According to Zacks, “Churchill Downs, the world’s most legendary racetrack, has conducted Thoroughbred racing and presented America’s greatest race, the Kentucky Derby. Churchill Downs, Inc. has Five racetracks; Six casinos; Big Fish Games, the world’s largest distributor of casual games; The country’s leading online wagering business, TwinSpires.com; A video poker business, A multi-state network of off-track betting (OTB) facilities; and a collection of racing-related data, totalisator and telecommunication companies that support CDI’s sports and gaming operations. CDI owes much to its horse racing heritage and is expanding on that tradition while evolving its business mix, management team and growth strategies to navigate any challenges. CDI’s launch of TwinSpires.com, an advance-deposit waging platform that allows customers to wager on horse racing from computers, tablet devices and smart phones, created another retail outlet for wagering transactions and data distribution. “
Several other brokerages have also recently issued reports on CHDN. ValuEngine cut shares of Churchill Downs from a “sell” rating to a “strong sell” rating in a research note on Wednesday, September 4th. Jefferies Financial Group lifted their price objective on shares of Churchill Downs from $135.00 to $150.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. They noted that the move was a valuation call. Telsey Advisory Group lifted their price objective on shares of Churchill Downs from $120.00 to $135.00 and gave the stock an “outperform” rating in a research note on Monday, July 1st. BidaskClub raised shares of Churchill Downs from a “hold” rating to a “buy” rating in a research note on Friday, October 4th. Finally, Susquehanna Bancshares began coverage on shares of Churchill Downs in a research note on Wednesday, July 24th. They issued a “positive” rating and a $140.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $132.20.
Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $2.83 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.84 by ($0.01). The business had revenue of $477.40 million during the quarter, compared to analyst estimates of $469.85 million. Churchill Downs had a return on equity of 34.23% and a net margin of 15.76%. The business’s revenue for the quarter was up 25.8% on a year-over-year basis. During the same period in the prior year, the firm earned $7.71 EPS. As a group, equities analysts anticipate that Churchill Downs will post 4.22 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the company. Marshall Wace North America L.P. lifted its stake in Churchill Downs by 200.0% in the 1st quarter. Marshall Wace North America L.P. now owns 780 shares of the company’s stock worth $70,000 after purchasing an additional 520 shares in the last quarter. FMR LLC lifted its stake in Churchill Downs by 409.3% in the 1st quarter. FMR LLC now owns 793,264 shares of the company’s stock worth $71,600,000 after purchasing an additional 637,495 shares in the last quarter. First Trust Advisors LP lifted its stake in Churchill Downs by 290.7% in the 1st quarter. First Trust Advisors LP now owns 16,361 shares of the company’s stock worth $1,477,000 after purchasing an additional 12,173 shares in the last quarter. Stock Yards Bank & Trust Co. lifted its stake in Churchill Downs by 1.2% in the 2nd quarter. Stock Yards Bank & Trust Co. now owns 24,750 shares of the company’s stock worth $2,848,000 after purchasing an additional 300 shares in the last quarter. Finally, First Hawaiian Bank lifted its stake in Churchill Downs by 10.7% in the 2nd quarter. First Hawaiian Bank now owns 5,105 shares of the company’s stock worth $587,000 after purchasing an additional 493 shares in the last quarter. 71.27% of the stock is currently owned by institutional investors and hedge funds.
About Churchill Downs
Churchill Downs Incorporated operates as a racing, gaming, and online entertainment company in the United States. It operates through Racing, Casinos, Online Wagering, and Other Investments and Corporate segments. The company operates 4 racetracks, including Churchill Downs Racetrack in Louisville, Kentucky; Arlington International Race Course in Arlington Heights with 12 off-track betting (OTB) facilities in Illinois; Fair Grounds Race Course in New Orleans along with 14 OTBs in Louisiana; and Calder Race Course in Miami Gardens, Florida.
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