Churchill Downs Inc. (CHDN) Cut to Hold at 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 note issued 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. “
Other research analysts also recently issued research reports about the stock. Gabelli upgraded shares of Churchill Downs from a “hold” rating to a “buy” rating in a research report on Friday, August 5th. JPMorgan Chase & Co. started coverage on shares of Churchill Downs in a research report on Thursday, September 22nd. They set a “neutral” rating and a $160.00 price target on the stock. Finally, Telsey Advisory Group upped their price target on shares of Churchill Downs from $173.00 to $176.00 and gave the stock an “outperform” rating in a research report on Friday, August 5th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Churchill Downs presently has an average rating of “Buy” and an average target price of $161.60.
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Churchill Downs (NASDAQ:CHDN) traded up 0.90% on Monday, hitting $144.92. 70,402 shares of the stock traded hands. The stock has a market capitalization of $2.39 billion, a P/E ratio of 29.61 and a beta of 0.89. Churchill Downs has a 12-month low of $118.76 and a 12-month high of $152.98. The company’s 50 day moving average price is $148.28 and its 200-day moving average price is $137.48.
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 the Thomson Reuters’ consensus estimate of $3.56 by $0.55. The business had revenue of $438.50 million for the quarter, compared to the consensus estimate of $435.37 million. Churchill Downs had a net margin of 6.59% and a return on equity of 12.99%. The firm’s quarterly revenue was up 7.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.10 EPS. Analysts predict that Churchill Downs will post $5.94 EPS for the current year.
In other news, Director Robert L. Evans sold 5,000 shares of the company’s stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $150.00, for a total value of $750,000.00. Following the completion of the sale, the director now directly owns 184,235 shares of the company’s stock, valued at approximately $27,635,250. 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.
Several hedge funds have recently made changes to their positions in CHDN. Boothbay Fund Management LLC bought a new stake in shares of Churchill Downs during the first quarter worth approximately $270,000. A.R.T. Advisors LLC boosted its stake in shares of Churchill Downs by 210.5% in the first quarter. A.R.T. Advisors LLC now owns 6,638 shares of the company’s stock worth $981,000 after buying an additional 4,500 shares during the period. HBK Investments L P bought a new stake in shares of Churchill Downs during the first quarter worth approximately $680,000. Wellington Management Group LLP boosted its stake in shares of Churchill Downs by 1.0% in the first quarter. Wellington Management Group LLP now owns 82,836 shares of the company’s stock worth $12,250,000 after buying an additional 824 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Churchill Downs by 7.5% in the first quarter. Geode Capital Management LLC now owns 91,320 shares of the company’s stock worth $13,504,000 after buying an additional 6,339 shares during the period. 72.13% of the stock is owned by institutional investors.
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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