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

Bank of America upgraded shares of Churchill Downs (NASDAQ:CHDN) from a neutral rating to a buy rating in a research note released on Monday, Marketbeat.com reports. Bank of America currently has $155.00 price target on the stock, up from their prior price target of $145.00.

CHDN has been the topic of several other research reports. Jefferies Financial Group upped their price objective on shares of Churchill Downs from $153.00 to $160.00 and gave the company a buy rating in a research note on Thursday, July 11th. Wells Fargo & Company boosted their price objective on Churchill Downs from $150.00 to $161.00 and gave the stock an overweight rating in a research report on Friday, July 26th. Macquarie raised their price objective on shares of Churchill Downs from $154.00 to $162.00 and gave the stock an outperform rating in a research note on Friday, July 26th. Mizuho upped their price target on Churchill Downs from $143.00 to $157.00 and gave the company an outperform rating in a report on Friday, July 26th. Finally, JMP Securities boosted their price target on shares of Churchill Downs from $158.00 to $166.00 and gave the company a market outperform rating in a report on Friday, July 26th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and an average target price of $156.90.

Churchill Downs Price Performance

Shares of Churchill Downs stock opened at $137.84 on Monday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 4.65. The company’s 50-day moving average price is $138.67 and its two-hundred day moving average price is $129.37. Churchill Downs has a 52 week low of $106.45 and a 52 week high of $146.64. The stock has a market cap of $10.13 billion, a PE ratio of 30.70, a price-to-earnings-growth ratio of 2.34 and a beta of 0.97.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, July 24th. The company reported $2.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $858.59 million. During the same period in the previous year, the firm posted $2.24 EPS. The company’s quarterly revenue 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 fiscal year.

Institutional Trading of Churchill Downs

Several institutional investors and hedge funds have recently made changes to their positions in the business. Capital Research Global Investors grew its position 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 buying an additional 35,337 shares during the period. Vanguard Group Inc. grew its holdings in shares of Churchill Downs by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 6,726,402 shares of the company’s stock valued at $907,593,000 after buying an additional 37,065 shares during the period. Capital International Investors lifted its holdings in Churchill Downs by 7.5% during the first quarter. Capital International Investors now owns 2,560,653 shares of the company’s stock worth $316,881,000 after acquiring an additional 177,900 shares in the last quarter. William Blair Investment Management LLC acquired a new position in Churchill Downs in the second quarter valued at about $125,418,000. Finally, Jennison Associates LLC increased its stake in Churchill Downs by 5.6% during the 1st quarter. Jennison Associates LLC now owns 847,847 shares of the company’s stock worth $104,921,000 after purchasing an additional 44,773 shares in the last quarter. 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; and casino gaming.