Churchill Downs (NASDAQ:CHDN) Upgraded to Hold by Zacks Investment Research

Churchill Downs (NASDAQ:CHDN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.

According to Zacks, “Churchill Downs, the world’s most legendary racetrack, has conducted Thoroughbred racing and presented America’s greatest race, the Kentucky Derby. Churchill Downs, Inc. has Five racetracks; Six casinos; Big Fish Games, the world’s largest distributor of casual games; The country’s leading online wagering business, TwinSpires.com; A video poker business, A multi-state network of off-track betting (OTB) facilities; and a collection of racing-related data, totalisator and telecommunication companies that support CDI’s sports and gaming operations. CDI owes much to its horse racing heritage and is expanding on that tradition while evolving its business mix, management team and growth strategies to navigate any challenges. CDI’s launch of TwinSpires.com, an advance-deposit waging platform that allows customers to wager on horse racing from computers, tablet devices and smart phones, created another retail outlet for wagering transactions and data distribution. “

Several other equities analysts also recently weighed in on CHDN. ValuEngine downgraded Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Extended Stay America in a research report on Tuesday, July 2nd. BidaskClub downgraded Walgreens Boots Alliance from a “sell” rating to a “strong sell” rating in a research report on Monday, June 24th. Finally, Telsey Advisory Group upped their price objective on Churchill Downs from $120.00 to $135.00 and gave the company an “outperform” rating in a research report on Monday, July 1st. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $124.25.

Shares of CHDN traded up $2.26 during mid-day trading on Tuesday, hitting $118.72. 217,200 shares of the stock were exchanged, compared to its average volume of 277,640. The stock has a market cap of $4.68 billion, a P/E ratio of 32.62, a PEG ratio of 1.38 and a beta of 1.24. Churchill Downs has a 52-week low of $74.58 and a 52-week high of $118.89. The stock has a 50-day simple moving average of $114.46. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 3.22.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, April 24th. The company reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.23. The firm had revenue of $265.40 million for the quarter, compared to the consensus estimate of $250.57 million. Churchill Downs had a return on equity of 33.97% and a net margin of 16.81%. The company’s revenue for the quarter was up 40.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.09 EPS. On average, analysts predict that Churchill Downs will post 4.19 EPS for the current fiscal year.

In other news, Director R Alex Rankin bought 500 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were acquired at an average price of $101.83 per share, for a total transaction of $50,915.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Austin W. Miller sold 5,900 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $117.31, for a total value of $692,129.00. Following the completion of the transaction, the senior vice president now owns 40,494 shares in the company, valued at approximately $4,750,351.14. The disclosure for this sale can be found here. 13.05% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in CHDN. BlackRock Inc. grew its stake in Churchill Downs by 203.0% during the 1st quarter. BlackRock Inc. now owns 4,077,620 shares of the company’s stock worth $368,046,000 after purchasing an additional 2,731,814 shares in the last quarter. FMR LLC grew its stake in Churchill Downs by 409.3% during the 1st quarter. FMR LLC now owns 793,264 shares of the company’s stock worth $71,600,000 after purchasing an additional 637,495 shares in the last quarter. Acadian Asset Management LLC grew its stake in Churchill Downs by 154.2% during the 1st quarter. Acadian Asset Management LLC now owns 615,395 shares of the company’s stock worth $55,547,000 after purchasing an additional 373,260 shares in the last quarter. Emerald Advisers LLC lifted its holdings in Churchill Downs by 312.5% during the 1st quarter. Emerald Advisers LLC now owns 323,007 shares of the company’s stock worth $29,155,000 after buying an additional 244,708 shares during the last quarter. Finally, Gamco Investors INC. ET AL lifted its holdings in Churchill Downs by 200.0% during the 1st quarter. Gamco Investors INC. ET AL now owns 345,588 shares of the company’s stock worth $31,193,000 after buying an additional 230,385 shares during the last quarter. Hedge funds and other institutional investors own 71.75% of the company’s stock.

About Churchill Downs

Churchill Downs Incorporated operates as a racing, gaming, and online entertainment company in the United States. It operates through Racing, Casinos, Online Wagering, and Other Investments and Corporate segments. The company operates 4 racetracks, including Churchill Downs Racetrack in Louisville, Kentucky; Arlington International Race Course in Arlington Heights with 12 off-track betting (OTB) facilities in Illinois; Fair Grounds Race Course in New Orleans along with 14 OTBs in Louisiana; and Calder Race Course in Miami Gardens, Florida.

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