BidaskClub Downgrades Churchill Downs (CHDN) to Hold

Churchill Downs (NASDAQ:CHDN) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Thursday.

Several other analysts have also recently commented on CHDN. Telsey Advisory Group raised their target price on Churchill Downs from $196.00 to $209.00 and gave the company a “market perform” rating in a research report on Thursday, October 12th. Zacks Investment Research cut Churchill Downs from a “buy” rating to a “hold” rating in a research report on Tuesday, October 10th.

Shares of Churchill Downs (NASDAQ:CHDN) opened at $225.45 on Thursday. Churchill Downs has a 1 year low of $141.00 and a 1 year high of $237.82. The company has a debt-to-equity ratio of 1.77, a current ratio of 0.57 and a quick ratio of 0.57. The company has a market capitalization of $3,505.47, a P/E ratio of 32.42 and a beta of 0.92.

Churchill Downs (NASDAQ:CHDN) last posted its earnings results on Wednesday, November 1st. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.90 by $0.18. Churchill Downs had a return on equity of 17.48% and a net margin of 9.75%. The firm had revenue of $314.80 million for the quarter, compared to analysts’ expectations of $308.43 million. During the same period last year, the firm earned $0.52 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. equities analysts anticipate that Churchill Downs will post 6.95 earnings per share for the current year.

Churchill Downs announced that its board has approved a stock repurchase plan on Wednesday, November 29th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

A number of institutional investors and hedge funds have recently bought and sold shares of CHDN. US Bancorp DE boosted its stake in Churchill Downs by 19.0% during the 2nd quarter. US Bancorp DE now owns 1,960 shares of the company’s stock valued at $359,000 after purchasing an additional 313 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Churchill Downs by 322.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 8,384 shares of the company’s stock valued at $1,537,000 after purchasing an additional 6,400 shares in the last quarter. Strs Ohio boosted its stake in Churchill Downs by 150.0% during the 2nd quarter. Strs Ohio now owns 1,000 shares of the company’s stock valued at $183,000 after purchasing an additional 600 shares in the last quarter. Sei Investments Co. bought a new position in Churchill Downs during the 2nd quarter valued at $314,000. Finally, Schwab Charles Investment Management Inc. boosted its stake in Churchill Downs by 5.1% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 68,114 shares of the company’s stock valued at $12,486,000 after purchasing an additional 3,297 shares in the last quarter. Hedge funds and other institutional investors own 72.50% of the company’s stock.

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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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