Churchill Downs (CHDN) Upgraded to Buy at ValuEngine

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ValuEngine upgraded shares of Churchill Downs (NASDAQ:CHDN) from a hold rating to a buy rating in a report published on Friday.

Other research analysts have also recently issued reports about the company. BidaskClub cut Churchill Downs from a hold rating to a sell rating in a research note on Tuesday, August 7th. Zacks Investment Research cut Churchill Downs from a strong-buy rating to a hold rating in a research note on Tuesday, July 10th. Finally, Jefferies Financial Group set a $325.00 price objective on Churchill Downs and gave the company a hold rating in a research note on Thursday, September 20th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The company has an average rating of Hold and an average price target of $316.67.

NASDAQ:CHDN traded up $4.35 during trading hours on Friday, reaching $280.06. 110,207 shares of the stock were exchanged, compared to its average volume of 101,097. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 1.95. Churchill Downs has a twelve month low of $204.25 and a twelve month high of $314.60. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 47.63, a price-to-earnings-growth ratio of 1.30 and a beta of 0.95.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, August 1st. The company reported $7.71 EPS for the quarter, topping analysts’ consensus estimates of $7.43 by $0.28. Churchill Downs had a return on equity of 27.68% and a net margin of 32.00%. The company had revenue of $379.40 million for the quarter, compared to analysts’ expectations of $371.30 million. During the same period in the prior year, the firm earned $4.81 earnings per share. The firm’s revenue was up 11.8% compared to the same quarter last year. On average, sell-side analysts expect that Churchill Downs will post 10.72 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in CHDN. Advisors Asset Management Inc. raised its stake in shares of Churchill Downs by 6,355.0% in the second quarter. Advisors Asset Management Inc. now owns 225,991 shares of the company’s stock valued at $1,238,000 after acquiring an additional 222,490 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Churchill Downs in the second quarter valued at $28,872,000. Acadian Asset Management LLC increased its holdings in Churchill Downs by 12.5% in the second quarter. Acadian Asset Management LLC now owns 308,690 shares of the company’s stock valued at $91,525,000 after buying an additional 34,295 shares during the last quarter. Bank of America Corp DE increased its holdings in Churchill Downs by 74.7% in the second quarter. Bank of America Corp DE now owns 45,384 shares of the company’s stock valued at $13,457,000 after buying an additional 19,409 shares during the last quarter. Finally, Fiera Capital Corp purchased a new position in Churchill Downs in the second quarter valued at $5,338,000. Institutional investors and hedge funds own 70.72% of the company’s stock.

Churchill Downs Company Profile

Churchill Downs Incorporated operates as a racing, gaming, and online entertainment company in the United States. It operates through Racing, Casinos, TwinSpires, and Other Investments segments. The company operates 4 racetracks, including Churchill Downs Racetrack in Louisville, Kentucky; Arlington International Race Course in Arlington Heights with 11 off-track betting (OTB) facilities in Illinois; Fair Grounds Race Course in New Orleans along with 12 OTBs in Louisiana; and Calder Race Course in Miami Gardens, Florida.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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