Churchill Downs (NASDAQ:CHDN) Stock Price Target Cut by Citizens Jmp

Key Points

• Citizens JMP cut Churchill Downs’ price target from $137 to $131 while maintaining a “market outperform” rating, implying approximately 62.7% upside from the $80.50 share price.
• Analyst sentiment remains positive: 10 analysts rate the stock Buy and one rates it Hold, producing a consensus “Moderate Buy” rating and average target price of $133.90.
• Churchill Downs reported quarterly EPS of $3.45, in line with estimates, while revenue of $980 million exceeded expectations and rose 4.9% year over year; institutional investors own 82.59% of the stock.

Churchill Downs (NASDAQ:CHDN - Get Free Report) had its target price cut by equities research analysts at Citizens Jmp from $137.00 to $131.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a "market outperform" rating on the stock. Citizens Jmp's price target would indicate a potential upside of 62.73% from the stock's current price.

CHDN has been the subject of a number of other research reports. Susquehanna raised their price target on shares of Churchill Downs from $121.00 to $124.00 and gave the stock a "positive" rating in a report on Friday, July 31st. Royal Bank Of Canada set a $131.00 price objective on Churchill Downs in a report on Tuesday. Weiss Ratings upgraded Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, September 2nd. Mizuho increased their price objective on Churchill Downs from $155.00 to $157.00 and gave the stock an "outperform" rating in a research report on Monday, August 3rd. Finally, Jefferies Financial Group reissued a "buy" rating on shares of Churchill Downs in a research note on Thursday, July 2nd. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Churchill Downs has a consensus rating of "Moderate Buy" and a consensus target price of $133.90.

Churchill Downs Stock Up 0.7%

Shares of NASDAQ:CHDN opened at $80.50 on Tuesday. The company has a quick ratio of 0.36, a current ratio of 0.36 and a debt-to-equity ratio of 3.06. The business has a fifty day moving average of $84.22 and a two-hundred day moving average of $86.88. The stock has a market cap of $5.61 billion, a P/E ratio of 13.81, a PEG ratio of 0.76 and a beta of 0.77. Churchill Downs has a 52-week low of $73.08 and a 52-week high of $118.35.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $3.45. Churchill Downs had a return on equity of 42.16% and a net margin of 13.82%. The business had revenue of $980.00 million during the quarter, compared to the consensus estimate of $977.38 million. During the same period last year, the company earned $3.10 EPS. The company's revenue for the quarter was up 4.9% on a year-over-year basis. On average, research analysts expect that Churchill Downs will post 7.14 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Atlas Brown Inc. boosted its holdings in Churchill Downs by 4.7% during the 3rd quarter. Atlas Brown Inc. now owns 3,351 shares of the company's stock valued at $254,000 after acquiring an additional 150 shares during the period. GAMMA Investing LLC grew its position in Churchill Downs by 19.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,383 shares of the company's stock valued at $105,000 after acquiring an additional 227 shares in the last quarter. Tidal Investments LLC grew its position in Churchill Downs by 43.8% in the 2nd quarter. Tidal Investments LLC now owns 226,804 shares of the company's stock valued at $20,331,000 after acquiring an additional 69,098 shares in the last quarter. Engineers Gate Manager LP increased its stake in Churchill Downs by 118.8% during the second quarter. Engineers Gate Manager LP now owns 54,890 shares of the company's stock worth $4,920,000 after purchasing an additional 29,807 shares during the period. Finally, Integrated Wealth Concepts LLC increased its stake in Churchill Downs by 13.5% during the second quarter. Integrated Wealth Concepts LLC now owns 4,948 shares of the company's stock worth $444,000 after purchasing an additional 588 shares during the period. 82.59% of the stock is currently owned by institutional investors and hedge funds.

About Churchill Downs

Churchill Downs Incorporated is a gaming, racing and entertainment company headquartered in Louisville, Kentucky. The company traces its origins to Churchill Downs Racetrack, which hosted the first Kentucky Derby in 1875 and remains its flagship property. Churchill Downs Incorporated operates and supports Thoroughbred racing, pari-mutuel wagering, casino gaming and related hospitality businesses.

The company's operations include live and historical horse-racing venues, traditional casinos and historical racing-machine facilities.

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