Churchill Downs, Incorporated (NASDAQ:CHDN) Stock Rated "Moderate Buy" by Sell-Side Analysts

Key Points

• Analysts remain broadly bullish: Churchill Downs has a “Moderate Buy” consensus from 11 analysts, with 10 buy ratings, one hold, and an average 12-month price target of $134.89.
• The stock opened at $78.21, below its 50-day and 200-day moving averages, and is trading within a 12-month range of $73.98 to $118.35.
• Quarterly results matched expectations, with EPS of $3.45 and revenue of $980 million, up 4.9% year over year. Institutional investors own approximately 82.59% of the company’s shares.

Shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Get Free Report) have been given an average rating of "Moderate Buy" by the eleven ratings firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and ten have given a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $134.89.

Several analysts have issued reports on the stock. Wolfe Research began coverage on shares of Churchill Downs in a research note on Wednesday, September 2nd. They issued an "outperform" rating and a $119.00 target price on the stock. Truist Financial set a $145.00 price target on shares of Churchill Downs in a report on Friday, June 12th. Susquehanna increased their price objective on Churchill Downs from $121.00 to $124.00 and gave the stock a "positive" rating in a research report on Friday, July 31st. Mizuho lifted their price objective on Churchill Downs from $155.00 to $157.00 and gave the company an "outperform" rating in a research note on Monday, August 3rd. Finally, Jefferies Financial Group restated a "buy" rating on shares of Churchill Downs in a research report on Thursday, July 2nd.

Churchill Downs Stock Up 0.8%

CHDN stock opened at $78.21 on Wednesday. The stock has a 50-day simple moving average of $84.79 and a two-hundred day simple moving average of $87.10. Churchill Downs has a twelve month low of $73.98 and a twelve month high of $118.35. The firm has a market capitalization of $5.45 billion, a PE ratio of 13.42, a PEG ratio of 0.74 and a beta of 0.77. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.06.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $3.45. The firm had revenue of $980.00 million for the quarter, compared to the consensus estimate of $977.38 million. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The company's revenue for the quarter was up 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.10 earnings per share. On average, equities analysts predict that Churchill Downs will post 7.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of CHDN. Sanctuary Advisors LLC lifted its stake in shares of Churchill Downs by 0.5% in the 1st quarter. Sanctuary Advisors LLC now owns 27,600 shares of the company's stock valued at $2,479,000 after acquiring an additional 125 shares during the last quarter. Concurrent Investment Advisors LLC grew its position in Churchill Downs by 6.4% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 3,610 shares of the company's stock worth $324,000 after acquiring an additional 217 shares during the last quarter. Essential Partners LLC increased its stake in Churchill Downs by 64.7% in the 1st quarter. Essential Partners LLC now owns 578 shares of the company's stock worth $52,000 after purchasing an additional 227 shares during the period. Oregon Public Employees Retirement Fund increased its stake in Churchill Downs by 2.3% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 13,578 shares of the company's stock worth $1,220,000 after purchasing an additional 300 shares during the period. Finally, State of Michigan Retirement System lifted its position in Churchill Downs by 1.9% in the first quarter. State of Michigan Retirement System now owns 15,980 shares of the company's stock valued at $1,435,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Company Profile

Churchill Downs Incorporated is a gaming, racing and entertainment company headquartered in Louisville, Kentucky. The company traces its origins to Churchill Downs Racetrack, which hosted the first Kentucky Derby in 1875 and remains its flagship property. Churchill Downs Incorporated operates and supports Thoroughbred racing, pari-mutuel wagering, casino gaming and related hospitality businesses.

The company's operations include live and historical horse-racing venues, traditional casinos and historical racing-machine facilities.

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