Brokerages Set Churchill Downs Incorporated (NASDAQ:CHDN) Price Target at $142.90

Shares of Churchill Downs Incorporated (NASDAQ:CHDN) have received a consensus rating of “Buy” from the ten research firms that are currently covering the firm, Marketbeat reports. Ten investment analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have covered the stock in the last year is $142.30.

Several brokerages have recently issued reports on CHDN. Truist Financial lowered their price objective on shares of Churchill Downs from $162.00 to $155.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. Wells Fargo & Company lowered their price objective on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Jefferies Financial Group lowered their price objective on shares of Churchill Downs from $160.00 to $127.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Macquarie reduced their target price on shares of Churchill Downs from $172.00 to $154.00 and set an “outperform” rating for the company in a report on Thursday, April 24th. Finally, Stifel Nicolaus reduced their target price on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, April 10th.

Churchill Downs Stock Up 0.8%

Shares of CHDN stock opened at $95.01 on Friday. The firm has a fifty day moving average of $99.28 and a 200-day moving average of $117.49. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47. Churchill Downs has a 12-month low of $85.58 and a 12-month high of $150.21. The company has a market capitalization of $6.86 billion, a price-to-earnings ratio of 16.73, a P/E/G ratio of 2.95 and a beta of 1.02.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The company had revenue of $642.60 million for the quarter, compared to the consensus estimate of $649.68 million. During the same period in the prior year, the company earned $1.13 EPS. The firm’s revenue was up 8.7% on a year-over-year basis. As a group, equities research analysts predict that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

Churchill Downs Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.25%. Churchill Downs’s payout ratio is 7.12%.

Churchill Downs declared that its Board of Directors has approved a stock buyback program on Wednesday, March 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Churchill Downs

In other news, Director R Alex Rankin purchased 2,000 shares of the business’s stock in a transaction on Monday, May 5th. The stock was purchased at an average price of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the purchase, the director now directly owns 99,012 shares in the company, valued at $9,173,461.80. The trade was a 2.06% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Douglas C. Grissom purchased 10,000 shares of the business’s stock in a transaction on Wednesday, May 7th. The stock was purchased at an average price of $92.77 per share, with a total value of $927,700.00. Following the purchase, the director now owns 38,869 shares of the company’s stock, valued at approximately $3,605,877.13. The trade was a 34.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 5.34% of the company’s stock.

Institutional Trading of Churchill Downs

A number of large investors have recently added to or reduced their stakes in CHDN. Blue Trust Inc. lifted its stake in Churchill Downs by 127.2% in the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock valued at $25,000 after acquiring an additional 103 shares during the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of Churchill Downs by 1,364.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock worth $28,000 after buying an additional 232 shares during the last quarter. Elequin Capital LP acquired a new stake in shares of Churchill Downs during the 1st quarter worth about $29,000. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Churchill Downs by 159.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company’s stock worth $46,000 after buying an additional 253 shares during the last quarter. Finally, Central Pacific Bank Trust Division lifted its stake in shares of Churchill Downs by 39.6% during the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company’s stock worth $51,000 after buying an additional 129 shares during the last quarter. Institutional investors and hedge funds own 82.59% of the company’s stock.

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.