Churchill Downs (NASDAQ:CHDN) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued on Wednesday.

According to Zacks, “Churchill Downs, the world’s most legendary racetrack, has conducted Thoroughbred racing and presented America’s greatest race, the Kentucky Derby. Churchill Downs, Inc. has Five racetracks; Six casinos; Big Fish Games, the world’s largest distributor of casual games; The country’s leading online wagering business, TwinSpires.com; A video poker business, A multi-state network of off-track betting (OTB) facilities; and a collection of racing-related data, totalisator and telecommunication companies that support CDI’s sports and gaming operations. CDI owes much to its horse racing heritage and is expanding on that tradition while evolving its business mix, management team and growth strategies to navigate any challenges. CDI’s launch of TwinSpires.com, an advance-deposit waging platform that allows customers to wager on horse racing from computers, tablet devices and smart phones, created another retail outlet for wagering transactions and data distribution. “

A number of other analysts have also recently commented on CHDN. Telsey Advisory Group upped their price objective on shares of Churchill Downs from $182.00 to $196.00 and gave the company a “market perform” rating in a research report on Thursday, September 14th. BidaskClub upgraded shares of Churchill Downs from a “hold” rating to a “buy” rating in a research report on Saturday, December 2nd.

Churchill Downs (NASDAQ:CHDN) traded down $0.20 during mid-day trading on Wednesday, hitting $237.85. The stock had a trading volume of 138,580 shares, compared to its average volume of 127,250. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a market cap of $3,670.00, a P/E ratio of 29.69 and a beta of 0.92. Churchill Downs has a one year low of $141.00 and a one year high of $239.50.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data on Wednesday, November 1st. The company reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.18. Churchill Downs had a net margin of 9.75% and a return on equity of 17.48%. The business had revenue of $314.80 million during the quarter, compared to analysts’ expectations of $308.43 million. During the same quarter in the prior year, the company earned $0.52 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. analysts predict that Churchill Downs will post 6.95 EPS for the current year.

Churchill Downs declared that its board has initiated a share buyback program on Wednesday, November 29th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

A number of hedge funds have recently added to or reduced their stakes in CHDN. Eagle Asset Management Inc. bought a new position in Churchill Downs during the 2nd quarter worth about $13,663,000. Victory Capital Management Inc. boosted its stake in shares of Churchill Downs by 15.3% during the 3rd quarter. Victory Capital Management Inc. now owns 355,575 shares of the company’s stock worth $73,320,000 after buying an additional 47,313 shares during the last quarter. Cypress Funds LLC boosted its stake in shares of Churchill Downs by 33.3% during the 3rd quarter. Cypress Funds LLC now owns 162,000 shares of the company’s stock worth $33,404,000 after buying an additional 40,500 shares during the last quarter. Artemis Investment Management LLP boosted its stake in shares of Churchill Downs by 34.1% during the 3rd quarter. Artemis Investment Management LLP now owns 97,534 shares of the company’s stock worth $20,119,000 after buying an additional 24,785 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Churchill Downs by 4.3% during the 2nd quarter. State Street Corp now owns 427,609 shares of the company’s stock worth $78,379,000 after buying an additional 17,798 shares during the last quarter. Hedge funds and other institutional investors own 72.50% of the company’s stock.

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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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