JMP Securities Reiterates Market Outperform Rating for Churchill Downs (NASDAQ:CHDN)

JMP Securities reissued their market outperform rating on shares of Churchill Downs (NASDAQ:CHDN) in a research note published on Monday,Benzinga reports. The brokerage currently has a $144.00 price target on the stock.

CHDN has been the topic of a number of other reports. Stifel Nicolaus cut their price objective 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. Barclays cut their price target on shares of Churchill Downs from $125.00 to $124.00 and set an “overweight” rating on the stock in a report on Friday, April 25th. Mizuho lowered their price objective on shares of Churchill Downs from $148.00 to $140.00 and set an “outperform” rating for the company in a report on Tuesday, April 22nd. Macquarie dropped their price target on Churchill Downs from $172.00 to $154.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th. Finally, Truist Financial lowered their price objective 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. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Churchill Downs has an average rating of “Moderate Buy” and a consensus target price of $143.50.

Churchill Downs Stock Performance

Churchill Downs stock opened at $90.71 on Monday. The firm has a fifty day simple moving average of $105.30 and a two-hundred day simple moving average of $122.84. Churchill Downs has a twelve month low of $85.58 and a twelve month high of $150.21. The company has a market capitalization of $6.55 billion, a PE ratio of 15.97, a P/E/G ratio of 2.95 and a beta of 1.02. The company has a quick ratio of 0.55, a current ratio of 0.57 and a debt-to-equity ratio of 4.47.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) 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 the consensus estimate of $649.68 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. Churchill Downs’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.13 earnings per share. Research analysts expect that Churchill Downs will post 6.92 EPS for the current year.

Churchill Downs declared that its Board of Directors has authorized a share repurchase 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Churchill Downs Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. Churchill Downs’s payout ratio is 7.12%.

Institutional Investors Weigh In On Churchill Downs

Several large investors have recently bought and sold shares of the business. GW&K Investment Management LLC lifted its position in Churchill Downs by 7.3% during the first quarter. GW&K Investment Management LLC now owns 465,966 shares of the company’s stock valued at $51,755,000 after purchasing an additional 31,778 shares during the period. Jennison Associates LLC raised its stake in Churchill Downs by 3.0% during the 1st quarter. Jennison Associates LLC now owns 1,030,846 shares of the company’s stock valued at $114,496,000 after buying an additional 30,444 shares during the last quarter. Segall Bryant & Hamill LLC lifted its holdings in shares of Churchill Downs by 6.5% during the 1st quarter. Segall Bryant & Hamill LLC now owns 224,224 shares of the company’s stock valued at $24,905,000 after buying an additional 13,742 shares during the period. Edgestream Partners L.P. boosted its stake in shares of Churchill Downs by 490.4% in the 1st quarter. Edgestream Partners L.P. now owns 64,790 shares of the company’s stock worth $7,196,000 after buying an additional 53,817 shares during the last quarter. Finally, Aurora Investment Counsel bought a new stake in shares of Churchill Downs in the first quarter worth $2,675,000. 82.59% of the stock is currently owned by institutional investors.

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; casino gaming; and Terre Haute Casino Resort.