Synovus Financial Corp Grows Holdings in Churchill Downs Incorporated (NASDAQ:CHDN)

Synovus Financial Corp raised its position in Churchill Downs Incorporated (NASDAQ:CHDN) by 3.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,381 shares of the company’s stock after buying an additional 303 shares during the period. Synovus Financial Corp’s holdings in Churchill Downs were worth $1,404,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. William Blair Investment Management LLC bought a new stake in shares of Churchill Downs in the 2nd quarter worth approximately $125,418,000. Westfield Capital Management Co. LP boosted its stake in Churchill Downs by 100.0% during the third quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock valued at $103,241,000 after buying an additional 381,754 shares during the period. Kovitz Investment Group Partners LLC purchased a new position in shares of Churchill Downs during the third quarter worth about $18,368,000. State Street Corp increased its holdings in shares of Churchill Downs by 5.8% in the 3rd quarter. State Street Corp now owns 2,078,031 shares of the company’s stock worth $280,971,000 after buying an additional 114,018 shares during the last quarter. Finally, WCM Investment Management LLC bought a new position in Churchill Downs in the third quarter valued at $15,231,000. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Price Performance

CHDN opened at $136.05 on Monday. The company has a debt-to-equity ratio of 4.35, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a market capitalization of $10.00 billion, a PE ratio of 24.78, a price-to-earnings-growth ratio of 3.84 and a beta of 0.95. The stock’s 50 day moving average price is $140.03 and its 200-day moving average price is $138.57. Churchill Downs Incorporated has a 52-week low of $111.10 and a 52-week high of $150.21.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. The business had revenue of $628.50 million during the quarter, compared to analyst estimates of $627.90 million. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. Churchill Downs’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period last year, the business posted $0.87 earnings per share. On average, equities research analysts predict that Churchill Downs Incorporated will post 5.86 EPS for the current year.

Churchill Downs Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wells Fargo & Company lifted their price target on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Mizuho decreased their price objective on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. Truist Financial restated a “buy” rating and set a $165.00 target price (down from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a research note on Monday, October 14th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Churchill Downs presently has an average rating of “Moderate Buy” and an average target price of $160.88.

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.