Brokerages Expect Churchill Downs, Inc. (NASDAQ:CHDN) Will Post Quarterly Sales of $301.28 Million

Brokerages predict that Churchill Downs, Inc. (NASDAQ:CHDN) will report $301.28 million in sales for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Churchill Downs’ earnings, with estimates ranging from $294.10 million to $308.45 million. Churchill Downs posted sales of $221.30 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 36.1%. The business is expected to announce its next earnings results on Wednesday, October 30th.

On average, analysts expect that Churchill Downs will report full year sales of $1.30 billion for the current year, with estimates ranging from $1.29 billion to $1.32 billion. For the next fiscal year, analysts anticipate that the business will report sales of $1.36 billion, with estimates ranging from $1.34 billion to $1.37 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Churchill Downs.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $2.83 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.84 by ($0.01). Churchill Downs had a return on equity of 34.23% and a net margin of 15.76%. The business had revenue of $477.40 million during the quarter, compared to the consensus estimate of $469.85 million. During the same quarter in the previous year, the business posted $7.71 earnings per share. The company’s quarterly revenue was up 25.8% compared to the same quarter last year.

Several research firms have commented on CHDN. Susquehanna Bancshares began coverage on shares of Churchill Downs in a research note on Wednesday, July 24th. They set a “positive” rating and a $140.00 target price on the stock. ValuEngine cut shares of Churchill Downs from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. BidaskClub raised shares of Churchill Downs from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Zacks Investment Research raised shares of Churchill Downs from a “sell” rating to a “hold” rating in a research note on Tuesday, July 23rd. Finally, Jefferies Financial Group raised their target price on shares of Churchill Downs from $135.00 to $150.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $132.20.

In other news, SVP Austin W. Miller sold 5,900 shares of Churchill Downs stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $117.31, for a total value of $692,129.00. Following the transaction, the senior vice president now owns 40,494 shares of the company’s stock, valued at approximately $4,750,351.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 13.05% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Churchill Downs during the 4th quarter worth $28,815,000. Geode Capital Management LLC lifted its position in shares of Churchill Downs by 12.2% during the 4th quarter. Geode Capital Management LLC now owns 150,430 shares of the company’s stock worth $36,695,000 after purchasing an additional 16,314 shares during the last quarter. Louisiana State Employees Retirement System lifted its position in shares of Churchill Downs by 196.9% during the 1st quarter. Louisiana State Employees Retirement System now owns 9,500 shares of the company’s stock worth $857,000 after purchasing an additional 6,300 shares during the last quarter. Retirement Systems of Alabama lifted its position in shares of Churchill Downs by 219.2% during the 1st quarter. Retirement Systems of Alabama now owns 107,847 shares of the company’s stock worth $9,734,000 after purchasing an additional 74,065 shares during the last quarter. Finally, Flagship Harbor Advisors LLC lifted its position in Churchill Downs by 142.4% in the first quarter. Flagship Harbor Advisors LLC now owns 577 shares of the company’s stock valued at $52,000 after acquiring an additional 339 shares during the last quarter. 71.86% of the stock is currently owned by institutional investors.

Shares of CHDN stock traded up $2.55 during trading hours on Thursday, reaching $124.00. The stock had a trading volume of 175,644 shares, compared to its average volume of 274,052. The company has a debt-to-equity ratio of 2.66, a current ratio of 1.13 and a quick ratio of 1.13. Churchill Downs has a twelve month low of $74.58 and a twelve month high of $132.73. The firm has a 50-day simple moving average of $119.00 and a 200-day simple moving average of $102.67. The firm has a market capitalization of $4.96 billion, a PE ratio of 34.07, a price-to-earnings-growth ratio of 1.40 and a beta of 1.23.

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.

Recommended Story: Understanding Options Trading

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.