Wealth Enhancement Advisory Services LLC Raises Position in Churchill Downs, Incorporated $CHDN

Key Points

• Wealth Enhancement Advisory Services LLC increased its holdings in Churchill Downs, Incorporated by 192.0% during the second quarter, now owning 11,879 shares valued at approximately $1.25 million.
• Churchill Downs recently reported quarterly earnings of $3.10 EPS, exceeding expectations, with revenue of $934.40 million, marking a 4.9% year-over-year increase.
• Analyst ratings for Churchill Downs are notably positive, with ten analysts giving it a Buy rating and a consensus price target of $136.50.

Wealth Enhancement Advisory Services LLC increased its holdings in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 192.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 11,879 shares of the company's stock after purchasing an additional 7,811 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Churchill Downs were worth $1,251,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its position in Churchill Downs by 3.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 306,771 shares of the company's stock worth $34,073,000 after purchasing an additional 11,460 shares during the period. Aurora Investment Counsel purchased a new position in Churchill Downs in the 1st quarter worth $2,675,000. Teacher Retirement System of Texas increased its position in shares of Churchill Downs by 19.3% in the first quarter. Teacher Retirement System of Texas now owns 10,970 shares of the company's stock valued at $1,218,000 after acquiring an additional 1,774 shares during the period. Sequoia Financial Advisors LLC purchased a new position in shares of Churchill Downs in the first quarter valued at about $8,677,000. Finally, Hunter Associates Investment Management LLC increased its position in shares of Churchill Downs by 29.1% in the first quarter. Hunter Associates Investment Management LLC now owns 32,428 shares of the company's stock valued at $3,600,000 after acquiring an additional 7,306 shares during the period. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Trading Down 1.3%

NASDAQ:CHDN opened at $97.01 on Wednesday. Churchill Downs, Incorporated has a one year low of $85.58 and a one year high of $150.21. The company has a debt-to-equity ratio of 4.74, a current ratio of 0.60 and a quick ratio of 0.60. The company's 50-day simple moving average is $102.06 and its 200 day simple moving average is $101.33. The firm has a market capitalization of $6.80 billion, a P/E ratio of 16.67, a PEG ratio of 1.84 and a beta of 0.86.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted 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 net margin of 15.22% and a return on equity of 41.46%. The business had revenue of $934.40 million for the quarter, compared to analyst estimates of $924.36 million. During the same quarter in the previous year, the firm posted $2.89 earnings per share. Churchill Downs's quarterly revenue was up 4.9% on a year-over-year basis. As a group, analysts forecast that Churchill Downs, Incorporated will post 6.92 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CHDN. Macquarie boosted their price objective on shares of Churchill Downs from $150.00 to $155.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Truist Financial decreased their price objective on shares of Churchill Downs from $150.00 to $145.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. JPMorgan Chase & Co. began coverage on shares of Churchill Downs in a research report on Monday, June 23rd. They issued an "overweight" rating and a $116.00 price objective on the stock. Barclays boosted their price objective on shares of Churchill Downs from $127.00 to $131.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Finally, Mizuho boosted their price objective on shares of Churchill Downs from $134.00 to $136.00 and gave the company an "outperform" rating in a research report on Tuesday, July 22nd. Ten investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, Churchill Downs currently has an average rating of "Buy" and a consensus price target of $136.50.

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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