Churchill Downs (NASDAQ:CHDN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

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. “

Other equities analysts also recently issued research reports about the stock. ValuEngine downgraded shares of Zumiez from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Extended Stay America in a research note on Tuesday, July 2nd. Telsey Advisory Group upped their price target on shares of Churchill Downs from $120.00 to $135.00 and gave the company an “outperform” rating in a research note on Monday, July 1st. Finally, BidaskClub downgraded shares of Walgreens Boots Alliance from a “sell” rating to a “strong sell” rating in a research note on Monday, June 24th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $124.25.

Shares of CHDN stock traded down $0.85 during mid-day trading on Wednesday, hitting $117.17. The company had a trading volume of 150,527 shares, compared to its average volume of 280,401. Churchill Downs has a 52-week low of $74.58 and a 52-week high of $118.89. The company has a 50 day simple moving average of $112.13. The company has a debt-to-equity ratio of 3.22, a current ratio of 0.87 and a quick ratio of 0.87. The stock has a market capitalization of $4.73 billion, a P/E ratio of 32.19, a P/E/G ratio of 1.33 and a beta of 1.24.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, April 24th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.40 by $0.23. Churchill Downs had a net margin of 16.81% and a return on equity of 33.97%. The firm had revenue of $265.40 million for the quarter, compared to the consensus estimate of $250.57 million. During the same quarter in the previous year, the firm earned $1.09 earnings per share. The company’s quarterly revenue was up 40.2% compared to the same quarter last year. As a group, equities analysts expect that Churchill Downs will post 4.4 earnings per share for the current year.

In other Churchill Downs news, Director R Alex Rankin purchased 500 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were bought at an average price of $101.83 per share, with a total value of $50,915.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Austin W. Miller sold 5,900 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $117.31, for a total transaction of $692,129.00. Following the sale, the senior vice president now directly owns 40,494 shares in the company, valued at approximately $4,750,351.14. The disclosure for this sale can be found here. 13.05% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in CHDN. Gemmer Asset Management LLC raised its stake in shares of Churchill Downs by 200.0% in the first quarter. Gemmer Asset Management LLC now owns 300 shares of the company’s stock valued at $27,000 after acquiring an additional 200 shares during the period. FinTrust Capital Advisors LLC purchased a new stake in shares of Churchill Downs in the first quarter valued at $27,000. Global Wealth Management Investment Advisory Inc. purchased a new stake in shares of Churchill Downs in the first quarter valued at $27,000. FTB Advisors Inc. raised its stake in shares of Churchill Downs by 248.0% in the first quarter. FTB Advisors Inc. now owns 355 shares of the company’s stock valued at $31,000 after acquiring an additional 253 shares during the period. Finally, Advisory Services Network LLC purchased a new stake in shares of Churchill Downs in the fourth quarter valued at $37,000. 71.74% of the stock is currently owned by institutional investors.

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, 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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