Churchill Downs (NASDAQ:CHDN) Trading 5.9% Higher – Here’s What Happened

Churchill Downs, Incorporated (NASDAQ:CHDN)’s share price rose 5.9% during trading on Wednesday . The stock traded as high as $85.09 and last traded at $85.3570. Approximately 596,380 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 970,048 shares. The stock had previously closed at $80.60.

Analysts Set New Price Targets

CHDN has been the subject of several recent analyst reports. Weiss Ratings upgraded Churchill Downs from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, September 2nd. Mizuho increased their price objective on shares of Churchill Downs from $155.00 to $157.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Jefferies Financial Group reissued a “buy” rating on shares of Churchill Downs in a research report on Thursday, July 2nd. Susquehanna boosted their target price on shares of Churchill Downs from $121.00 to $124.00 and gave the company a “positive” rating in a report on Friday, July 31st. Finally, Wolfe Research initiated coverage on shares of Churchill Downs in a report on Wednesday, September 2nd. They issued an “outperform” rating and a $119.00 target price for the company. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $134.89.

Churchill Downs Stock Down 0.5%

The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36. The firm has a market cap of $5.73 billion, a PE ratio of 14.10, a PEG ratio of 0.78 and a beta of 0.67. The stock has a fifty day moving average price of $86.54 and a 200-day moving average price of $87.93.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, hitting the consensus estimate of $3.45. The company had revenue of $980.00 million during the quarter, compared to the consensus estimate of $977.38 million. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. Churchill Downs’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the previous year, the firm earned $3.10 earnings per share. Research analysts expect that Churchill Downs, Incorporated will post 7.14 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in Churchill Downs in the second quarter valued at approximately $555,948,000. Engineers Gate Manager LP raised its position in shares of Churchill Downs by 118.8% during the 2nd quarter. Engineers Gate Manager LP now owns 54,890 shares of the company’s stock worth $4,920,000 after purchasing an additional 29,807 shares during the period. First Trust Advisors LP raised its position in shares of Churchill Downs by 178.9% during the 1st quarter. First Trust Advisors LP now owns 76,395 shares of the company’s stock worth $6,863,000 after purchasing an additional 49,002 shares during the period. Commerce Bank bought a new stake in shares of Churchill Downs in the 2nd quarter worth approximately $604,000. Finally, Aurora Investment Counsel bought a new stake in shares of Churchill Downs in the 2nd quarter worth approximately $2,265,000. 82.59% of the stock is owned by institutional investors and hedge funds.

Churchill Downs Company Profile

Churchill Downs Incorporated is a gaming, entertainment and racing company headquartered in Louisville, Kentucky. The company owns and operates Churchill Downs Racetrack, home of the Kentucky Derby, as well as other thoroughbred racing venues, casinos, racinos and historical horse racing facilities.

Its operations include live and historical horse racing, casino gaming, video lottery and other gaming activities, hospitality, dining and entertainment. Through its TwinSpires business, Churchill Downs also provides online horse-racing wagering and related digital betting services in jurisdictions where such activities are permitted.

Founded in 1875, Churchill Downs has expanded from its namesake racetrack into a diversified gaming and entertainment company.