Churchill Downs Inc. (CHDN) Stock Rating Lowered by Zacks Investment Research
Churchill Downs Inc. (NASDAQ:CHDN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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 brokerages have also weighed in on CHDN. JPMorgan Chase & Co. started coverage on Churchill Downs in a research report on Thursday, September 22nd. They issued a “neutral” rating and a $160.00 price objective on the stock. Gabelli upgraded Churchill Downs from a “hold” rating to a “buy” rating in a research 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 research report on Friday, August 5th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Churchill Downs has an average rating of “Buy” and an average target price of $161.60.
Shares of Churchill Downs (NASDAQ:CHDN) opened at 143.24 on Monday. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of 29.27 and a beta of 0.89. Churchill Downs has a 52-week low of $118.76 and a 52-week high of $152.98. The company has a 50-day moving average price of $148.01 and a 200-day moving average price of $137.45.
Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Thursday, August 4th. The company reported $4.11 earnings per share (EPS) for the quarter, topping the 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 analyst estimates of $435.37 million. During the same period last year, the company earned $3.10 EPS. Churchill Downs’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, equities analysts anticipate that Churchill Downs will post $5.94 earnings per share for the current year.
In related news, Director Robert L. Evans sold 5,000 shares of Churchill Downs stock in a transaction that occurred on Monday, August 22nd. The stock was sold at an average price of $148.75, for a total transaction of $743,750.00. Following the sale, the director now directly owns 189,235 shares in the company, valued at $28,148,706.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 19.05% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Teachers Advisors Inc. raised its stake in Churchill Downs by 338.4% in the first quarter. Teachers Advisors Inc. now owns 89,398 shares of the company’s stock valued at $13,220,000 after buying an additional 69,005 shares in the last quarter. BlackRock Inc. raised its stake in Churchill Downs by 125.6% in the first quarter. BlackRock Inc. now owns 900 shares of the company’s stock valued at $133,000 after buying an additional 501 shares in the last quarter. BlackRock Group LTD raised its stake in Churchill Downs by 23.3% in the first quarter. BlackRock Group LTD now owns 8,412 shares of the company’s stock valued at $1,243,000 after buying an additional 1,589 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Churchill Downs by 4.4% in the first quarter. JPMorgan Chase & Co. now owns 115,019 shares of the company’s stock valued at $17,009,000 after buying an additional 4,895 shares in the last quarter. Finally, Acrospire Investment Management LLC purchased a new stake in Churchill Downs during the first quarter valued at $104,000. 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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