Envestnet Asset Management Inc. Boosts Stock Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Envestnet Asset Management Inc. lifted its stake in Churchill Downs Incorporated (NASDAQ:CHDN) by 46.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 266,137 shares of the company’s stock after acquiring an additional 84,420 shares during the period. Envestnet Asset Management Inc. owned approximately 0.36% of Churchill Downs worth $37,153,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. William Blair Investment Management LLC bought a new position in Churchill Downs in the 2nd quarter worth about $125,418,000. Norges Bank bought a new position in shares of Churchill Downs in the fourth quarter valued at approximately $94,137,000. Balyasny Asset Management L.P. grew its stake in Churchill Downs by 113.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 463,555 shares of the company’s stock valued at $62,547,000 after acquiring an additional 246,769 shares in the last quarter. Assenagon Asset Management S.A. increased its holdings in Churchill Downs by 10,126.1% during the 2nd quarter. Assenagon Asset Management S.A. now owns 195,829 shares of the company’s stock worth $27,338,000 after acquiring an additional 193,914 shares during the period. Finally, Sequoia Financial Advisors LLC bought a new stake in Churchill Downs during the 2nd quarter worth approximately $26,384,000. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Churchill Downs Stock Performance

Shares of NASDAQ CHDN opened at $137.68 on Friday. The stock’s 50-day moving average is $138.69 and its 200 day moving average is $132.44. The stock has a market cap of $10.12 billion, a price-to-earnings ratio of 30.71, a P/E/G ratio of 2.04 and a beta of 0.97. Churchill Downs Incorporated has a 1-year low of $106.45 and a 1-year high of $146.64. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 4.65.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $2.89 EPS for the quarter, topping the consensus estimate of $2.71 by $0.18. The firm had revenue of $890.70 million for the quarter, compared to the consensus estimate of $858.59 million. Churchill Downs had a net margin of 15.61% and a return on equity of 47.53%. The business’s revenue was up 15.9% compared to the same quarter last year. During the same period last year, the firm posted $2.24 earnings per share. On average, sell-side analysts anticipate that Churchill Downs Incorporated will post 6.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CHDN has been the topic of several research analyst reports. StockNews.com raised shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Friday, August 2nd. JMP Securities upped their target price on Churchill Downs from $158.00 to $166.00 and gave the stock a “market outperform” rating in a research note on Friday, July 26th. Stifel Nicolaus raised their price target on Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Mizuho boosted their price objective on Churchill Downs from $143.00 to $157.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, Bank of America upgraded shares of Churchill Downs from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $145.00 to $155.00 in a research report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, Churchill Downs presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.90.

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; and casino gaming.