Churchill Downs (NASDAQ:CHDN) Rating Increased to Overweight at Wells Fargo & Company

Churchill Downs (NASDAQ:CHDN) was upgraded by analysts at Wells Fargo & Company from an “equal weight” rating to an “overweight” rating in a report issued on Monday, FinViz reports. The brokerage presently has a $141.00 target price on the stock, up from their previous target price of $137.00. Wells Fargo & Company‘s target price suggests a potential upside of 16.79% from the stock’s current price.

CHDN has been the topic of several other reports. Mizuho initiated coverage on Churchill Downs in a research note on Tuesday, March 26th. They set a “buy” rating and a $142.00 price objective on the stock. JMP Securities reaffirmed a “market outperform” rating and set a $150.00 price target on shares of Churchill Downs in a research note on Wednesday, April 10th. One research analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $143.13.

Churchill Downs Price Performance

Shares of Churchill Downs stock opened at $120.73 on Monday. The firm has a market cap of $8.90 billion, a PE ratio of 22.13 and a beta of 1.03. Churchill Downs has a 12 month low of $106.45 and a 12 month high of $150.45. The stock has a 50 day moving average of $119.55 and a 200 day moving average of $120.18. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 5.34.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, February 21st. The company reported $0.86 earnings per share for the quarter, topping the consensus estimate of $0.68 by $0.18. Churchill Downs had a net margin of 16.95% and a return on equity of 45.43%. The company had revenue of $561.20 million for the quarter, compared to analysts’ expectations of $553.05 million. During the same quarter in the previous year, the business posted $0.73 earnings per share. Churchill Downs’s quarterly revenue was up 16.9% on a year-over-year basis. On average, research analysts expect that Churchill Downs will post 5.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Churchill Downs

A number of large investors have recently bought and sold shares of the business. Castleview Partners LLC purchased a new stake in shares of Churchill Downs during the second quarter valued at about $38,000. Benjamin F. Edwards & Company Inc. acquired a new position in Churchill Downs during the 4th quarter valued at about $39,000. Vestor Capital LLC purchased a new stake in Churchill Downs in the fourth quarter valued at about $45,000. Belpointe Asset Management LLC boosted its holdings in Churchill Downs by 181.3% in the first quarter. Belpointe Asset Management LLC now owns 225 shares of the company’s stock worth $58,000 after acquiring an additional 145 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its holdings in shares of Churchill Downs by 174.8% during the fourth quarter. Rockefeller Capital Management L.P. now owns 283 shares of the company’s stock valued at $59,000 after acquiring an additional 180 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.