Churchill Downs (NASDAQ:CHDN) Now Covered by JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Churchill Downs (NASDAQ:CHDN) in a research report report published on Monday morning, MarketBeat.com reports. The firm issued an overweight rating and a $116.00 price objective on the stock.

A number of other research analysts also recently weighed in on CHDN. Stifel Nicolaus lowered their price target on Churchill Downs from $161.00 to $142.00 and set a “buy” rating on the stock in a report on Thursday, April 10th. Jefferies Financial Group lowered their price target on Churchill Downs from $160.00 to $127.00 and set a “buy” rating on the stock in a report on Friday, April 25th. JMP Securities decreased their target price on shares of Churchill Downs from $144.00 to $138.00 and set a “market outperform” rating for the company in a research note on Tuesday, May 27th. Mizuho decreased their target price on shares of Churchill Downs from $137.00 to $134.00 and set an “outperform” rating for the company in a research note on Friday, May 23rd. Finally, Truist Financial decreased their target price on shares of Churchill Downs from $162.00 to $155.00 and set a “buy” rating for the company in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Churchill Downs has an average rating of “Moderate Buy” and an average target price of $139.91.

Churchill Downs Stock Up 2.0%

NASDAQ CHDN opened at $99.83 on Monday. The company has a debt-to-equity ratio of 4.49, a current ratio of 0.53 and a quick ratio of 0.53. The company’s 50 day simple moving average is $96.31 and its 200 day simple moving average is $112.05. Churchill Downs has a 12 month low of $85.58 and a 12 month high of $150.21. 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.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.01). Churchill Downs had a net margin of 15.19% and a return on equity of 40.73%. The firm had revenue of $642.60 million during the quarter, compared to analysts’ expectations of $649.68 million. During the same quarter last year, the company posted $1.13 EPS. The firm’s revenue was up 8.7% compared to the same quarter last year. Equities research analysts expect that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

Churchill Downs declared that its board has authorized a stock repurchase program on Wednesday, March 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, Director Douglas C. Grissom bought 10,000 shares of the company’s stock in a transaction that occurred on 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 $3,605,877.13. The trade was a 34.64% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director R Alex Rankin bought 2,000 shares of the business’s stock in a transaction that occurred on Monday, May 5th. The shares were bought at an average price of $92.65 per share, with a total value of $185,300.00. Following the completion of the purchase, the director now owns 99,012 shares in the company, valued at approximately $9,173,461.80. The trade was a 2.06% increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.34% of the stock is owned by insiders.

Institutional Investors Weigh In On Churchill Downs

Several hedge funds have recently made changes to their positions in the stock. Truist Financial Corp raised its holdings in Churchill Downs by 22.1% in the 4th quarter. Truist Financial Corp now owns 29,637 shares of the company’s stock valued at $3,958,000 after acquiring an additional 5,372 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Churchill Downs by 1.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company’s stock worth $80,839,000 after purchasing an additional 10,153 shares during the period. Proficio Capital Partners LLC bought a new stake in Churchill Downs in the 4th quarter valued at $1,927,000. Landmark Investment Partners L.P. bought a new stake in Churchill Downs in the 4th quarter valued at $13,317,000. Finally, Lighthouse Investment Partners LLC acquired a new position in shares of Churchill Downs in the 4th quarter valued at $6,133,000. 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; casino gaming; and Terre Haute Casino Resort.