BidaskClub Upgrades Churchill Downs (CHDN) to “Buy”

Churchill Downs (NASDAQ:CHDN) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued on Thursday.

Several other brokerages also recently issued reports on CHDN. ValuEngine raised Churchill Downs from a “hold” rating to a “buy” rating in a report on Friday, October 12th. Telsey Advisory Group cut their price target on Churchill Downs from $290.00 to $280.00 and set a “market perform” rating for the company in a report on Wednesday, November 14th. Jefferies Financial Group set a $325.00 price target on Churchill Downs and gave the company a “hold” rating in a report on Thursday, September 20th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised Churchill Downs from a “sell” rating to a “hold” rating in a report on Thursday, November 8th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $297.00.

Shares of NASDAQ CHDN traded up $5.77 during trading hours on Thursday, hitting $264.32. The company had a trading volume of 137,067 shares, compared to its average volume of 126,408. The company has a market cap of $3.46 billion, a PE ratio of 44.95, a PEG ratio of 0.93 and a beta of 1.15. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 1.71. Churchill Downs has a 1-year low of $223.73 and a 1-year high of $314.60.

Churchill Downs’s stock is going to split before the market opens on Monday, January 28th. The 3-1 split was announced on Wednesday, October 31st. The newly issued shares will be payable to shareholders after the market closes on Friday, January 25th.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings data on Wednesday, October 31st. The company reported $1.05 EPS for the quarter, missing the consensus estimate of $1.48 by ($0.43). The company had revenue of $221.30 million during the quarter, compared to analyst estimates of $208.87 million. Churchill Downs had a net margin of 39.18% and a return on equity of 30.33%. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.08 EPS. As a group, sell-side analysts predict that Churchill Downs will post 10.82 EPS for the current fiscal year.

In other news, Director Richard L. Duchossois purchased 3,700 shares of the business’s stock in a transaction dated Tuesday, November 6th. The shares were purchased at an average cost of $271.47 per share, with a total value of $1,004,439.00. Following the completion of the purchase, the director now owns 12,137 shares of the company’s stock, valued at approximately $3,294,831.39. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard L. Duchossois purchased 1,950 shares of the business’s stock in a transaction dated Monday, December 17th. The shares were purchased at an average cost of $258.62 per share, for a total transaction of $504,309.00. Following the completion of the purchase, the director now directly owns 8,550 shares of the company’s stock, valued at approximately $2,211,201. The disclosure for this purchase can be found here. Insiders purchased 7,650 shares of company stock worth $2,037,236 in the last 90 days. 13.78% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Macquarie Group Ltd. bought a new stake in shares of Churchill Downs during the second quarter valued at approximately $119,000. Stratos Wealth Partners LTD. purchased a new stake in Churchill Downs during the 3rd quarter worth about $143,000. Private Advisor Group LLC purchased a new stake in Churchill Downs during the 3rd quarter worth about $202,000. Brown Advisory Inc. purchased a new stake in Churchill Downs during the 2nd quarter worth about $205,000. Finally, Parametrica Management Ltd purchased a new stake in Churchill Downs during the 3rd quarter worth about $244,000. Institutional investors and hedge funds own 70.42% of the company’s stock.

Churchill Downs Company Profile

Churchill Downs Incorporated operates as a racing, gaming, and online entertainment company in the United States. It operates through Racing, Casinos, TwinSpires, and Other Investments segments. The company operates 4 racetracks, including Churchill Downs Racetrack in Louisville, Kentucky; Arlington International Race Course in Arlington Heights with 11 off-track betting (OTB) facilities in Illinois; Fair Grounds Race Course in New Orleans along with 12 OTBs in Louisiana; and Calder Race Course in Miami Gardens, Florida.

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