Zacks: Brokerages Anticipate Churchill Downs, Inc. (CHDN) Will Post Quarterly Sales of $217.82 Million

Equities research analysts expect that Churchill Downs, Inc. (NASDAQ:CHDN) will post sales of $217.82 million for the current quarter, Zacks reports. Two analysts have provided estimates for Churchill Downs’ earnings, with the highest sales estimate coming in at $226.60 million and the lowest estimate coming in at $209.04 million. Churchill Downs reported sales of $314.80 million during the same quarter last year, which would suggest a negative year over year growth rate of 30.8%. The firm is expected to report its next quarterly earnings report after the market closes on Wednesday, October 31st.

On average, analysts expect that Churchill Downs will report full year sales of $993.91 million for the current year, with estimates ranging from $974.51 million to $1.01 billion. For the next fiscal year, analysts expect that the company will report sales of $1.18 billion, with estimates ranging from $1.04 billion to $1.32 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for Churchill Downs.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, August 1st. The company reported $7.71 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $7.43 by $0.28. Churchill Downs had a net margin of 32.00% and a return on equity of 27.68%. The business had revenue of $379.40 million for the quarter, compared to the consensus estimate of $371.30 million. During the same period last year, the firm earned $4.81 earnings per share. The company’s quarterly revenue was up 11.8% on a year-over-year basis.

A number of analysts have recently issued reports on CHDN shares. ValuEngine cut shares of Churchill Downs from a “buy” rating to a “hold” rating in a research note on Wednesday, August 15th. Jefferies Financial Group set a $317.00 price objective on shares of Churchill Downs and gave the stock a “hold” rating in a research note on Monday, August 6th. Zacks Investment Research raised shares of Churchill Downs from a “hold” rating to a “buy” rating and set a $332.00 price objective for the company in a research note on Monday, July 2nd. Finally, BidaskClub cut shares of Churchill Downs from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Churchill Downs has an average rating of “Hold” and a consensus target price of $316.67.

Shares of NASDAQ CHDN opened at $279.81 on Friday. The company has a debt-to-equity ratio of 1.95, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a market capitalization of $3.77 billion, a PE ratio of 47.69, a PEG ratio of 1.30 and a beta of 0.95. Churchill Downs has a 1 year low of $204.25 and a 1 year high of $314.60.

Several large investors have recently modified their holdings of the business. Acadian Asset Management LLC grew its stake in shares of Churchill Downs by 12.5% in the 2nd quarter. Acadian Asset Management LLC now owns 308,690 shares of the company’s stock worth $91,525,000 after buying an additional 34,295 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Churchill Downs by 6,355.0% in the 2nd quarter. Advisors Asset Management Inc. now owns 225,991 shares of the company’s stock worth $1,238,000 after acquiring an additional 222,490 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Churchill Downs by 1.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 207,251 shares of the company’s stock worth $61,449,000 after acquiring an additional 2,427 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Churchill Downs by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 128,462 shares of the company’s stock worth $38,087,000 after acquiring an additional 3,671 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Churchill Downs in the 2nd quarter worth about $28,872,000. 70.72% of the stock is owned by institutional investors and hedge funds.

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.

Further Reading: Buyback For Investors Defined

Get a free copy of the Zacks research report on Churchill Downs (CHDN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Churchill Downs (NASDAQ:CHDN)

Receive News & Ratings for Churchill Downs Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Churchill Downs and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply