Churchill Downs Inc. (CHDN) Upgraded 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 research note released on Wednesday morning. The brokerage 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. “
Several other brokerages have also recently commented on CHDN. JPMorgan Chase & Co. began coverage on shares of Churchill Downs in a research note on Thursday, September 22nd. They issued a neutral rating and a $160.00 price objective for the company. Gabelli upgraded shares of Churchill Downs from a hold rating to a buy rating in a research note on Friday, August 5th. Finally, Telsey Advisory Group raised their price objective on shares of Churchill Downs from $173.00 to $176.00 and gave the company an outperform rating in a research note on Friday, August 5th. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Churchill Downs has a consensus rating of Buy and an average price target of $161.60.
Churchill Downs (NASDAQ:CHDN) traded up 0.64% during mid-day trading on Wednesday, hitting $143.96. 14,339 shares of the stock traded hands. The firm’s 50-day moving average is $148.47 and its 200-day moving average is $137.42. Churchill Downs has a 12-month low of $118.76 and a 12-month high of $152.98. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 29.42 and a beta of 0.89.
Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings data on Thursday, August 4th. The company reported $4.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $3.56 by $0.55. Churchill Downs had a net margin of 6.59% and a return on equity of 12.99%. The firm earned $438.50 million during the quarter, compared to analysts’ expectations of $435.37 million. During the same quarter last year, the business earned $3.10 earnings per share. The business’s revenue for the quarter was up 7.2% compared to the same quarter last year. Equities research analysts expect that Churchill Downs will post $5.94 EPS for the current year.
In other Churchill Downs news, Director Robert L. Evans sold 5,000 shares of Churchill Downs stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $147.50, for a total transaction of $737,500.00. Following the completion of the transaction, the director now owns 194,235 shares in the company, valued at $28,649,662.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 19.05% of the company’s stock.
A number of institutional investors have recently made changes to their positions in CHDN. Acrospire Investment Management LLC acquired a new position in shares of Churchill Downs during the first quarter worth about $104,000. BlackRock Inc. boosted its position in shares of Churchill Downs by 125.6% in the first quarter. BlackRock Inc. now owns 900 shares of the company’s stock worth $133,000 after buying an additional 501 shares during the last quarter. Bruderman Asset Management LLC acquired a new position in shares of Churchill Downs during the second quarter worth about $140,000. Advantus Capital Management Inc acquired a new position in shares of Churchill Downs during the second quarter worth about $184,000. Finally, Teachers Retirement System of The State of Kentucky acquired a new position in shares of Churchill Downs during the second quarter worth about $202,000. Institutional investors own 72.12% of the company’s stock.
Churchill Downs Company Profile
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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