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.