Churchill Downs, Incorporated (NASDAQ:CHDN) Given Average Recommendation of "Buy" by Brokerages

Key Points

• Churchill Downs, Incorporated is currently rated as a "Buy" by ten covering brokerages, with an average 1-year price target of $136.50.
• The company reported quarterly earnings of $3.10 EPS, exceeding analysts' expectations, and showing a 4.9% year-over-year revenue increase.
• Institutional investors and hedge funds own 82.59% of Churchill Downs' stock, with significant recent increases in stakes by several large investors.

Shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Get Free Report) have been assigned a consensus rating of "Buy" from the ten brokerages that are covering the company, Marketbeat reports. Ten analysts have rated the stock with a buy rating. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $136.50.

Several research firms have recently issued reports on CHDN. Mizuho upped their price target on Churchill Downs from $134.00 to $136.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. assumed coverage on Churchill Downs in a research report on Monday, June 23rd. They set an "overweight" rating and a $116.00 target price for the company. Macquarie lifted their price target on shares of Churchill Downs from $150.00 to $155.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Truist Financial decreased their price objective on shares of Churchill Downs from $150.00 to $145.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Finally, Stifel Nicolaus raised their target price on shares of Churchill Downs from $130.00 to $133.00 and gave the company a "buy" rating in a research note on Friday, July 11th.

Hedge Funds Weigh In On Churchill Downs

Large investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. boosted its stake in Churchill Downs by 1,364.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock valued at $28,000 after purchasing an additional 232 shares during the period. Elequin Capital LP acquired a new position in shares of Churchill Downs during the first quarter worth approximately $29,000. MAI Capital Management boosted its position in shares of Churchill Downs by 306.9% in the second quarter. MAI Capital Management now owns 293 shares of the company's stock valued at $30,000 after acquiring an additional 221 shares during the period. Signaturefd LLC grew its stake in shares of Churchill Downs by 161.1% in the second quarter. Signaturefd LLC now owns 329 shares of the company's stock worth $33,000 after acquiring an additional 203 shares during the last quarter. Finally, Huntington National Bank grew its stake in shares of Churchill Downs by 534.3% in the second quarter. Huntington National Bank now owns 425 shares of the company's stock worth $43,000 after acquiring an additional 358 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Stock Performance

Shares of CHDN opened at $96.94 on Friday. The firm has a market cap of $6.80 billion, a price-to-earnings ratio of 16.66, a price-to-earnings-growth ratio of 1.80 and a beta of 0.86. The company's fifty day moving average is $102.43 and its 200-day moving average is $101.53. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 4.74. Churchill Downs has a 12 month low of $85.58 and a 12 month high of $150.21.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $3.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.03 by $0.07. The firm had revenue of $934.40 million during the quarter, compared to analysts' expectations of $924.36 million. Churchill Downs had a net margin of 15.22% and a return on equity of 41.46%. Churchill Downs's revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.89 earnings per share. Equities analysts expect that Churchill Downs will post 6.92 EPS for the current fiscal year.

About Churchill Downs

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.

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