JMP Securities Reaffirms “Market Outperform” Rating for Churchill Downs (NASDAQ:CHDN)

JMP Securities reiterated their market outperform rating on shares of Churchill Downs (NASDAQ:CHDN) in a research report sent to investors on Thursday,Benzinga reports. They currently have a $166.00 price objective on the stock.

CHDN has been the topic of several other research reports. Mizuho reduced their target price on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 22nd. Wells Fargo & Company boosted their price target on shares of Churchill Downs from $161.00 to $168.00 and gave the company an “overweight” rating in a research report on Thursday, October 17th. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Finally, Truist Financial reiterated a “buy” rating and issued a $165.00 target price (down previously from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $160.88.

Churchill Downs Stock Performance

NASDAQ:CHDN opened at $124.57 on Thursday. The firm has a market capitalization of $9.16 billion, a PE ratio of 22.69, a price-to-earnings-growth ratio of 2.97 and a beta of 0.96. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 4.35. Churchill Downs has a 12-month low of $111.10 and a 12-month high of $150.21. The firm has a 50-day moving average price of $135.89 and a 200 day moving average price of $137.66.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $628.50 million during the quarter, compared to analysts’ expectations of $627.90 million. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. Churchill Downs’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.87 EPS. Research analysts anticipate that Churchill Downs will post 5.84 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The business also recently announced an annual dividend, which was paid on Friday, January 3rd. Stockholders of record on Friday, December 6th were given a dividend of $0.409 per share. This represents a dividend yield of 0.29%. This is a positive change from Churchill Downs’s previous annual dividend of $0.38. The ex-dividend date of this dividend was Friday, December 6th. Churchill Downs’s dividend payout ratio is presently 7.47%.

Institutional Trading of Churchill Downs

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wilmington Savings Fund Society FSB acquired a new position in Churchill Downs during the 3rd quarter worth $27,000. Fortitude Family Office LLC raised its position in shares of Churchill Downs by 2,733.3% during the fourth 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 last quarter. Kimelman & Baird LLC bought a new stake in shares of Churchill Downs during the second quarter worth $42,000. Eagle Bay Advisors LLC acquired a new position in shares of Churchill Downs during the fourth quarter valued at $55,000. Finally, UMB Bank n.a. boosted its holdings in Churchill Downs by 82.8% in the third quarter. UMB Bank n.a. now owns 563 shares of the company’s stock valued at $76,000 after acquiring an additional 255 shares during the last quarter. Institutional investors and hedge funds 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.