Churchill Downs (NASDAQ:CHDN) Posts Earnings Results, Beats Estimates By $0.12 EPS

Key Points

• Churchill Downs reported quarterly earnings of $1.09 per share, beating analysts' expectations by $0.09.
• Institutional investors have significantly increased their stakes in Churchill Downs, with AQR Capital Management growing its holdings by 22,974.8% in the second quarter.
• Churchill Downs has received a consensus rating of "Moderate Buy" from analysts, with a target price averaging $137.50.

Churchill Downs (NASDAQ:CHDN - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $1.09 earnings per share for the quarter, topping analysts' consensus estimates of $0.97 by $0.12, Zacks reports. Churchill Downs had a net margin of 15.22% and a return on equity of 41.46%. The company had revenue of $683.00 million for the quarter, compared to the consensus estimate of $671.43 million. During the same period in the previous year, the firm earned $0.97 EPS. The firm's quarterly revenue was up 8.7% on a year-over-year basis.

Churchill Downs Trading Down 0.4%

Shares of Churchill Downs stock opened at $96.22 on Thursday. Churchill Downs has a 52-week low of $85.58 and a 52-week high of $150.21. The firm has a 50-day moving average of $97.56 and a 200-day moving average of $99.31. The stock has a market cap of $6.75 billion, a PE ratio of 16.53, a PEG ratio of 1.78 and a beta of 0.83. The company has a debt-to-equity ratio of 4.74, a quick ratio of 0.60 and a current ratio of 0.60.

Institutional Investors Weigh In On Churchill Downs

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHDN. Sivia Capital Partners LLC bought a new stake in Churchill Downs during the 2nd quarter worth $229,000. Geneos Wealth Management Inc. grew its stake in 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 purchasing an additional 232 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Churchill Downs by 7.2% during 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 during the period. Goldman Sachs Group Inc. increased its stake in Churchill Downs by 33.5% in the first quarter. Goldman Sachs Group Inc. now owns 483,252 shares of the company's stock valued at $53,675,000 after purchasing an additional 121,204 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in Churchill Downs by 29.8% in the first quarter. AQR Capital Management LLC now owns 3,415 shares of the company's stock worth $373,000 after acquiring an additional 784 shares in the last quarter. 82.59% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on CHDN shares. Susquehanna restated a "positive" rating and issued a $124.00 price objective (down from $126.00) on shares of Churchill Downs in a research note on Tuesday. Barclays upped their price target on Churchill Downs from $127.00 to $131.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. JPMorgan Chase & Co. decreased their price target on Churchill Downs from $130.00 to $128.00 and set an "overweight" rating on the stock in a research report on Thursday, October 16th. Mizuho upped their price target on Churchill Downs from $134.00 to $136.00 and gave the company an "outperform" rating in a research report on Tuesday, July 22nd. Finally, Macquarie upped their price target on Churchill Downs from $150.00 to $155.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Churchill Downs presently has an average rating of "Moderate Buy" and a consensus target price of $137.50.

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.