Churchill Downs, Incorporated (CHDN) Cut to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Churchill Downs, Incorporated (NASDAQ:CHDN) from a buy rating to a hold rating in a research report released 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 research firms have also issued reports on CHDN. Telsey Advisory Group upped their target price on shares of Churchill Downs, from $182.00 to $196.00 and gave the stock a market perform rating in a report on Thursday, September 14th. BidaskClub raised shares of Churchill Downs, from a hold rating to a buy rating in a report on Saturday, August 5th. Finally, Imperial Capital upped their target price on shares of Churchill Downs, from $184.00 to $208.00 and gave the stock an outperform rating in a report on Friday, July 28th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus price target of $210.67.
Churchill Downs, (NASDAQ:CHDN) opened at 208.65 on Tuesday. Churchill Downs, has a 52-week low of $131.70 and a 52-week high of $209.65. The company has a market cap of $3.36 billion, a price-to-earnings ratio of 28.52 and a beta of 0.86. The firm’s 50-day moving average is $201.83 and its 200 day moving average is $182.26.
Churchill Downs, (NASDAQ:CHDN) last released its earnings results on Wednesday, July 26th. The company reported $4.81 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.51 by $0.30. Churchill Downs, had a net margin of 9.22% and a return on equity of 15.83%. The business had revenue of $451.90 million during the quarter, compared to analyst estimates of $439.33 million. During the same quarter in the prior year, the firm earned $4.11 earnings per share. The company’s revenue for the quarter was up 3.1% compared to the same quarter last year. On average, equities research analysts predict that Churchill Downs, will post $6.75 EPS for the current fiscal year.
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In other news, Director Robert L. Evans sold 5,000 shares of the company’s stock in a transaction on Friday, September 8th. The shares were sold at an average price of $198.25, for a total transaction of $991,250.00. Following the completion of the sale, the director now owns 90,878 shares of the company’s stock, valued at $18,016,563.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 18.44% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in CHDN. BlackRock Inc. grew its holdings in shares of Churchill Downs, by 23,504.2% in the first quarter. BlackRock Inc. now owns 1,301,301 shares of the company’s stock valued at $206,713,000 after purchasing an additional 1,295,788 shares during the period. FMR LLC grew its holdings in shares of Churchill Downs, by 25.7% in the first quarter. FMR LLC now owns 737,671 shares of the company’s stock valued at $117,179,000 after purchasing an additional 150,623 shares during the period. Cypress Funds LLC purchased a new stake in shares of Churchill Downs, in the second quarter valued at about $22,271,000. UBS Group AG grew its holdings in shares of Churchill Downs, by 1,376.3% in the first quarter. UBS Group AG now owns 86,377 shares of the company’s stock valued at $13,721,000 after purchasing an additional 80,526 shares during the period. Finally, Eagle Asset Management Inc. purchased a new stake in shares of Churchill Downs, in the second quarter valued at about $13,663,000. 73.84% of the stock is owned by hedge funds and other institutional investors.
About Churchill Downs,
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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