Weiss Ratings Reaffirms Hold (C-) Rating for Churchill Downs (NASDAQ:CHDN)

Key Points

• Weiss Ratings has reaffirmed a "Hold (C-)" rating for Churchill Downs (NASDAQ:CHDN), amidst a backdrop of various other rating updates from different analysts.
• Churchill Downs shares recently traded up to $92.56, with a one-year price range between $85.58 and $150.21, indicating a market capitalization of $6.49 billion.
• Recent earnings results showed that the company reported $3.10 EPS, surpassing the consensus estimate of $3.03, with revenues of $934.40 million, up 4.9% year-over-year.

Churchill Downs (NASDAQ:CHDN - Get Free Report)'s stock had its "hold (c-)" rating reaffirmed by Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

Other research analysts have also issued research reports about the company. JPMorgan Chase & Co. initiated coverage on Churchill Downs in a report on Monday, June 23rd. They issued an "overweight" rating and a $116.00 price target on the stock. Macquarie increased 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. Susquehanna raised their target price on Churchill Downs from $121.00 to $126.00 and gave the stock a "positive" rating in a research report on Wednesday, July 23rd. Truist Financial cut their price target on 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 lifted their price objective on Churchill Downs from $130.00 to $133.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $136.50.

Churchill Downs Trading Up 1.1%

Shares of Churchill Downs stock traded up $1.05 on Wednesday, hitting $92.56. 621,249 shares of the company's stock traded hands, compared to its average volume of 618,797. Churchill Downs has a one year low of $85.58 and a one year high of $150.21. The company has a debt-to-equity ratio of 4.74, a current ratio of 0.60 and a quick ratio of 0.60. The company has a fifty day moving average of $100.02 and a two-hundred day moving average of $100.68. The company has a market capitalization of $6.49 billion, a price-to-earnings ratio of 15.90, a price-to-earnings-growth ratio of 1.71 and a beta of 0.83.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $3.10 EPS for the quarter, beating the consensus estimate of $3.03 by $0.07. The company 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 41.46% and a net margin of 15.22%.The firm's revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.89 EPS. As a group, sell-side analysts expect that Churchill Downs will post 6.92 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. London Co. of Virginia raised its position in Churchill Downs by 38.7% in the 2nd quarter. London Co. of Virginia now owns 2,994,070 shares of the company's stock worth $302,402,000 after purchasing an additional 835,294 shares during the period. AQR Capital Management LLC increased its holdings in Churchill Downs by 22,974.8% during the second quarter. AQR Capital Management LLC now owns 788,006 shares of the company's stock valued at $79,352,000 after buying an additional 784,591 shares during the period. Norges Bank acquired a new stake in Churchill Downs in the second quarter valued at approximately $43,935,000. Bank of America Corp DE boosted its stake in Churchill Downs by 74.4% in the second quarter. Bank of America Corp DE now owns 671,759 shares of the company's stock valued at $67,848,000 after acquiring an additional 286,488 shares in the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Churchill Downs by 107.4% during the first quarter. Millennium Management LLC now owns 548,476 shares of the company's stock worth $60,919,000 after buying an additional 284,045 shares during the period. Institutional investors own 82.59% of the company's stock.

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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