Churchill Downs (NASDAQ:CHDN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $283.00 price objective on the stock. Zacks Investment Research‘s price objective points to a potential upside of 12.23% from the stock’s current price.

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. “

Other equities research analysts have also recently issued research reports about the stock. BidaskClub upgraded shares of Churchill Downs from a “hold” rating to a “buy” rating in a report on Saturday, December 2nd. Telsey Advisory Group upped their price objective on shares of Churchill Downs from $196.00 to $209.00 and gave the stock a “market perform” rating in a report on Thursday, October 12th.

Shares of Churchill Downs (NASDAQ CHDN) traded down $0.70 during midday trading on Tuesday, hitting $252.15. 139,479 shares of the company traded hands, compared to its average volume of 160,090. Churchill Downs has a one year low of $141.00 and a one year high of $254.75. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.57 and a quick ratio of 0.57. The stock has a market capitalization of $3,890.00, a PE ratio of 31.48 and a beta of 0.92.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, November 1st. The company reported $1.08 earnings per share (EPS) for the quarter, beating the 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 company had revenue of $314.80 million for the quarter, compared to analysts’ expectations of $308.43 million. During the same quarter in the previous year, the company earned $0.52 earnings per share. Churchill Downs’s quarterly revenue was up 3.8% on a year-over-year basis. equities analysts anticipate that Churchill Downs will post 7.05 EPS for the current year.

Churchill Downs announced that its Board of Directors has authorized a share buyback program on Wednesday, November 29th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

A number of institutional investors and hedge funds have recently made changes to their positions in CHDN. Schwab Charles Investment Management Inc. grew its holdings in Churchill Downs by 5.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 68,114 shares of the company’s stock worth $12,486,000 after purchasing an additional 3,297 shares during the period. Legal & General Group Plc grew its holdings in Churchill Downs by 19.6% in the second quarter. Legal & General Group Plc now owns 10,068 shares of the company’s stock worth $1,845,000 after purchasing an additional 1,651 shares during the period. Principal Financial Group Inc. grew its holdings in Churchill Downs by 4.3% in the second quarter. Principal Financial Group Inc. now owns 57,490 shares of the company’s stock worth $10,538,000 after purchasing an additional 2,383 shares during the period. Swiss National Bank grew its holdings in Churchill Downs by 7.3% in the second quarter. Swiss National Bank now owns 23,500 shares of the company’s stock worth $4,308,000 after purchasing an additional 1,600 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Churchill Downs by 22.7% in the second quarter. JPMorgan Chase & Co. now owns 23,338 shares of the company’s stock worth $4,278,000 after purchasing an additional 4,319 shares during the period. Institutional investors and hedge funds 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 five segments: Racing, Casinos, TwinSpires, Other Investments and Corporate.

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