Argent Capital Management LLC Purchases New Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Argent Capital Management LLC acquired a new position in Churchill Downs Incorporated (NASDAQ:CHDN) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 19,040 shares of the company’s stock, valued at approximately $2,658,000.

A number of other large investors have also recently made changes to their positions in the business. UMB Bank n.a. lifted its stake in Churchill Downs by 59.8% in the first quarter. UMB Bank n.a. now owns 286 shares of the company’s stock worth $35,000 after acquiring an additional 107 shares during the period. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Churchill Downs in the 4th quarter worth about $39,000. Central Pacific Bank Trust Division bought a new stake in shares of Churchill Downs during the 1st quarter valued at about $44,000. Vestor Capital LLC purchased a new position in shares of Churchill Downs during the fourth quarter valued at about $45,000. Finally, CWM LLC raised its stake in Churchill Downs by 36.8% in the second quarter. CWM LLC now owns 439 shares of the company’s stock worth $61,000 after buying an additional 118 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors.

Churchill Downs Stock Performance

Shares of CHDN stock traded up $1.37 during trading hours on Friday, reaching $138.24. 239,049 shares of the company traded hands, compared to its average volume of 433,183. The firm has a 50-day moving average price of $138.74 and a 200 day moving average price of $130.02. The company has a market cap of $10.16 billion, a P/E ratio of 30.79, a P/E/G ratio of 2.34 and a beta of 0.97. The company has a debt-to-equity ratio of 4.65, a current ratio of 0.57 and a quick ratio of 0.57. Churchill Downs Incorporated has a 12-month low of $106.45 and a 12-month high of $146.64.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings results on Wednesday, July 24th. The company reported $2.89 earnings per share for the quarter, beating the consensus estimate of $2.71 by $0.18. Churchill Downs had a net margin of 15.61% and a return on equity of 47.53%. The business had revenue of $890.70 million for the quarter, compared to the consensus estimate of $858.59 million. During the same quarter in the previous year, the firm earned $2.24 earnings per share. The company’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, sell-side analysts predict that Churchill Downs Incorporated will post 6.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on CHDN shares. Wells Fargo & Company upped their target price on Churchill Downs from $150.00 to $161.00 and gave the stock an “overweight” rating in a report on Friday, July 26th. Stifel Nicolaus upped their price target on Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Jefferies Financial Group raised their price objective on Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Macquarie increased their price target on shares of Churchill Downs from $154.00 to $162.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, JMP Securities lifted their price target on Churchill Downs from $158.00 to $166.00 and gave the stock a “market outperform” rating in a research report on Friday, July 26th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $156.90.

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.