Churchill Downs, Incorporated (NASDAQ:CHDN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

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. “

A number of other brokerages also recently commented on CHDN. BidaskClub upgraded shares of Churchill Downs, from a “hold” rating to a “buy” rating in a report on Saturday, August 5th. Telsey Advisory Group lifted their price target on shares of Churchill Downs, from $180.00 to $182.00 and gave the stock a “market perform” rating in a report on Friday, July 28th. Finally, Imperial Capital reiterated a “buy” rating on shares of Churchill Downs, in a report on Sunday, July 30th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. Churchill Downs, currently has a consensus rating of “Hold” and a consensus target price of $206.33.

Churchill Downs, (NASDAQ:CHDN) traded down 0.51% during mid-day trading on Tuesday, hitting $206.75. 47,309 shares of the stock traded hands. The firm’s 50-day moving average is $199.88 and its 200-day moving average is $181.12. Churchill Downs, has a 12-month low of $131.70 and a 12-month high of $209.05. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 28.26 and a beta of 0.86.

Churchill Downs, (NASDAQ:CHDN) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $4.81 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.30. The business had revenue of $451.90 million during the quarter, compared to the consensus estimate of $439.33 million. Churchill Downs, had a net margin of 9.22% and a return on equity of 15.83%. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.11 earnings per share. Equities research analysts expect that Churchill Downs, will post $6.75 EPS for the current year.

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In related news, Director Robert L. Evans sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were sold at an average price of $198.25, for a total value of $991,250.00. Following the completion of the sale, the director now directly owns 90,878 shares in the company, valued at $18,016,563.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 18.44% of the stock is currently owned by insiders.

Institutional investors have recently added to or reduced their stakes in the stock. Citigroup Inc. grew its holdings in Churchill Downs, by 352.2% in the second quarter. Citigroup Inc. now owns 719 shares of the company’s stock valued at $132,000 after purchasing an additional 560 shares during the period. Bruderman Asset Management LLC purchased a new stake in Churchill Downs, in the second quarter valued at approximately $161,000. LS Investment Advisors LLC grew its holdings in Churchill Downs, by 19.8% in the second quarter. LS Investment Advisors LLC now owns 890 shares of the company’s stock valued at $163,000 after purchasing an additional 147 shares during the period. Strs Ohio grew its holdings in Churchill Downs, by 150.0% in the second quarter. Strs Ohio now owns 1,000 shares of the company’s stock valued at $183,000 after purchasing an additional 600 shares during the period. Finally, Sawgrass Asset Management LLC purchased a new stake in Churchill Downs, during the second quarter worth approximately $203,000. Hedge funds and other institutional investors own 73.84% of the company’s stock.

Churchill Downs, Company Profile

Churchill Downs Incorporated is a racing, gaming and online entertainment company. The Company is engaged in brick-and-mortar casino gaming with approximately 9,030 gaming positions in seven states, and is a legal mobile and online platform for betting on horseracing in the United States. It operates through six segments: Racing, Casinos, TwinSpires, Big Fish Games, Other Investments and Corporate.

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