Churchill Downs (CHDN) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Churchill Downs (NASDAQ:CHDN) from a hold rating to a buy rating in a report published on Tuesday, January 16th. Zacks Investment Research currently has $283.00 target price on the stock.

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. “

A number of other research analysts have also recently commented on the stock. BidaskClub upgraded shares of Churchill Downs from a hold rating to a buy rating in a research note on Saturday, December 30th. Telsey Advisory Group raised their price target on shares of Churchill Downs from $196.00 to $209.00 and gave the stock a market perform rating in a research note on Thursday, October 12th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $240.25.

Churchill Downs (NASDAQ:CHDN) opened at $244.15 on Tuesday. The company has a market cap of $3,762.35, a PE ratio of 34.83, a price-to-earnings-growth ratio of 1.36 and a beta of 1.05. The company has a debt-to-equity ratio of 1.77, a quick ratio of 0.57 and a current ratio of 0.57. Churchill Downs has a one year low of $141.80 and a one year high of $260.52.

Churchill Downs declared that its board has initiated a share repurchase plan on Wednesday, November 29th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Several large investors have recently bought and sold shares of CHDN. Schwab Charles Investment Management Inc. raised its stake in shares of Churchill Downs by 5.1% in the second quarter. Schwab Charles Investment Management Inc. now owns 68,114 shares of the company’s stock valued at $12,486,000 after acquiring an additional 3,297 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Churchill Downs by 19.6% in the second quarter. Legal & General Group Plc now owns 10,068 shares of the company’s stock valued at $1,845,000 after acquiring an additional 1,651 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Churchill Downs by 4.3% in the second quarter. Principal Financial Group Inc. now owns 57,490 shares of the company’s stock valued at $10,538,000 after acquiring an additional 2,383 shares during the last quarter. Swiss National Bank raised its stake in shares of Churchill Downs by 7.3% in the second quarter. Swiss National Bank now owns 23,500 shares of the company’s stock valued at $4,308,000 after acquiring an additional 1,600 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of Churchill Downs by 22.7% in the second quarter. JPMorgan Chase & Co. now owns 23,338 shares of the company’s stock valued at $4,278,000 after acquiring an additional 4,319 shares during the last quarter. Institutional investors own 73.34% of the company’s stock.

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Churchill Downs Company Profile

Churchill Downs Incorporated is a racing, gaming and online entertainment company. The Company is engaged in brick-and-mortar casino gaming with approximately 9,030 gaming positions in seven states, and is a legal mobile and online platform for betting on horseracing in the United States. It operates through five segments: Racing, Casinos, TwinSpires, Other Investments and Corporate.

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