Wells Fargo & Company Raises Churchill Downs (NASDAQ:CHDN) Price Target to $161.00

Churchill Downs (NASDAQ:CHDN) had its target price raised by equities researchers at Wells Fargo & Company from $150.00 to $161.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 16.70% from the company’s previous close.

A number of other equities research analysts also recently issued reports on CHDN. Stifel Nicolaus boosted their target price on shares of Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a report on Monday. StockNews.com downgraded shares of Churchill Downs from a “hold” rating to a “sell” rating in a report on Thursday. JMP Securities boosted their target price on shares of Churchill Downs from $156.00 to $158.00 and gave the company a “market outperform” rating in a report on Wednesday, July 17th. Mizuho boosted their price objective on shares of Churchill Downs from $142.00 to $143.00 and gave the stock a “buy” rating in a research note on Friday, April 26th. Finally, Jefferies Financial Group boosted their price objective on shares of Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, July 11th. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $152.33.

Churchill Downs Stock Performance

NASDAQ:CHDN opened at $137.96 on Friday. The firm has a 50 day simple moving average of $137.32 and a 200-day simple moving average of $127.98. The company has a debt-to-equity ratio of 5.88, a current ratio of 0.50 and a quick ratio of 0.50. The firm has a market cap of $10.14 billion, a PE ratio of 30.73, a P/E/G ratio of 3.03 and a beta of 0.97. Churchill Downs has a 1-year low of $106.45 and a 1-year high of $146.64.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $2.89 earnings per share for the quarter, beating analysts’ consensus estimates of $2.71 by $0.18. Churchill Downs had a net margin of 15.61% and a return on equity of 49.73%. The business had revenue of $890.70 million during the quarter, compared to analyst estimates of $858.59 million. During the same quarter in the previous year, the business posted $2.24 earnings per share. The company’s revenue was up 15.9% on a year-over-year basis. On average, equities analysts expect that Churchill Downs will post 6.03 EPS for the current year.

Insider Transactions at Churchill Downs

In other news, Director Paul C. Varga bought 3,800 shares of Churchill Downs stock in a transaction dated Monday, April 29th. The shares were acquired at an average cost of $130.22 per share, with a total value of $494,836.00. Following the completion of the transaction, the director now owns 28,902 shares in the company, valued at approximately $3,763,618.44. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.13% of the company’s stock.

Institutional Trading of Churchill Downs

Several institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its holdings in Churchill Downs by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 634,319 shares of the company’s stock valued at $88,551,000 after acquiring an additional 3,608 shares in the last quarter. Independence Bank of Kentucky raised its holdings in Churchill Downs by 8.6% in the second quarter. Independence Bank of Kentucky now owns 13,304 shares of the company’s stock valued at $1,857,000 after acquiring an additional 1,050 shares in the last quarter. Silvant Capital Management LLC acquired a new stake in Churchill Downs in the second quarter valued at $2,016,000. RPS Advisory Solutions LLC acquired a new stake in shares of Churchill Downs during the second quarter worth $649,000. Finally, Argent Capital Management LLC acquired a new stake in shares of Churchill Downs during the second quarter worth $2,658,000. 82.59% of the stock is owned by institutional investors and hedge funds.

About Churchill Downs

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; and casino gaming.