Churchill Downs (NASDAQ:CHDN) Upgraded to Strong-Buy at Wolfe Research

Wolfe Research upgraded shares of Churchill Downs (NASDAQ:CHDN) to a strong-buy rating in a research report report published on Wednesday, Marketbeat reports. Wolfe Research currently has $119.00 target price on the stock.

CHDN has been the subject of several other reports. Citigroup reaffirmed an “outperform” rating on shares of Churchill Downs in a research report on Friday, July 31st. Truist Financial set a $145.00 price objective on shares of Churchill Downs in a research note on Friday, June 12th. Mizuho lifted their price objective on shares of Churchill Downs from $155.00 to $157.00 and gave the company an “outperform” rating in a report on Monday, August 3rd. Susquehanna upped their target price on shares of Churchill Downs from $121.00 to $124.00 and gave the stock a “positive” rating in a research note on Friday, July 31st. Finally, Citizens Jmp reduced their target price on shares of Churchill Downs from $149.00 to $137.00 and set a “market outperform” rating on the stock in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $134.89.

Churchill Downs Trading Up 2.9%

CHDN opened at $89.18 on Wednesday. Churchill Downs has a 52 week low of $79.40 and a 52 week high of $118.35. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.06. The business has a fifty day simple moving average of $87.36 and a 200-day simple moving average of $88.51. The firm has a market cap of $6.22 billion, a P/E ratio of 15.30, a P/E/G ratio of 0.82 and a beta of 0.67.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.45. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%.The firm had revenue of $980.00 million for the quarter, compared to the consensus estimate of $977.38 million. During the same quarter in the previous year, the business earned $3.10 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities analysts expect that Churchill Downs will post 7.14 earnings per share for the current year.

Institutional Investors Weigh In On Churchill Downs

Several hedge funds and other institutional investors have recently made changes to their positions in CHDN. Measured Wealth Private Client Group LLC acquired a new position in Churchill Downs in the third quarter valued at approximately $25,000. Kimelman & Baird LLC acquired a new stake in Churchill Downs during the second quarter worth approximately $27,000. Geneos Wealth Management Inc. lifted its position in shares of Churchill Downs by 1,364.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock worth $28,000 after buying an additional 232 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Churchill Downs in the 2nd quarter valued at $29,000. Finally, Parkside Financial Bank & Trust boosted its holdings in shares of Churchill Downs by 293.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 256 shares of the company’s stock valued at $29,000 after buying an additional 191 shares in the last quarter. Institutional investors and hedge funds own 82.59% of the company’s stock.

About Churchill Downs

Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.

In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.