Churchill Downs’ (CHDN) Market Outperform Rating Reiterated at JMP Securities

JMP Securities reaffirmed their market outperform rating on shares of Churchill Downs (NASDAQ:CHDN) in a research note released on Monday morning, Benzinga reports. The firm currently has a $156.00 price target on the stock.

A number of other brokerages also recently commented on CHDN. Wells Fargo & Company raised Churchill Downs from an equal weight rating to an overweight rating and boosted their price objective for the stock from $137.00 to $141.00 in a research report on Monday, April 15th. StockNews.com upgraded shares of Churchill Downs from a sell rating to a hold rating in a report on Friday, April 26th. Mizuho raised their price objective on shares of Churchill Downs from $142.00 to $143.00 and gave the company a buy rating in a report on Friday, April 26th. Truist Financial boosted their target price on shares of Churchill Downs from $140.00 to $145.00 and gave the stock a buy rating in a research note on Friday, April 26th. Finally, Stifel Nicolaus raised their price target on Churchill Downs from $150.00 to $153.00 and gave the company a buy rating in a research note on Friday, April 26th. One analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to 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 $139.10 on Monday. The company has a market cap of $10.22 billion, a P/E ratio of 30.98, a PEG ratio of 3.81 and a beta of 0.99. Churchill Downs has a fifty-two week low of $106.45 and a fifty-two week high of $147.30. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 5.88. The firm’s 50 day moving average price is $122.19 and its 200 day moving average price is $122.04.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, April 24th. The company reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.35. The business had revenue of $590.90 million for the quarter, compared to analyst estimates of $565.41 million. Churchill Downs had a return on equity of 44.99% and a net margin of 13.72%. During the same quarter in the prior year, the company earned $0.98 earnings per share. The company’s revenue was up 5.6% on a year-over-year basis. 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 news, Director Paul C. Varga bought 3,800 shares of Churchill Downs stock in a transaction dated Monday, April 29th. The stock was acquired at an average cost of $130.22 per share, with a total value of $494,836.00. Following the acquisition, the director now owns 28,902 shares of the company’s stock, valued at $3,763,618.44. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.13% of the company’s stock.

Hedge Funds Weigh In On Churchill Downs

A number of institutional investors have recently modified their holdings of the business. Entropy Technologies LP acquired a new stake in Churchill Downs during the 1st quarter worth $240,000. Bleakley Financial Group LLC boosted its stake in shares of Churchill Downs by 8.1% during the first quarter. Bleakley Financial Group LLC now owns 3,626 shares of the company’s stock worth $449,000 after buying an additional 272 shares during the period. Sei Investments Co. grew its holdings in shares of Churchill Downs by 29.0% during the first quarter. Sei Investments Co. now owns 36,100 shares of the company’s stock worth $4,468,000 after buying an additional 8,116 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new position in shares of Churchill Downs during the first quarter worth about $354,000. Finally, Envestnet Portfolio Solutions Inc. increased its position in Churchill Downs by 12.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 9,531 shares of the company’s stock valued at $1,179,000 after acquiring an additional 1,085 shares during the period. 82.59% of the stock is owned by institutional investors and hedge funds.

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.