Churchill Downs, Incorporated (NASDAQ:CHDN) Receives $142.30 Consensus Target Price from Brokerages

Churchill Downs, Incorporated (NASDAQ:CHDN) has been given an average recommendation of “Buy” by the eleven ratings firms that are presently covering the firm, MarketBeat reports. Eleven research analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $139.91.

CHDN has been the subject of a number of research reports. Susquehanna decreased their price target on Churchill Downs from $150.00 to $136.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. Barclays decreased their target price on Churchill Downs from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Friday, April 25th. Truist Financial decreased their target price on Churchill Downs from $162.00 to $155.00 and set a “buy” rating for the company in a research report on Wednesday, April 23rd. JPMorgan Chase & Co. began coverage on Churchill Downs in a research report on Monday. They issued an “overweight” rating and a $116.00 target price for the company. Finally, Stifel Nicolaus decreased their price objective on shares of Churchill Downs from $161.00 to $142.00 and set a “buy” rating for the company in a report on Thursday, April 10th.

Churchill Downs Stock Up 2.0%

CHDN stock opened at $99.83 on Thursday. Churchill Downs has a twelve month low of $85.58 and a twelve month high of $150.21. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 4.49. The company has a market capitalization of $7.21 billion, a P/E ratio of 17.76, a PEG ratio of 2.52 and a beta of 0.94. The firm has a 50 day simple moving average of $96.31 and a 200-day simple moving average of $112.05.

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 the consensus estimate of $1.08 by ($0.01). The company had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a return on equity of 40.73% and a net margin of 15.19%. Churchill Downs’s revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.13 earnings per share. On average, equities research analysts predict that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

Churchill Downs declared that its board has initiated a share buyback plan on Wednesday, March 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 6.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Churchill Downs news, Director R Alex Rankin acquired 2,000 shares of Churchill Downs stock in a transaction dated Monday, May 5th. The stock was acquired at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the transaction, the director now owns 99,012 shares in the company, valued at approximately $9,173,461.80. This represents a 2.06% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Douglas C. Grissom acquired 10,000 shares of Churchill Downs stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average price of $92.77 per share, with a total value of $927,700.00. Following the completion of the transaction, the director now owns 38,869 shares of the company’s stock, valued at approximately $3,605,877.13. This trade represents a 34.64% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 5.34% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Truist Financial Corp lifted its holdings in Churchill Downs by 22.1% in the fourth quarter. Truist Financial Corp now owns 29,637 shares of the company’s stock worth $3,958,000 after purchasing an additional 5,372 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Churchill Downs by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company’s stock worth $80,839,000 after acquiring an additional 10,153 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of Churchill Downs in the 4th quarter worth approximately $1,927,000. Landmark Investment Partners L.P. acquired a new stake in shares of Churchill Downs in the 4th quarter worth approximately $13,317,000. Finally, Lighthouse Investment Partners LLC acquired a new stake in shares of Churchill Downs in the 4th quarter worth approximately $6,133,000. 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.