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

Churchill Downs (NASDAQ:CHDN)‘s stock had its “market outperform” rating reaffirmed by analysts at JMP Securities in a research note issued on Thursday,Benzinga reports. They currently have a $166.00 price objective on the stock. JMP Securities’ target price suggests a potential upside of 25.01% from the company’s previous close.

Other research analysts have also issued research reports about the company. StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Truist Financial restated a “buy” rating and set a $165.00 target price (down from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. Mizuho cut their price target on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a research note on Tuesday, October 22nd. Finally, Wells Fargo & Company lifted their price objective 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. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $160.88.

Churchill Downs Stock Up 2.5 %

Shares of CHDN stock traded up $3.24 during trading on Thursday, reaching $132.79. The company’s stock had a trading volume of 59,661 shares, compared to its average volume of 430,557. Churchill Downs has a one year low of $111.10 and a one year high of $150.21. The business has a fifty day moving average price of $139.63 and a 200-day moving average price of $138.57. The company has a market cap of $9.76 billion, a price-to-earnings ratio of 24.19, a price-to-earnings-growth ratio of 3.84 and a beta of 0.95. 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 (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. The company had revenue of $628.50 million during the quarter, compared to the consensus estimate of $627.90 million. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. The company’s quarterly revenue was up 9.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.87 EPS. Analysts anticipate that Churchill Downs will post 5.86 earnings per share for the current year.

Institutional Investors Weigh In On Churchill Downs

Several hedge funds have recently bought and sold shares of CHDN. State Street Corp boosted its position in shares of Churchill Downs by 5.8% in the third quarter. State Street Corp now owns 2,078,031 shares of the company’s stock valued at $280,971,000 after acquiring an additional 114,018 shares during the period. Geode Capital Management LLC raised its stake in Churchill Downs by 8.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,299,442 shares of the company’s stock worth $175,742,000 after purchasing an additional 96,910 shares in the last quarter. William Blair Investment Management LLC bought a new stake in Churchill Downs in the 2nd quarter valued at about $125,418,000. Westfield Capital Management Co. LP grew its position in shares of Churchill Downs by 100.0% during the 3rd quarter. Westfield Capital Management Co. LP now owns 763,561 shares of the company’s stock worth $103,241,000 after purchasing an additional 381,754 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Churchill Downs by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 634,319 shares of the company’s stock worth $88,551,000 after purchasing an additional 3,608 shares during the period. 82.59% of the stock is currently owned by institutional investors and hedge funds.

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.