Churchill Downs (NASDAQ:CHDN) Upgraded to Strong-Buy at Wolfe Research

Key Points

• Wolfe Research upgraded Churchill Downs to “strong buy” and set a $119 price target, implying approximately 33.4% upside from the reported $89.18 share price.
• Analyst sentiment remains favorable overall, with a consensus “Moderate Buy” rating and an average price target of $134.89 from 11 analysts.
• Churchill Downs met quarterly EPS expectations at $3.45 and reported $980 million in revenue, up 4.9% year over year; institutional investors own 82.59% of the company.

Churchill Downs (NASDAQ:CHDN - Get Free Report) was upgraded by equities researchers at Wolfe Research to a "strong-buy" rating in a research note issued to investors on Wednesday, Marketbeat Ratings reports. The brokerage presently has a $119.00 price objective on the stock. Wolfe Research's price target would suggest a potential upside of 33.44% from the company's current price.

Other equities analysts have also recently issued research reports about the company. Susquehanna lifted their price objective on Churchill Downs from $121.00 to $124.00 and gave the company a "positive" rating in a research note on Friday, July 31st. Citizens Jmp decreased their price target on shares of Churchill Downs from $149.00 to $137.00 and set a "market outperform" rating for the company in a research note on Friday, July 31st. Mizuho boosted their price target 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. Finally, Wells Fargo & Company reduced their price objective on shares of Churchill Downs from $120.00 to $117.00 and set an "overweight" rating on the stock in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $134.89.

Churchill Downs Stock Performance

NASDAQ:CHDN opened at $89.18 on Wednesday. Churchill Downs has a 52 week low of $79.40 and a 52 week high of $118.35. The company has a fifty day simple moving average of $87.36 and a two-hundred day simple moving average of $88.51. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.06. The company has a market cap of $6.22 billion, a price-to-earnings ratio of 15.30, a price-to-earnings-growth ratio of 0.82 and a beta of 0.67.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $3.45. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The firm had revenue of $980.00 million during the quarter, compared to analyst estimates of $977.38 million. During the same period last year, the business posted $3.10 earnings per share. Churchill Downs's revenue was up 4.9% compared to the same quarter last year. As a group, equities analysts anticipate that Churchill Downs will post 7.14 earnings per share for the current fiscal year.

Institutional Trading of Churchill Downs

Several institutional investors have recently modified their holdings of CHDN. Measured Wealth Private Client Group LLC acquired a new stake in shares of Churchill Downs during the third quarter worth about $25,000. Kimelman & Baird LLC acquired a new stake in shares of Churchill Downs in the second quarter valued at approximately $27,000. Geneos Wealth Management Inc. grew its position in shares of Churchill Downs by 1,364.7% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock worth $28,000 after acquiring an additional 232 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Churchill Downs during the second quarter worth approximately $29,000. Finally, Parkside Financial Bank & Trust increased its holdings in shares of Churchill Downs by 293.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 256 shares of the company's stock valued at $29,000 after acquiring an additional 191 shares during the period. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Company Profile

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.

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