Churchill Downs (NASDAQ:CHDN) Cut to “Sell” at StockNews.com

Churchill Downs (NASDAQ:CHDN) was downgraded by investment analysts at StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

Other analysts have also issued reports about the company. JMP Securities raised their target price on Churchill Downs from $156.00 to $158.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 17th. Mizuho upped their target price on shares of Churchill Downs from $142.00 to $143.00 and gave the stock a “buy” rating in a research report on Friday, April 26th. Wells Fargo & Company raised their price target on shares of Churchill Downs from $145.00 to $150.00 and gave the company an “overweight” rating in a report on Tuesday, July 16th. Jefferies Financial Group upped their price objective on Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Finally, Stifel Nicolaus boosted their target price on Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a research report on Monday. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $151.11.

Churchill Downs Price Performance

CHDN stock traded up $0.71 during trading on Thursday, hitting $137.96. 1,197,024 shares of the stock traded hands, compared to its average volume of 447,807. The stock has a market cap of $10.14 billion, a price-to-earnings ratio of 30.73, a P/E/G ratio of 3.13 and a beta of 0.97. Churchill Downs has a one year low of $106.45 and a one year high of $146.64. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 5.88. The company has a 50 day simple moving average of $137.32 and a 200 day simple moving average of $127.98.

Churchill Downs (NASDAQ:CHDN) last posted its earnings results on Wednesday, July 24th. The company reported $2.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.71 by $0.18. The company had revenue of $890.70 million during the quarter, compared to analysts’ expectations of $858.59 million. Churchill Downs had a net margin of 13.72% and a return on equity of 44.99%. Churchill Downs’s quarterly revenue was up 15.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.24 earnings per share. Equities analysts expect that Churchill Downs will post 6.03 EPS for the current fiscal year.

Insider Buying and Selling at Churchill Downs

In other Churchill Downs news, Director Paul C. Varga bought 3,800 shares of Churchill Downs stock in a transaction on Monday, April 29th. The shares were purchased at an average cost of $130.22 per share, for a total transaction of $494,836.00. Following the completion of the acquisition, the director now owns 28,902 shares in the company, valued at approximately $3,763,618.44. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 5.13% of the company’s stock.

Institutional Investors Weigh In On Churchill Downs

Several institutional investors have recently added to or reduced their stakes in CHDN. Jennison Associates LLC raised its stake in shares of Churchill Downs by 5.6% in the 1st quarter. Jennison Associates LLC now owns 847,847 shares of the company’s stock valued at $104,921,000 after purchasing an additional 44,773 shares during the period. Barlow Wealth Partners Inc. bought a new stake in Churchill Downs in the 4th quarter valued at approximately $20,669,000. Westfield Capital Management Co. LP boosted its position in Churchill Downs by 12.6% during the 1st quarter. Westfield Capital Management Co. LP now owns 423,521 shares of the company’s stock worth $52,411,000 after acquiring an additional 47,269 shares during the last quarter. Capital Research Global Investors grew its stake in shares of Churchill Downs by 0.5% during the 4th quarter. Capital Research Global Investors now owns 6,814,665 shares of the company’s stock worth $919,513,000 after acquiring an additional 35,337 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in shares of Churchill Downs by 113.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 463,555 shares of the company’s stock valued at $62,547,000 after purchasing an additional 246,769 shares during the last quarter. 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.