Churchill Downs, Incorporated (CHDN) Hits New 1-Year High Following Analyst Upgrade

Churchill Downs, Incorporated (NASDAQ:CHDN)’s share price hit a new 52-week high on Friday after Telsey Advisory Group raised their price target on the stock from $196.00 to $209.00. Telsey Advisory Group currently has a market perform rating on the stock. Churchill Downs, traded as high as $209.40 and last traded at $0.00, with a volume of shares.

A number of other equities analysts also recently weighed in on CHDN. Zacks Investment Research downgraded Churchill Downs, from a “buy” rating to a “hold” rating in a research note on Tuesday. BidaskClub upgraded Churchill Downs, from a “hold” rating to a “buy” rating in a research note on Saturday, August 5th. Finally, Imperial Capital restated a “buy” rating on shares of Churchill Downs, in a research note on Sunday, July 30th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Churchill Downs, presently has an average rating of “Hold” and a consensus price target of $210.67.

In related news, Director Robert L. Evans sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $198.25, for a total value of $991,250.00. Following the transaction, the director now owns 90,878 shares in the company, valued at $18,016,563.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 18.44% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its stake in Churchill Downs, by 0.4% in the second quarter. BlackRock Inc. now owns 1,306,153 shares of the company’s stock valued at $239,419,000 after purchasing an additional 4,852 shares during the last quarter. Vanguard Group Inc. raised its holdings in Churchill Downs, by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 1,071,720 shares of the company’s stock valued at $170,242,000 after acquiring an additional 47,702 shares during the period. FMR LLC raised its holdings in Churchill Downs, by 0.3% during the 2nd quarter. FMR LLC now owns 740,145 shares of the company’s stock valued at $135,669,000 after acquiring an additional 2,474 shares during the period. State Street Corp raised its holdings in Churchill Downs, by 4.3% during the 2nd quarter. State Street Corp now owns 427,609 shares of the company’s stock valued at $78,379,000 after acquiring an additional 17,798 shares during the period. Finally, Victory Capital Management Inc. raised its holdings in Churchill Downs, by 17.6% during the 2nd quarter. Victory Capital Management Inc. now owns 308,262 shares of the company’s stock valued at $56,504,000 after acquiring an additional 46,047 shares during the period. Institutional investors and hedge funds own 73.84% of the company’s stock.

Churchill Downs, (NASDAQ:CHDN) last issued its quarterly earnings results on Wednesday, July 26th. The company reported $4.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.51 by $0.30. Churchill Downs, had a net margin of 9.22% and a return on equity of 15.83%. The company had revenue of $451.90 million during the quarter, compared to the consensus estimate of $439.33 million. During the same quarter in the previous year, the firm earned $4.11 earnings per share. The firm’s quarterly revenue was up 3.1% on a year-over-year basis.

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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 six segments: Racing, Casinos, TwinSpires, Big Fish Games, Other Investments and Corporate.

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