Churchill Downs (NASDAQ:CHDN) Stock Crosses Above 50-Day Moving Average of $111.69

Churchill Downs, Inc. (NASDAQ:CHDN)’s share price crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $111.69 and traded as high as $118.12. Churchill Downs shares last traded at $117.85, with a volume of 3,411 shares changing hands.

A number of brokerages have recently commented on CHDN. Zacks Investment Research cut Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a research report on Wednesday, June 26th. ValuEngine cut Zumiez from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. BidaskClub cut Walgreens Boots Alliance from a “sell” rating to a “strong sell” rating in a research report on Monday, June 24th. Telsey Advisory Group boosted their price target on Churchill Downs from $120.00 to $135.00 and gave the stock an “outperform” rating in a research report on Monday, July 1st. Finally, Jefferies Financial Group reissued a “buy” rating on shares of Extended Stay America in a research report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. Churchill Downs presently has an average rating of “Hold” and an average price target of $124.75.

The firm’s 50-day simple moving average is $111.69. The company has a debt-to-equity ratio of 3.22, a quick ratio of 0.87 and a current ratio of 0.87. The firm has a market capitalization of $4.73 billion, a PE ratio of 32.38, a P/E/G ratio of 1.34 and a beta of 1.24.

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

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

A number of institutional investors have recently modified their holdings of CHDN. NEXT Financial Group Inc raised its position in Churchill Downs by 151.1% in the 2nd quarter. NEXT Financial Group Inc now owns 678 shares of the company’s stock worth $78,000 after purchasing an additional 408 shares during the period. Fruth Investment Management purchased a new stake in Churchill Downs in the 2nd quarter worth about $207,000. First Hawaiian Bank raised its position in Churchill Downs by 10.7% in the 2nd quarter. First Hawaiian Bank now owns 5,105 shares of the company’s stock worth $587,000 after purchasing an additional 493 shares during the period. Stock Yards Bank & Trust Co. raised its position in Churchill Downs by 1.2% in the 2nd quarter. Stock Yards Bank & Trust Co. now owns 24,750 shares of the company’s stock worth $2,848,000 after purchasing an additional 300 shares during the period. Finally, First Trust Advisors LP raised its position in Churchill Downs by 290.7% in the 1st quarter. First Trust Advisors LP now owns 16,361 shares of the company’s stock worth $1,477,000 after purchasing an additional 12,173 shares during the period. 71.74% of the stock is owned by institutional investors.

Churchill Downs Company Profile (NASDAQ:CHDN)

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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