Churchill Downs (NASDAQ:CHDN) Given “Market Outperform” Rating at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Churchill Downs (NASDAQ:CHDN) in a report published on Monday morning, Benzinga reports. The brokerage currently has a $156.00 price objective on the stock.

CHDN has been the subject of a number of other research reports. Mizuho lifted their price target on shares of Churchill Downs from $142.00 to $143.00 and gave the stock a buy rating in a research note on Friday, April 26th. Wells Fargo & Company raised Churchill Downs from an equal weight rating to an overweight rating and increased their target price for the company from $137.00 to $141.00 in a report on Monday, April 15th. Truist Financial lifted their price target on Churchill Downs from $140.00 to $145.00 and gave the stock a buy rating in a report on Friday, April 26th. StockNews.com upgraded Churchill Downs from a sell rating to a hold rating in a report on Friday, April 26th. Finally, Stifel Nicolaus boosted their target price on Churchill Downs from $150.00 to $153.00 and gave the stock a buy rating in a research note on Friday, April 26th. One research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $145.25.

Churchill Downs Price Performance

Shares of CHDN opened at $135.96 on Monday. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 5.88. Churchill Downs has a fifty-two week low of $106.45 and a fifty-two week high of $148.36. The company has a market cap of $9.99 billion, a P/E ratio of 30.28, a PEG ratio of 3.81 and a beta of 0.99. The firm’s 50 day moving average price is $121.51 and its 200 day moving average price is $121.73.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, April 24th. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $0.78 by $0.35. The firm had revenue of $590.90 million during the quarter, compared to analysts’ expectations of $565.41 million. Churchill Downs had a return on equity of 44.99% and a net margin of 13.72%. Churchill Downs’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.98 EPS. On average, research analysts forecast that Churchill Downs will post 5.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Churchill Downs news, Director Paul C. Varga bought 3,800 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were acquired at an average cost of $130.22 per share, with a total value of $494,836.00. Following the acquisition, the director now directly owns 28,902 shares of the company’s stock, valued at approximately $3,763,618.44. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 5.13% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Churchill Downs

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Teachers Retirement System of The State of Kentucky lifted its position in Churchill Downs by 90.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 22,898 shares of the company’s stock worth $2,657,000 after acquiring an additional 10,868 shares during the period. Envestnet Asset Management Inc. lifted its holdings in shares of Churchill Downs by 34.9% during the third quarter. Envestnet Asset Management Inc. now owns 148,035 shares of the company’s stock worth $17,178,000 after purchasing an additional 38,298 shares during the period. Fifth Third Bancorp grew its position in Churchill Downs by 15.1% in the 4th quarter. Fifth Third Bancorp now owns 1,437 shares of the company’s stock valued at $194,000 after buying an additional 189 shares during the last quarter. Vanguard Group Inc. increased its stake in Churchill Downs by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 6,689,337 shares of the company’s stock valued at $776,231,000 after buying an additional 56,318 shares during the period. Finally, Jennison Associates LLC raised its position in Churchill Downs by 28.9% during the 4th quarter. Jennison Associates LLC now owns 803,074 shares of the company’s stock worth $108,359,000 after buying an additional 179,814 shares during the last quarter. Hedge funds and other institutional investors 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; and casino gaming.