Churchill Downs (NASDAQ:CHDN) Rating Increased to Buy at Bank of America

Churchill Downs (NASDAQ:CHDN) was upgraded by Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Monday, Marketbeat Ratings reports. The brokerage presently has a $155.00 target price on the stock, up from their previous target price of $145.00. Bank of America‘s price target would indicate a potential upside of 13.53% from the company’s current price.

Several other analysts have also issued reports on the company. Truist Financial reissued a “buy” rating and set a $166.00 price target (up previously from $165.00) on shares of Churchill Downs in a report on Friday, July 26th. Wells Fargo & Company boosted their price objective on Churchill Downs from $150.00 to $161.00 and gave the company an “overweight” rating in a research report on Friday, July 26th. Jefferies Financial Group boosted their price objective on Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. Macquarie boosted their price objective on Churchill Downs from $154.00 to $162.00 and gave the company an “outperform” rating in a research report on Friday, July 26th. Finally, Stifel Nicolaus boosted their price objective on Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $156.90.

Churchill Downs Stock Performance

Shares of CHDN opened at $136.53 on Monday. The business has a fifty day moving average of $138.54 and a 200 day moving average of $129.27. Churchill Downs has a one year low of $106.45 and a one year high of $146.64. The company has a debt-to-equity ratio of 4.65, a current ratio of 0.57 and a quick ratio of 0.57. The firm has a market capitalization of $10.04 billion, a P/E ratio of 30.41, a PEG ratio of 2.34 and a beta of 0.97.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, July 24th. The company reported $2.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.18. Churchill Downs had a return on equity of 47.53% and a net margin of 15.61%. The business had revenue of $890.70 million during the quarter, compared to analyst estimates of $858.59 million. During the same quarter in the previous year, the company posted $2.24 earnings per share. Churchill Downs’s revenue for the quarter was up 15.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Churchill Downs will post 6.11 EPS for the current year.

Hedge Funds Weigh In On Churchill Downs

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CHDN. UMB Bank n.a. lifted its stake in shares of Churchill Downs by 59.8% in the 1st quarter. UMB Bank n.a. now owns 286 shares of the company’s stock valued at $35,000 after purchasing an additional 107 shares during the last quarter. Benjamin F. Edwards & Company Inc. purchased a new stake in shares of Churchill Downs in the fourth quarter worth approximately $39,000. Central Pacific Bank Trust Division purchased a new stake in shares of Churchill Downs in the first quarter worth approximately $44,000. Vestor Capital LLC purchased a new stake in shares of Churchill Downs in the fourth quarter worth approximately $45,000. Finally, CWM LLC raised its holdings in shares of Churchill Downs by 36.8% in the second quarter. CWM LLC now owns 439 shares of the company’s stock worth $61,000 after buying an additional 118 shares during the period. 82.59% of the stock is owned by institutional investors.

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; and casino gaming.