Churchill Downs Inc. (CHDN) Lifted to Strong-Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Churchill Downs Inc. (NASDAQ:CHDN) from a hold rating to a strong-buy rating in a report issued on Wednesday morning. The firm currently has $167.00 price objective on the stock.
According to Zacks, “Churchill Downs Inc. is a racing company that primarily conducts pari-mutuel wagering on live Thoroughbred, Standardbred and Quarter Horse horse racing and simulcast signals of races. Additionally, the company offers racing services through our other business interests. “
A number of other research firms also recently weighed in on CHDN. JPMorgan Chase & Co. initiated coverage on Churchill Downs in a research report on Thursday, September 22nd. They set a neutral rating and a $160.00 price target on the stock. Gabelli upgraded Churchill Downs from a hold rating to a buy rating in a report on Friday, August 5th. Finally, Telsey Advisory Group lifted their price objective on Churchill Downs from $173.00 to $176.00 and gave the stock an outperform rating in a report on Friday, August 5th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $161.60.
Churchill Downs (NASDAQ:CHDN) opened at 144.92 on Wednesday. The firm has a 50-day moving average price of $148.18 and a 200 day moving average price of $137.41. Churchill Downs has a one year low of $118.76 and a one year high of $152.98. The company has a market cap of $2.39 billion, a price-to-earnings ratio of 29.61 and a beta of 0.89.
Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Thursday, August 4th. The company reported $4.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.56 by $0.55. Churchill Downs had a return on equity of 12.99% and a net margin of 6.59%. The business had revenue of $438.50 million for the quarter, compared to the consensus estimate of $435.37 million. During the same quarter last year, the business posted $3.10 earnings per share. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. Equities analysts expect that Churchill Downs will post $5.94 earnings per share for the current fiscal year.
In related news, Director Robert L. Evans sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 18th. The stock was sold at an average price of $147.50, for a total transaction of $737,500.00. Following the transaction, the director now owns 194,235 shares in the company, valued at approximately $28,649,662.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 19.05% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. HBK Investments L P acquired a new position in shares of Churchill Downs during the first quarter worth about $680,000. JPMorgan Chase & Co. increased its position in shares of Churchill Downs by 4.4% in the first quarter. JPMorgan Chase & Co. now owns 115,019 shares of the company’s stock worth $17,009,000 after buying an additional 4,895 shares in the last quarter. Nationwide Fund Advisors increased its position in shares of Churchill Downs by 255.2% in the second quarter. Nationwide Fund Advisors now owns 29,265 shares of the company’s stock worth $3,698,000 after buying an additional 21,026 shares in the last quarter. Credit Agricole S A acquired a new position in shares of Churchill Downs during the first quarter worth about $2,514,000. Finally, Bruderman Asset Management LLC acquired a new position in shares of Churchill Downs during the second quarter worth about $140,000. Institutional investors own 72.13% of the company’s stock.
About Churchill Downs
Churchill Downs Incorporated is a racing, gaming and online entertainment company. The Company operates in six segments: Racing, Casinos, TwinSpires, Big Fish Games, Inc (Big Fish Games), Other Investments and Corporate. The racing segment includes its four trace tracks: Churchill Downs Racetrack, Arlington International Race Course, Fair Grounds Race Course and Calder Race Course.
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