Bank of Montreal Can Raises Stake in Churchill Downs Incorporated (NASDAQ:CHDN)

Bank of Montreal Can increased its holdings in Churchill Downs Incorporated (NASDAQ:CHDN) by 66.4% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 13,745 shares of the company’s stock after acquiring an additional 5,487 shares during the quarter. Bank of Montreal Can’s holdings in Churchill Downs were worth $1,923,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Evergreen Capital Management LLC purchased a new stake in Churchill Downs in the second quarter worth about $230,000. Sei Investments Co. lifted its stake in Churchill Downs by 31.7% in the second quarter. Sei Investments Co. now owns 47,549 shares of the company’s stock worth $6,638,000 after acquiring an additional 11,449 shares during the period. AE Wealth Management LLC purchased a new stake in Churchill Downs in the second quarter worth about $286,000. Canada Pension Plan Investment Board purchased a new stake in Churchill Downs in the second quarter worth about $112,000. Finally, Intech Investment Management LLC purchased a new stake in Churchill Downs in the second quarter worth about $1,321,000. 82.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CHDN has been the subject of a number of recent research reports. Jefferies Financial Group boosted their target price on shares of Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. JMP Securities boosted their target price on shares of Churchill Downs from $158.00 to $166.00 and gave the stock a “market outperform” rating in a report on Friday, July 26th. Truist Financial reiterated a “buy” rating and issued a $166.00 target price (up from $165.00) on shares of Churchill Downs in a report on Friday, July 26th. Wells Fargo & Company boosted their target price on shares of Churchill Downs from $150.00 to $161.00 and gave the stock an “overweight” 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 boosted their target price for the stock from $145.00 to $155.00 in a report on Monday, August 12th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $156.90.

Churchill Downs Stock Performance

CHDN opened at $137.53 on Friday. The firm’s 50-day moving average price is $137.47 and its 200-day moving average price is $133.91. The company has a market cap of $10.11 billion, a P/E ratio of 30.63, a price-to-earnings-growth ratio of 2.01 and a beta of 0.97. Churchill Downs Incorporated has a 52-week low of $106.45 and a 52-week high of $146.64. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 4.65.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, July 24th. The company reported $2.89 EPS for the quarter, beating analysts’ consensus estimates of $2.71 by $0.18. The firm had revenue of $890.70 million for the quarter, compared to analyst estimates of $858.59 million. Churchill Downs had a return on equity of 47.53% and a net margin of 15.61%. Churchill Downs’s revenue for the quarter was up 15.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.24 earnings per share. As a group, equities analysts anticipate that Churchill Downs Incorporated will post 6.13 EPS for the current fiscal year.

About Churchill Downs

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.