Independence Bank of Kentucky Purchases 2,161 Shares of Churchill Downs Incorporated (NASDAQ:CHDN)

Independence Bank of Kentucky grew its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 15.3% in the fourth quarter, HoldingsChannel reports. The fund owned 16,290 shares of the company’s stock after buying an additional 2,161 shares during the period. Independence Bank of Kentucky’s holdings in Churchill Downs were worth $2,175,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of CHDN. State Street Corp boosted its holdings in Churchill Downs by 5.8% in the 3rd quarter. State Street Corp now owns 2,078,031 shares of the company’s stock valued at $280,971,000 after purchasing an additional 114,018 shares during the period. Geode Capital Management LLC grew its position in Churchill Downs by 8.1% during the third quarter. Geode Capital Management LLC now owns 1,299,442 shares of the company’s stock worth $175,742,000 after buying an additional 96,910 shares in the last quarter. Westfield Capital Management Co. LP increased its stake in Churchill Downs by 100.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock worth $103,241,000 after acquiring an additional 381,754 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Churchill Downs by 6.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 595,202 shares of the company’s stock worth $80,477,000 after acquiring an additional 37,679 shares during the period. Finally, Artemis Investment Management LLP raised its holdings in Churchill Downs by 4.8% in the 4th quarter. Artemis Investment Management LLP now owns 355,567 shares of the company’s stock valued at $47,482,000 after acquiring an additional 16,373 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Price Performance

Churchill Downs stock opened at $123.58 on Friday. The stock has a 50-day moving average price of $132.44 and a two-hundred day moving average price of $136.54. Churchill Downs Incorporated has a 12 month low of $111.10 and a 12 month high of $150.21. The company has a market capitalization of $9.08 billion, a PE ratio of 22.51, a P/E/G ratio of 3.08 and a beta of 0.96. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 4.35.

Churchill Downs Increases Dividend

The firm also recently announced an annual dividend, which was paid on Friday, January 3rd. Investors of record on Friday, December 6th were given a dividend of $0.409 per share. The ex-dividend date was Friday, December 6th. This is an increase from Churchill Downs’s previous annual dividend of $0.38. This represents a yield of 0.29%. Churchill Downs’s dividend payout ratio (DPR) is currently 7.47%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on CHDN. Mizuho decreased their price target on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 22nd. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Truist Financial reissued a “buy” rating and issued a $165.00 price objective (down from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. Wells Fargo & Company raised 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. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $166.00 price objective on shares of Churchill Downs in a research note on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Churchill Downs has a consensus rating of “Moderate Buy” and a consensus price target of $160.88.

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.