Churchill Downs, Incorporated (NASDAQ:CHDN) Receives Consensus Rating of "Moderate Buy" from Brokerages

Key Points

• Analysts give Churchill Downs a consensus rating of "Moderate Buy" (11 buys, 1 hold) with an average 12-month price target of $135.
• The company recently beat quarterly estimates, reporting $0.97 EPS vs. $0.85 expected and revenue of $665.9M (up 6.7% year-over-year), with a 43.3% return on equity and a 13.1% net margin.
• Institutional ownership is high (82.6%), with major inflows and new positions from firms including Norges Bank, AQR, Jennison and Balyasny, indicating strong institutional interest.

Shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Get Free Report) have been assigned an average rating of "Moderate Buy" from the twelve research firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $135.00.

A number of research analysts recently weighed in on CHDN shares. Wells Fargo & Company cut their price objective on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a research note on Friday, February 27th. Citizens Jmp raised 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. Citigroup reissued an "outperform" rating on shares of Churchill Downs in a research note on Wednesday, January 14th. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Churchill Downs in a research note on Wednesday, December 24th.

Churchill Downs Stock Up 2.7%

Shares of Churchill Downs stock opened at $91.94 on Wednesday. The firm has a market cap of $6.41 billion, a price-to-earnings ratio of 17.48, a P/E/G ratio of 1.49 and a beta of 0.65. The company has a debt-to-equity ratio of 5.02, a current ratio of 0.60 and a quick ratio of 0.60. Churchill Downs has a 52-week low of $80.24 and a 52-week high of $118.46. The stock has a 50-day simple moving average of $89.48 and a 200-day simple moving average of $98.96.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.12. Churchill Downs had a return on equity of 43.26% and a net margin of 13.09%.The business had revenue of $665.90 million during the quarter, compared to analyst estimates of $658.01 million. During the same period in the previous year, the company earned $0.92 EPS. The firm's revenue was up 6.7% on a year-over-year basis. On average, equities research analysts expect that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CHDN. Norges Bank bought a new position in shares of Churchill Downs in the 4th quarter valued at approximately $90,529,000. AQR Capital Management LLC increased its position in Churchill Downs by 22,974.8% in the 2nd quarter. AQR Capital Management LLC now owns 788,006 shares of the company's stock worth $79,352,000 after buying an additional 784,591 shares during the period. Jennison Associates LLC increased its position in Churchill Downs by 52.3% in the 3rd quarter. Jennison Associates LLC now owns 1,457,336 shares of the company's stock worth $141,376,000 after buying an additional 500,395 shares during the period. Alua Capital Management LP bought a new position in Churchill Downs in the 3rd quarter worth approximately $48,532,000. Finally, Balyasny Asset Management L.P. increased its position in Churchill Downs by 94.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,020,393 shares of the company's stock worth $116,100,000 after buying an additional 494,553 shares during the period. 82.59% of the stock is owned by institutional investors.

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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