Churchill Downs (NASDAQ:CHDN) Issues Quarterly Earnings Results

Churchill Downs (NASDAQ:CHDN) posted its quarterly earnings data on Wednesday. The company reported $1.21 EPS for the quarter, beating the consensus estimate of $1.06 by $0.15, Zacks reports. The firm had revenue of $663.00 million during the quarter, compared to the consensus estimate of $659.32 million. Churchill Downs had a return on equity of 44.21% and a net margin of 13.21%.The firm’s revenue was up 3.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.07 EPS.

Churchill Downs Stock Performance

NASDAQ CHDN traded up $2.79 on Friday, hitting $100.70. 439,980 shares of the company’s stock were exchanged, compared to its average volume of 941,064. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.60 and a quick ratio of 0.60. The firm’s 50-day moving average price is $89.26 and its two-hundred day moving average price is $98.73. Churchill Downs has a fifty-two week low of $80.24 and a fifty-two week high of $118.46. The firm has a market cap of $7.02 billion, a price-to-earnings ratio of 18.60, a P/E/G ratio of 1.33 and a beta of 0.65.

Hedge Funds Weigh In On Churchill Downs

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quadrant Capital Group LLC increased its position in Churchill Downs by 4.7% during the 3rd quarter. Quadrant Capital Group LLC now owns 2,619 shares of the company’s stock worth $254,000 after purchasing an additional 118 shares during the period. Nebula Research & Development LLC increased its position in Churchill Downs by 4.8% during the 2nd quarter. Nebula Research & Development LLC now owns 3,421 shares of the company’s stock worth $346,000 after purchasing an additional 158 shares during the period. CIBC Private Wealth Group LLC increased its position in Churchill Downs by 7.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 2,501 shares of the company’s stock worth $285,000 after purchasing an additional 169 shares during the period. Coldstream Capital Management Inc. increased its position in Churchill Downs by 5.5% during the 3rd quarter. Coldstream Capital Management Inc. now owns 3,376 shares of the company’s stock worth $327,000 after purchasing an additional 177 shares during the period. Finally, Public Employees Retirement System of Ohio increased its position in Churchill Downs by 0.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 20,450 shares of the company’s stock worth $2,327,000 after purchasing an additional 178 shares during the period. Institutional investors and hedge funds own 82.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on CHDN shares. Wells Fargo & Company reaffirmed an “overweight” rating and set a $130.00 price objective (up from $124.00) on shares of Churchill Downs in a research note on Thursday, April 16th. Citigroup reaffirmed an “outperform” rating on shares of Churchill Downs in a research note on Friday. Jefferies Financial Group reaffirmed a “buy” rating on shares of Churchill Downs in a research note on Tuesday. Finally, Citizens Jmp upped their price objective on Churchill Downs from $142.00 to $146.00 and gave the company a “market outperform” rating in a research note on Wednesday, January 14th. Eleven investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $135.60.

About Churchill Downs

Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.

In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.