Churchill Downs (NASDAQ:CHDN) Receives “Market Outperform” Rating from JMP Securities

JMP Securities restated their market outperform rating on shares of Churchill Downs (NASDAQ:CHDN) in a research note released on Thursday morning,Benzinga reports. JMP Securities currently has a $166.00 price target on the stock.

Several other analysts also recently issued reports on CHDN. StockNews.com upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research note on Wednesday, November 6th. Wells Fargo & Company upped their target price on Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a research report on Thursday, October 17th. Truist Financial reissued a “buy” rating and issued a $165.00 price target (down previously from $166.00) on shares of Churchill Downs in a research report on Friday, October 25th. Finally, Mizuho decreased their price objective on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a report on Tuesday, October 22nd. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $160.88.

Churchill Downs Price Performance

Shares of CHDN opened at $124.57 on Thursday. The company has a debt-to-equity ratio of 4.35, a quick ratio of 0.55 and a current ratio of 0.55. The firm has a market cap of $9.16 billion, a PE ratio of 22.69, a PEG ratio of 2.97 and a beta of 0.96. The firm’s 50 day moving average price is $135.89 and its 200 day moving average price is $137.66. Churchill Downs has a twelve month low of $111.10 and a twelve month high of $150.21.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $628.50 million for the quarter, compared to the consensus estimate of $627.90 million. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. Churchill Downs’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.87 EPS. As a group, research analysts expect that Churchill Downs will post 5.84 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The business also recently announced an annual dividend, which was paid on Friday, January 3rd. Investors of record on Friday, December 6th were given a dividend of $0.409 per share. The ex-dividend date was Friday, December 6th. This represents a yield of 0.29%. This is a positive change from Churchill Downs’s previous annual dividend of $0.38. Churchill Downs’s payout ratio is 7.47%.

Institutional Trading of Churchill Downs

Hedge funds have recently bought and sold shares of the stock. Westfield Capital Management Co. LP increased its holdings in shares of Churchill Downs by 100.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock worth $103,241,000 after purchasing an additional 381,754 shares during the period. Kovitz Investment Group Partners LLC acquired a new stake in Churchill Downs during the third quarter worth about $18,368,000. State Street Corp increased its stake in Churchill Downs by 5.8% during the third quarter. State Street Corp now owns 2,078,031 shares of the company’s stock valued at $280,971,000 after acquiring an additional 114,018 shares during the period. WCM Investment Management LLC acquired a new position in Churchill Downs in the 3rd quarter valued at approximately $15,231,000. Finally, Point72 Asset Management L.P. lifted its position in shares of Churchill Downs by 66.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 250,319 shares of the company’s stock worth $34,944,000 after acquiring an additional 100,230 shares during the period. 82.59% of the stock is owned by institutional investors.

Churchill Downs Company Profile

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; casino gaming; and Terre Haute Casino Resort.