.7% in the 1st quarter. Janus Henderson Group PLC now owns 432,867 shares of the company’s stock valued at $53,564,000 after buying an additional 27,173 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Churchill Downs in the 1st quarter valued at $235,000. Strategic Wealth Partners Ltd. raised its position in shares of Churchill Downs by 48.7% during the first quarter. Strategic Wealth Partners Ltd. now owns 8,969 shares of the company’s stock worth $1,110,000 after acquiring an additional 2,936 shares during the last quarter. Finally, Community Trust & Investment Co. lifted its stake in shares of Churchill Downs by 19.5% during the first quarter. Community Trust & Investment Co. now owns 129,913 shares of the company’s stock valued at $16,077,000 after acquiring an additional 21,200 shares during the period. Institutional investors own 82.59% of the company’s stock.

Wall Street Analysts Forecast Growth

CHDN has been the subject of a number of research reports. Wells Fargo & Company lifted their price objective on Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Mizuho lowered their price target on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a research report on Tuesday, October 22nd. Bank of America upgraded shares of Churchill Downs from a “neutral” rating to a “buy” rating and increased their price objective for the company from $145.00 to $155.00 in a report on Monday, August 12th. JMP Securities restated a “market outperform” rating and set a $166.00 target price on shares of Churchill Downs in a research report on Monday, October 14th. Finally, 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. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $160.88.

Churchill Downs Stock Performance

Shares of NASDAQ CHDN opened at $141.87 on Monday. Churchill Downs Incorporated has a one year low of $111.10 and a one year high of $150.21. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a market cap of $10.43 billion, a price-to-earnings ratio of 25.84, a P/E/G ratio of 3.94 and a beta of 0.96. The stock’s fifty day moving average price is $139.05 and its two-hundred day moving average price is $137.99.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, beating 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 business had revenue of $628.50 million for the quarter, compared to the consensus estimate of $627.90 million. During the same period in the prior year, the company posted $0.87 earnings per share. Churchill Downs’s revenue was up 9.8% compared to the same quarter last year. On average, equities analysts forecast that Churchill Downs Incorporated will post 5.86 EPS for the current year.

Churchill Downs Increases Dividend

The firm also recently declared an annual dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 6th will be given a $0.409 dividend. This represents a dividend yield of 0.29%. This is an increase from Churchill Downs’s previous annual dividend of $0.38. The ex-dividend date is Friday, December 6th. Churchill Downs’s payout ratio is presently 7.29%.

Churchill Downs Company 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.