WCM Investment Management LLC Increases Stock Holdings in Churchill Downs, Incorporated $CHDN

Key Points

• WCM Investment Management LLC increased its holdings in Churchill Downs by 44.4% in Q2, acquiring an additional 61,426 shares, bringing its total to 199,713 shares worth approximately $20.16 million.
• Multiple institutional investors have raised their positions, with some, like Blair William & Co., increasing stakes by 3,914.7%, demonstrating strong confidence in the company's growth potential.
• Churchill Downs reported strong quarterly earnings with an EPS of $3.10, exceeding estimates, and a revenue increase of 4.9% year-over-year, with analysts forecasting a Moderate Buy rating and a price target of $136.50.

WCM Investment Management LLC boosted its position in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 44.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 199,713 shares of the company's stock after purchasing an additional 61,426 shares during the quarter. WCM Investment Management LLC owned approximately 0.28% of Churchill Downs worth $20,161,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Bayforest Capital Ltd bought a new position in Churchill Downs in the second quarter worth $593,000. CWM LLC raised its holdings in Churchill Downs by 2,569.9% in the second quarter. CWM LLC now owns 12,869 shares of the company's stock worth $1,300,000 after purchasing an additional 12,387 shares in the last quarter. IFP Advisors Inc raised its holdings in Churchill Downs by 26.0% in the second quarter. IFP Advisors Inc now owns 1,542 shares of the company's stock worth $156,000 after purchasing an additional 318 shares in the last quarter. Blair William & Co. IL raised its holdings in Churchill Downs by 3,914.7% in the second quarter. Blair William & Co. IL now owns 174,438 shares of the company's stock worth $17,618,000 after purchasing an additional 170,093 shares in the last quarter. Finally, Stock Yards Bank & Trust Co. raised its holdings in Churchill Downs by 43.5% in the second quarter. Stock Yards Bank & Trust Co. now owns 361,940 shares of the company's stock worth $36,556,000 after purchasing an additional 109,787 shares in the last quarter. Institutional investors own 82.59% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on CHDN shares. JPMorgan Chase & Co. started coverage on Churchill Downs in a report on Monday, June 23rd. They issued an "overweight" rating and a $116.00 price objective for the company. Susquehanna raised their price target on Churchill Downs from $121.00 to $126.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Stifel Nicolaus raised their price target on Churchill Downs from $130.00 to $133.00 and gave the company a "buy" rating in a report on Friday, July 11th. Truist Financial reduced their price target on Churchill Downs from $150.00 to $145.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Finally, Barclays raised their price target on Churchill Downs from $127.00 to $131.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $136.50.

Churchill Downs Price Performance

NASDAQ CHDN opened at $86.85 on Thursday. Churchill Downs, Incorporated has a one year low of $85.58 and a one year high of $150.21. The stock has a 50-day moving average of $98.43 and a 200 day moving average of $99.86. The company has a market capitalization of $6.09 billion, a price-to-earnings ratio of 14.92, a PEG ratio of 1.65 and a beta of 0.83. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.60 and a current ratio of 0.60.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $3.10 EPS for the quarter, topping the consensus estimate of $3.03 by $0.07. Churchill Downs had a return on equity of 41.46% and a net margin of 15.22%.The company had revenue of $934.40 million during the quarter, compared to the consensus estimate of $924.36 million. During the same period last year, the company earned $2.89 EPS. Churchill Downs's revenue for the quarter was up 4.9% on a year-over-year basis. On average, sell-side analysts forecast that Churchill Downs, Incorporated will post 6.92 EPS for the current year.

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.

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