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

JMP Securities reissued their market outperform rating on shares of Churchill Downs (NASDAQ:CHDN) in a research note published on Thursday,Benzinga reports. JMP Securities currently has a $157.00 target price on the stock.

Several other brokerages have also weighed in on CHDN. Truist Financial lowered their target price on shares of Churchill Downs from $162.00 to $155.00 and set a “buy” rating on the stock in a research report on Wednesday. Barclays began coverage on Churchill Downs in a research note on Friday, April 11th. They issued an “overweight” rating and a $125.00 price objective for the company. Stifel Nicolaus decreased their target price on Churchill Downs from $161.00 to $142.00 and set a “buy” rating on the stock in a research report on Thursday, April 10th. Mizuho cut their price target on Churchill Downs from $148.00 to $140.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, StockNews.com cut shares of Churchill Downs from a “hold” rating to a “sell” rating in a research note on Tuesday, April 8th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Churchill Downs currently has an average rating of “Moderate Buy” and an average price target of $148.20.

Churchill Downs Stock Performance

NASDAQ CHDN opened at $87.99 on Thursday. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. The business’s 50 day moving average is $109.03 and its two-hundred day moving average is $125.42. The stock has a market capitalization of $6.47 billion, a price-to-earnings ratio of 15.49, a PEG ratio of 2.95 and a beta of 0.86. Churchill Downs has a 12-month low of $87.38 and a 12-month high of $150.21.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.09). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The business had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. Research analysts expect that Churchill Downs will post 6.92 EPS for the current year.

Churchill Downs Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. Churchill Downs’s dividend payout ratio is currently 7.04%.

Churchill Downs announced that its board has approved a stock buyback program on Wednesday, March 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Blue Trust Inc. lifted its position in Churchill Downs by 127.2% during the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock worth $25,000 after buying an additional 103 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Churchill Downs during the 3rd quarter valued at about $27,000. Fortitude Family Office LLC lifted its holdings in shares of Churchill Downs by 2,733.3% during the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock worth $34,000 after acquiring an additional 246 shares during the period. MassMutual Private Wealth & Trust FSB boosted its position in shares of Churchill Downs by 159.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company’s stock worth $46,000 after acquiring an additional 253 shares during the last quarter. Finally, Central Pacific Bank Trust Division grew its holdings in Churchill Downs by 39.6% in the first quarter. Central Pacific Bank Trust Division now owns 455 shares of the company’s stock valued at $51,000 after purchasing an additional 129 shares during the period. Hedge funds and other institutional investors own 82.59% of the company’s stock.

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; casino gaming; and Terre Haute Casino Resort.