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. “
A number of other equities research analysts also recently weighed in on CHDN. BidaskClub upgraded Churchill Downs from a “hold” rating to a “buy” rating in a research report on Friday, June 7th. ValuEngine upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research report on Tuesday, June 4th. Finally, Telsey Advisory Group upgraded Churchill Downs from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $108.00 to $120.00 in a research report on Wednesday, June 5th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $121.00.
Shares of CHDN stock traded up $1.61 on Wednesday, reaching $111.02. 259,000 shares of the stock were exchanged, compared to its average volume of 289,331. The company has a market capitalization of $4.40 billion, a PE ratio of 30.50, a PEG ratio of 1.26 and a beta of 1.18. Churchill Downs has a one year low of $74.58 and a one year high of $117.14. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 3.22. The firm’s 50 day moving average price is $103.70.
Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, April 24th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.23. The company had revenue of $265.40 million during 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 firm’s quarterly revenue was up 40.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.09 earnings per share. As a group, analysts anticipate that Churchill Downs will post 4.4 earnings per share for the current year.
In related news, Director R Alex Rankin acquired 500 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was acquired at an average price of $101.83 per share, for a total transaction of $50,915.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 13.05% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHDN. Bank of Montreal Can increased its stake in Churchill Downs by 18.4% in the 4th quarter. Bank of Montreal Can now owns 489 shares of the company’s stock valued at $119,000 after buying an additional 76 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new stake in shares of Churchill Downs during the 4th quarter worth $216,000. California Public Employees Retirement System boosted its position in shares of Churchill Downs by 19.1% during the 4th quarter. California Public Employees Retirement System now owns 13,644 shares of the company’s stock worth $3,328,000 after purchasing an additional 2,191 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Churchill Downs by 93.5% during the 4th quarter. New York State Common Retirement Fund now owns 25,542 shares of the company’s stock worth $6,231,000 after purchasing an additional 12,342 shares in the last quarter. Finally, BlackRock Inc. boosted its position in shares of Churchill Downs by 2.1% in the 4th quarter. BlackRock Inc. now owns 1,345,806 shares of the company’s stock worth $328,295,000 after buying an additional 27,849 shares in the last quarter. Institutional investors and hedge funds own 72.08% 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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