Churchill Downs (NASDAQ:CHDN) Raised to “Strong-Buy” at Wells Fargo & Company

Churchill Downs (NASDAQ:CHDN) was upgraded by equities research analysts at Wells Fargo & Company to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

Other analysts also recently issued reports about the stock. Mizuho boosted their target price on shares of Churchill Downs from $134.00 to $136.00 and gave the stock an “outperform” rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. dropped their price target on Churchill Downs from $130.00 to $128.00 and set an “overweight” rating for the company in a research report on Thursday, October 16th. Macquarie reissued an “outperform” rating and set a $155.00 price objective on shares of Churchill Downs in a research note on Friday, October 24th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Churchill Downs in a research note on Wednesday, October 8th. Finally, Susquehanna reiterated a “positive” rating and issued a $124.00 target price (down previously from $126.00) on shares of Churchill Downs in a report on Tuesday, October 21st. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $133.30.

Churchill Downs Stock Down 1.8%

NASDAQ CHDN opened at $102.72 on Monday. The stock has a 50 day moving average price of $96.67 and a 200-day moving average price of $99.60. Churchill Downs has a one year low of $85.58 and a one year high of $144.23. The company has a debt-to-equity ratio of 4.87, a quick ratio of 0.57 and a current ratio of 0.57. The company has a market capitalization of $7.16 billion, a P/E ratio of 18.68, a P/E/G ratio of 1.84 and a beta of 0.81.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, October 22nd. The company reported $1.09 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.12. The company had revenue of $683.00 million for the quarter, compared to analysts’ expectations of $671.43 million. Churchill Downs had a net margin of 13.99% and a return on equity of 42.54%. Churchill Downs’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.97 earnings per share. As a group, equities analysts predict that Churchill Downs will post 6.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Churchill Downs

Several hedge funds and other institutional investors have recently modified their holdings of CHDN. Signaturefd LLC lifted its position in shares of Churchill Downs by 161.1% during the second quarter. Signaturefd LLC now owns 329 shares of the company’s stock worth $33,000 after purchasing an additional 203 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Churchill Downs by 1.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 615,463 shares of the company’s stock worth $68,359,000 after purchasing an additional 10,108 shares during the last quarter. Bayforest Capital Ltd bought a new position in shares of Churchill Downs in the second quarter worth about $593,000. LPL Financial LLC increased its stake in Churchill Downs by 51.5% in the 1st quarter. LPL Financial LLC now owns 61,158 shares of the company’s stock worth $6,793,000 after buying an additional 20,802 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in Churchill Downs by 192.0% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 11,879 shares of the company’s stock valued at $1,251,000 after buying an additional 7,811 shares in the last quarter. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

Churchill Downs Company Profile

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; casino gaming; and Terre Haute Casino Resort.