Churchill Downs, Incorporated (CHDN) Rating Increased to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Churchill Downs, Incorporated (NASDAQ:CHDN) from a sell rating to a hold rating in a research report report published on Tuesday, July 11th.

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 also recently issued reports on CHDN. BidaskClub raised shares of Churchill Downs, from a hold rating to a buy rating in a research note on Saturday, June 24th. Telsey Advisory Group downgraded shares of Churchill Downs, from an outperform rating to a market perform rating and set a $174.00 price target on the stock. in a research note on Friday, April 28th. Finally, Imperial Capital upped their price target on shares of Churchill Downs, from $169.00 to $184.00 and gave the company an outperform rating in a research note on Friday, April 28th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $191.25.

Shares of Churchill Downs, (NASDAQ:CHDN) traded up 0.88% during mid-day trading on Tuesday, hitting $194.95. 55,452 shares of the company traded hands. The firm’s 50 day moving average price is $185.47 and its 200-day moving average price is $166.84. The stock has a market capitalization of $3.14 billion, a PE ratio of 26.64 and a beta of 0.88. Churchill Downs, has a 1-year low of $131.70 and a 1-year high of $196.00.

Churchill Downs, (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, July 26th. The company reported $4.81 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $4.51 by $0.30. The company had revenue of $451.90 million for 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%. Churchill Downs,’s revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.11 earnings per share. On average, equities research analysts forecast that Churchill Downs, will post $6.78 EPS for the current year.

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Churchill Downs, announced that its Board of Directors has authorized a stock buyback plan on Tuesday, April 25th that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 99% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

In related news, Director Richard L. Duchossois purchased 4,548 shares of Churchill Downs, stock in a transaction that occurred on Thursday, May 18th. The shares were bought at an average price of $164.95 per share, with a total value of $750,192.60. Following the purchase, the director now directly owns 9,509 shares of the company’s stock, valued at approximately $1,568,509.55. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director R Alex Rankin purchased 1,000 shares of Churchill Downs, stock in a transaction that occurred on Wednesday, May 17th. The stock was bought at an average cost of $164.17 per share, for a total transaction of $164,170.00. Following the purchase, the director now directly owns 11,214 shares in the company, valued at $1,841,002.38. The disclosure for this purchase can be found here. Corporate insiders own 18.44% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of CHDN. LS Investment Advisors LLC increased its position in Churchill Downs, by 96.6% in the first quarter. LS Investment Advisors LLC now owns 743 shares of the company’s stock valued at $118,000 after buying an additional 365 shares in the last quarter. Citigroup Inc. boosted its position in shares of 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 buying an additional 560 shares during the last quarter. Bruderman Asset Management LLC acquired a new position in shares of Churchill Downs, during the second quarter valued at about $161,000. Strs Ohio boosted its position in shares of 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 buying an additional 600 shares during the last quarter. Finally, Sawgrass Asset Management LLC acquired a new position in shares of Churchill Downs, during the second quarter valued at about $203,000. 74.54% of the stock is currently owned by 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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