Churchill Downs (NASDAQ:CHDN) Lifted to Overweight at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Churchill Downs (NASDAQ:CHDN) from an equal weight rating to an overweight rating in a research report sent to investors on Monday, MarketBeat Ratings reports. Wells Fargo & Company currently has $141.00 target price on the stock, up from their previous target price of $137.00.

Other equities research analysts also recently issued reports about the stock. Mizuho began coverage on shares of Churchill Downs in a report on Tuesday, March 26th. They issued a buy rating and a $142.00 target price for the company. JMP Securities restated a market outperform rating and set a $150.00 price objective on shares of Churchill Downs in a report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Churchill Downs currently has an average rating of Moderate Buy and an average price target of $143.13.

Churchill Downs Trading Down 2.4 %

Shares of Churchill Downs stock opened at $121.08 on Monday. Churchill Downs has a fifty-two week low of $106.45 and a fifty-two week high of $150.45. The business’s fifty day moving average is $119.66 and its two-hundred day moving average is $120.29. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 5.34. The firm has a market cap of $8.92 billion, a PE ratio of 22.22 and a beta of 1.03.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, February 21st. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.18. The firm had revenue of $561.20 million for the quarter, compared to the consensus estimate of $553.05 million. Churchill Downs had a return on equity of 45.43% and a net margin of 16.95%. The firm’s revenue for the quarter was up 16.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.73 earnings per share. Analysts anticipate that Churchill Downs will post 5.58 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky grew its stake in shares of Churchill Downs by 90.3% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 22,898 shares of the company’s stock valued at $2,657,000 after buying an additional 10,868 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Churchill Downs by 34.9% during the third quarter. Envestnet Asset Management Inc. now owns 148,035 shares of the company’s stock worth $17,178,000 after purchasing an additional 38,298 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Churchill Downs by 0.8% in the third quarter. Vanguard Group Inc. now owns 6,689,337 shares of the company’s stock valued at $776,231,000 after purchasing an additional 56,318 shares during the period. Fifth Third Bancorp grew its holdings in Churchill Downs by 15.1% during the 4th quarter. Fifth Third Bancorp now owns 1,437 shares of the company’s stock valued at $194,000 after purchasing an additional 189 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Churchill Downs by 5.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 668,860 shares of the company’s stock worth $77,615,000 after buying an additional 32,751 shares during the period. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Company Profile

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.