Churchill Downs (NASDAQ:CHDN) Announces Quarterly Earnings Results, Beats Expectations By $0.07 EPS

Churchill Downs (NASDAQ:CHDN - Get Free Report) released its quarterly earnings results on Wednesday. The company reported $3.10 EPS for the quarter, topping analysts' consensus estimates of $3.03 by $0.07, Zacks reports. The business had revenue of $934.40 million for the quarter, compared to analyst estimates of $924.36 million. Churchill Downs had a return on equity of 41.06% and a net margin of 15.22%. 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 earned $2.89 EPS.

Churchill Downs Trading Down 0.2%

Churchill Downs stock traded down $0.22 during mid-day trading on Friday, hitting $113.53. 1,115,279 shares of the company's stock were exchanged, compared to its average volume of 748,953. The firm has a market capitalization of $8.20 billion, a P/E ratio of 19.51, a PEG ratio of 3.01 and a beta of 0.95. Churchill Downs has a fifty-two week low of $85.58 and a fifty-two week high of $150.21. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 4.49. The company's 50 day simple moving average is $100.21 and its 200-day simple moving average is $107.91.

Insider Buying and Selling at Churchill Downs

In other news, Director R Alex Rankin bought 2,000 shares of the stock in a transaction on Monday, May 5th. The stock was purchased at an average price of $92.65 per share, for a total transaction of $185,300.00. Following the acquisition, the director owned 99,012 shares in the company, valued at approximately $9,173,461.80. This trade represents a 2.06% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Douglas C. Grissom bought 10,000 shares of the stock in a transaction on Wednesday, May 7th. The shares were purchased at an average price of $92.77 per share, with a total value of $927,700.00. Following the acquisition, the director owned 38,869 shares in the company, valued at approximately $3,605,877.13. This represents a 34.64% increase in their position. The disclosure for this purchase can be found here. Company insiders own 5.34% of the company's stock.

Hedge Funds Weigh In On Churchill Downs

A number of large investors have recently added to or reduced their stakes in CHDN. Geneos Wealth Management Inc. grew its holdings in shares of Churchill Downs by 1,364.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock valued at $28,000 after acquiring an additional 232 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Churchill Downs by 29.8% in the 1st quarter. AQR Capital Management LLC now owns 3,415 shares of the company's stock valued at $373,000 after acquiring an additional 784 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Churchill Downs by 7.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 225,800 shares of the company's stock valued at $25,080,000 after acquiring an additional 15,161 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Churchill Downs by 33.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 483,252 shares of the company's stock valued at $53,675,000 after acquiring an additional 121,204 shares in the last quarter. Institutional investors own 82.59% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Macquarie reduced their price objective on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating on the stock in a report on Thursday, April 24th. Mizuho upped their price objective on Churchill Downs from $134.00 to $136.00 and gave the stock an "outperform" rating in a report on Tuesday. Susquehanna upped their price objective on Churchill Downs from $121.00 to $126.00 and gave the stock a "positive" rating in a report on Wednesday. Jefferies Financial Group reduced their price objective on Churchill Downs from $160.00 to $127.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Finally, JPMorgan Chase & Co. assumed coverage on Churchill Downs in a report on Monday, June 23rd. They set an "overweight" rating and a $116.00 price objective on the stock. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $138.09.

Churchill Downs Company Profile

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.