Churchill Downs, Incorporated (NASDAQ:CHDN) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Churchill Downs, Incorporated (NASDAQ:CHDN) have received a consensus recommendation of “Moderate Buy” from the eleven research firms that are currently covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $134.30.

CHDN has been the topic of a number of research reports. Susquehanna reissued a “positive” rating and issued a $124.00 price objective (down previously from $126.00) on shares of Churchill Downs in a research note on Tuesday, October 21st. Jefferies Financial Group reaffirmed a “buy” rating on shares of Churchill Downs in a report on Wednesday, December 24th. Barclays boosted their price target on shares of Churchill Downs from $131.00 to $132.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Weiss Ratings restated a “hold (c-)” rating on shares of Churchill Downs in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company reaffirmed an “overweight” rating and issued a $125.00 price objective (up previously from $115.00) on shares of Churchill Downs in a research note on Monday, January 5th.

Churchill Downs Trading Down 2.9%

Churchill Downs stock opened at $108.24 on Monday. Churchill Downs has a 12-month low of $85.58 and a 12-month high of $131.24. The company has a debt-to-equity ratio of 4.87, a current ratio of 0.57 and a quick ratio of 0.57. The stock has a market capitalization of $7.55 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 1.63 and a beta of 0.68. The firm has a 50 day simple moving average of $109.20 and a 200-day simple moving average of $103.79.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, October 22nd. The company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.97 by $0.12. The firm had revenue of $683.00 million for the quarter, compared to analysts’ expectations of $671.43 million. Churchill Downs had a return on equity of 42.54% and a net margin of 13.99%.The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 earnings per share. As a group, equities research analysts expect that Churchill Downs will post 6.92 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The firm also recently declared an annual dividend, which was paid on Tuesday, January 6th. Shareholders of record on Friday, December 5th were given a $0.438 dividend. This represents a yield of 39.0%. This is a positive change from Churchill Downs’s previous annual dividend of $0.41. The ex-dividend date was Friday, December 5th. Churchill Downs’s dividend payout ratio (DPR) is presently 8.00%.

Institutional Investors Weigh In On Churchill Downs

Several large investors have recently modified their holdings of CHDN. State of Wyoming purchased a new stake in shares of Churchill Downs during the first quarter valued at $60,000. Royal Bank of Canada increased its stake in Churchill Downs by 9.2% in the 1st quarter. Royal Bank of Canada now owns 112,923 shares of the company’s stock worth $12,542,000 after purchasing an additional 9,521 shares in the last quarter. AQR Capital Management LLC raised its holdings in Churchill Downs by 29.8% during the 1st quarter. AQR Capital Management LLC now owns 3,415 shares of the company’s stock worth $373,000 after buying an additional 784 shares during the period. Millennium Management LLC lifted its stake in Churchill Downs by 107.4% during the first quarter. Millennium Management LLC now owns 548,476 shares of the company’s stock valued at $60,919,000 after buying an additional 284,045 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Churchill Downs by 33.5% during the first quarter. Goldman Sachs Group Inc. now owns 483,252 shares of the company’s stock valued at $53,675,000 after buying an additional 121,204 shares in the last quarter. 82.59% of the stock is owned by institutional investors.

About Churchill Downs

Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.

In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.