The Zacks Investment Research Lowers Churchill Downs Inc. (CHDN) to Hold

The Zacks Investment Research Lowers Churchill Downs Inc. (CHDN) to Hold

Zacks Investment Research downgraded shares of Churchill Downs Inc. (NASDAQ:CHDN) from a buy rating to a hold rating in a research report sent to investors on Monday morning.

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. “

Other analysts also recently issued reports about the company. Gabelli upgraded Churchill Downs from a hold rating to a buy rating in a research report on Friday, August 5th. 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 target for the company. Finally, Telsey Advisory Group raised their price target 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 company. The company presently has an average rating of Buy and an average price target of $161.60.

Shares of Churchill Downs (NASDAQ:CHDN) opened at 143.63 on Monday. The stock has a 50 day moving average of $147.97 and a 200-day moving average of $137.49. Churchill Downs has a 52-week low of $118.76 and a 52-week high of $152.98. The stock has a market capitalization of $2.37 billion, a P/E ratio of 29.35 and a beta of 0.89.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings results on Thursday, August 4th. The company reported $4.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.56 by $0.55. The company earned $438.50 million during the quarter, compared to the consensus estimate of $435.37 million. Churchill Downs had a return on equity of 12.99% and a net margin of 6.59%. Churchill Downs’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the company earned $3.10 earnings per share. Analysts predict that Churchill Downs will post $5.94 EPS for the current fiscal year.

In other news, Director Robert L. Evans sold 5,000 shares of Churchill Downs stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $150.00, for a total transaction of $750,000.00. Following the completion of the sale, the director now directly owns 184,235 shares in the company, valued at $27,635,250. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 19.05% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CHDN. Acrospire Investment Management LLC acquired a new stake in Churchill Downs during the first quarter valued at $104,000. BlackRock Inc. raised 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 valued at $133,000 after buying an additional 501 shares in the last quarter. Bruderman Asset Management LLC purchased a new position in shares of Churchill Downs during the second quarter valued at approximately $140,000. Genesee Valley Trust Co. purchased a new position in shares of Churchill Downs during the third quarter valued at approximately $200,000. Finally, Advantus Capital Management Inc purchased a new position in shares of Churchill Downs during the second quarter valued at approximately $184,000. Institutional investors and hedge funds own 72.13% 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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