Churchill Downs (NASDAQ:CHDN) Shares Up 4.7% – What’s Next?

Shares of Churchill Downs, Incorporated (NASDAQ:CHDN) traded up 4.7% during trading on Friday . The stock traded as high as $90.70 and last traded at $90.59. Approximately 371,222 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 970,497 shares. The stock had previously closed at $86.51.

Analyst Ratings Changes

Several research firms recently weighed in on CHDN. Citigroup reaffirmed an “outperform” rating on shares of Churchill Downs in a research note on Friday, July 31st. Susquehanna increased their price objective on shares of Churchill Downs from $121.00 to $124.00 and gave the company a “positive” rating in a report on Friday, July 31st. Citizens Jmp cut their price objective on Churchill Downs from $149.00 to $137.00 and set a “market outperform” rating for the company in a research report on Friday, July 31st. Mizuho lifted their target price on Churchill Downs from $155.00 to $157.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Finally, Truist Financial set a $145.00 target price on Churchill Downs in a research report on Friday, June 12th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Churchill Downs currently has a consensus rating of “Moderate Buy” and a consensus price target of $136.88.

Churchill Downs Stock Up 4.3%

The company’s 50-day simple moving average is $87.21 and its 200 day simple moving average is $88.67. The company has a debt-to-equity ratio of 3.06, a current ratio of 0.36 and a quick ratio of 0.36. The firm has a market cap of $6.29 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 0.83 and a beta of 0.68.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $3.45 EPS for the quarter, meeting analysts’ consensus estimates of $3.45. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The firm had revenue of $980.00 million during the quarter, compared to the consensus estimate of $977.38 million. During the same quarter last year, the firm earned $3.10 EPS. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. Research analysts anticipate that Churchill Downs, Incorporated will post 7.14 EPS for the current fiscal year.

Institutional Trading of Churchill Downs

Hedge funds and other institutional investors have recently bought and sold shares of the stock. California State Teachers Retirement System raised its stake in shares of Churchill Downs by 8,697.6% during the 2nd quarter. California State Teachers Retirement System now owns 6,477,297 shares of the company’s stock worth $580,625,000 after acquiring an additional 6,403,671 shares in the last quarter. BlackRock Inc. acquired a new position in shares of Churchill Downs during the second quarter worth $555,948,000. William Blair Investment Management LLC purchased a new stake in shares of Churchill Downs during the 2nd quarter valued at $92,340,000. Norges Bank acquired a new stake in shares of Churchill Downs in the 4th quarter worth $90,529,000. Finally, AQR Capital Management LLC grew its stake in Churchill Downs by 22,974.8% during the 2nd quarter. AQR Capital Management LLC now owns 788,006 shares of the company’s stock worth $79,352,000 after buying an additional 784,591 shares during the last quarter. Hedge funds and other institutional investors 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.