Churchill Downs (NASDAQ:CHDN) Raised to “Buy” at BidaskClub

BidaskClub upgraded shares of Churchill Downs (NASDAQ:CHDN) from a hold rating to a buy rating in a report published on Thursday morning, BidAskClub reports.

Several other equities research analysts have also recently commented on the stock. ValuEngine cut shares of Churchill Downs from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Susquehanna Bancshares started coverage on shares of Churchill Downs in a research report on Wednesday, July 24th. They issued a positive rating and a $140.00 price objective on the stock. Zacks Investment Research raised shares of Churchill Downs from a sell rating to a hold rating in a research report on Tuesday, July 23rd. Jefferies Financial Group boosted their price objective on shares of Churchill Downs from $126.00 to $135.00 and gave the company a buy rating in a research report on Wednesday, July 24th. Finally, Telsey Advisory Group boosted their price objective on shares of Churchill Downs from $120.00 to $135.00 and gave the company an outperform rating in a research report on Monday, July 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $132.20.

Shares of NASDAQ CHDN traded down $5.88 during midday trading on Thursday, reaching $120.35. 374,846 shares of the stock were exchanged, compared to its average volume of 227,843. The business’s 50-day moving average is $116.86. The stock has a market capitalization of $5.05 billion, a P/E ratio of 33.06, a price-to-earnings-growth ratio of 1.51 and a beta of 1.23. Churchill Downs has a 12 month low of $74.58 and a 12 month high of $132.73. The company has a quick ratio of 0.87, a current ratio of 1.13 and a debt-to-equity ratio of 2.66.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $2.83 EPS for the quarter, missing the consensus estimate of $2.84 by ($0.01). The company had revenue of $477.40 million during the quarter, compared to the consensus estimate of $469.85 million. Churchill Downs had a net margin of 15.76% and a return on equity of 34.23%. The company’s revenue was up 25.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $7.71 earnings per share. Equities research analysts anticipate that Churchill Downs will post 4.19 earnings per share for the current year.

In other Churchill Downs news, SVP Austin W. Miller sold 5,900 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $117.31, for a total transaction of $692,129.00. Following the sale, the senior vice president now directly owns 40,494 shares of the company’s stock, valued at approximately $4,750,351.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 13.05% of the company’s stock.

A number of large investors have recently modified their holdings of CHDN. Gemmer Asset Management LLC lifted its position in Churchill Downs by 200.0% during the 1st quarter. Gemmer Asset Management LLC now owns 300 shares of the company’s stock worth $27,000 after buying an additional 200 shares in the last quarter. FinTrust Capital Advisors LLC bought a new stake in Churchill Downs during the 1st quarter worth about $27,000. Global Wealth Management Investment Advisory Inc. bought a new stake in Churchill Downs during the 1st quarter worth about $27,000. FTB Advisors Inc. lifted its position in Churchill Downs by 248.0% during the 1st quarter. FTB Advisors Inc. now owns 355 shares of the company’s stock worth $31,000 after buying an additional 253 shares in the last quarter. Finally, Advisory Services Network LLC bought a new stake in Churchill Downs during the 4th quarter worth about $37,000. 71.72% of the stock is currently owned by hedge funds and other institutional investors.

About Churchill Downs

Churchill Downs Incorporated operates as a racing, gaming, and online entertainment company in the United States. It operates through Racing, Casinos, Online Wagering, and Other Investments and Corporate segments. The company operates 4 racetracks, including Churchill Downs Racetrack in Louisville, Kentucky; Arlington International Race Course in Arlington Heights with 12 off-track betting (OTB) facilities in Illinois; Fair Grounds Race Course in New Orleans along with 14 OTBs in Louisiana; and Calder Race Course in Miami Gardens, Florida.

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