Churchill Downs Incorporated (NASDAQ:CHDN) Expected to Post Quarterly Sales of $395.80 Million

Brokerages forecast that Churchill Downs Incorporated (NASDAQ:CHDN) will announce $395.80 million in sales for the current quarter, according to Zacks. Two analysts have issued estimates for Churchill Downs’ earnings. The highest sales estimate is $400.20 million and the lowest is $391.40 million. Churchill Downs reported sales of $337.80 million during the same quarter last year, which indicates a positive year over year growth rate of 17.2%. The firm is expected to announce its next earnings report on Wednesday, October 27th.

According to Zacks, analysts expect that Churchill Downs will report full year sales of $1.60 billion for the current financial year, with estimates ranging from $1.59 billion to $1.60 billion. For the next financial year, analysts forecast that the business will post sales of $1.81 billion, with estimates ranging from $1.81 billion to $1.82 billion. Zacks’ sales calculations are an average based on a survey of research firms that follow Churchill Downs.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Tuesday, July 27th. The company reported $2.96 EPS for the quarter, topping the consensus estimate of $2.56 by $0.40. Churchill Downs had a return on equity of 67.11% and a net margin of 14.06%. The company had revenue of $515.10 million during the quarter, compared to analyst estimates of $472.15 million.

A number of research analysts recently issued reports on the company. Jefferies Financial Group boosted their price objective on Churchill Downs from $244.00 to $254.00 and gave the company a “buy” rating in a research report on Friday, July 30th. They noted that the move was a valuation call. Wells Fargo & Company assumed coverage on Churchill Downs in a research report on Tuesday. They set an “overweight” rating for the company. Macquarie assumed coverage on Churchill Downs in a research report on Friday, June 18th. They set an “outperform” rating and a $254.00 price objective for the company. TheStreet upgraded Churchill Downs from a “c” rating to a “b” rating in a research report on Tuesday, August 3rd. Finally, Zacks Investment Research lowered Churchill Downs from a “buy” rating to a “hold” rating in a research report on Tuesday, August 3rd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $229.83.

NASDAQ:CHDN traded up $0.16 during midday trading on Tuesday, reaching $219.62. 236,650 shares of the company traded hands, compared to its average volume of 270,897. Churchill Downs has a twelve month low of $147.06 and a twelve month high of $258.32. The firm has a market capitalization of $8.46 billion, a price-to-earnings ratio of 42.40 and a beta of 1.36. The company has a debt-to-equity ratio of 6.18, a current ratio of 1.44 and a quick ratio of 1.44. The company has a fifty day moving average price of $196.67 and a 200 day moving average price of $207.31.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its holdings in shares of Churchill Downs by 0.7% in the first quarter. BlackRock Inc. now owns 4,985,713 shares of the company’s stock valued at $1,133,852,000 after buying an additional 35,764 shares during the period. FMR LLC lifted its holdings in shares of Churchill Downs by 23.7% in the second quarter. FMR LLC now owns 4,264,356 shares of the company’s stock valued at $845,452,000 after buying an additional 817,959 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Churchill Downs by 6.2% in the first quarter. Geode Capital Management LLC now owns 636,591 shares of the company’s stock valued at $144,773,000 after buying an additional 36,983 shares during the period. Millennium Management LLC lifted its holdings in shares of Churchill Downs by 21,976.1% in the second quarter. Millennium Management LLC now owns 418,342 shares of the company’s stock valued at $82,940,000 after buying an additional 416,447 shares during the period. Finally, Schroder Investment Management Group lifted its holdings in shares of Churchill Downs by 103.0% in the first quarter. Schroder Investment Management Group now owns 333,792 shares of the company’s stock valued at $75,911,000 after buying an additional 169,389 shares during the period. Hedge funds and other institutional investors own 71.05% of the company’s stock.

Churchill Downs Company Profile

Churchill Downs, Inc operates as a provider of pari-mutuel horseracing, online account wagering on horseracing and casino gaming. It operates through the following business segments: Racing, Casino, Online Wagering, Corporate, and Other Investments. The Racing segment includes Churchill Downs Racetrack, Arlington Park Racecourse, Calder Race Course, and Fair Grounds Race Course.

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

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