Churchill Downs (NASDAQ:CHDN) Stock Price Target Lowered at Truist Financial

Key Points

• Truist Financial lowered Churchill Downs’ price target from $145 to $140 but maintained its “buy” rating, implying approximately 69% upside from the previous close.
• Analyst sentiment remains positive: 10 analysts rate the stock Buy and one rates it Hold, producing a “Moderate Buy” consensus and an average price target of $134.33.
• Churchill Downs reported quarterly EPS of $3.45, matching estimates, while revenue of $980 million exceeded forecasts and increased 4.9% year over year; institutional investors own 82.59% of the company.

Churchill Downs (NASDAQ:CHDN - Get Free Report) had its price target reduced by investment analysts at Truist Financial from $145.00 to $140.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's target price would indicate a potential upside of 69.00% from the stock's previous close.

CHDN has been the subject of a number of other research reports. Susquehanna upped their target price on Churchill Downs from $121.00 to $124.00 and gave the stock a "positive" rating in a research report on Friday, July 31st. Wolfe Research initiated coverage on Churchill Downs in a report on Wednesday, September 2nd. They set an "outperform" rating and a $119.00 price target on the stock. Royal Bank Of Canada set a $131.00 price target on shares of Churchill Downs in a research report on Tuesday, October 13th. Weiss Ratings upgraded shares of Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Wednesday, September 2nd. Finally, Mizuho upped their price objective on shares of Churchill Downs from $155.00 to $157.00 and gave the stock an "outperform" rating in a report on Monday, August 3rd. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $134.33.

Churchill Downs Stock Up 1.1%

Shares of CHDN traded up $0.87 during trading hours on Tuesday, hitting $82.84. 243,792 shares of the company were exchanged, compared to its average volume of 1,003,729. The company has a market cap of $5.77 billion, a PE ratio of 14.24, a PEG ratio of 0.78 and a beta of 0.77. The firm's 50 day moving average is $83.71 and its 200-day moving average is $86.68. Churchill Downs has a 52 week low of $73.08 and a 52 week high of $118.35. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 EPS for the quarter, meeting 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 for the quarter, compared to analyst estimates of $977.38 million. During the same quarter in the prior year, the firm posted $3.10 EPS. The firm's revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities research analysts forecast that Churchill Downs will post 7.05 EPS for the current fiscal year.

Institutional Trading of Churchill Downs

Hedge funds have recently added to or reduced their stakes in the business. New Wave Wealth Advisors LLC acquired a new stake in shares of Churchill Downs during the 3rd quarter worth approximately $735,000. Community Trust & Investment Co. increased its position in shares of Churchill Downs by 0.8% during the third quarter. Community Trust & Investment Co. now owns 204,786 shares of the company's stock valued at $15,498,000 after purchasing an additional 1,621 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Churchill Downs by 49.9% in the third quarter. Assenagon Asset Management S.A. now owns 87,144 shares of the company's stock valued at $6,595,000 after purchasing an additional 29,005 shares in the last quarter. Atlas Brown Inc. raised its stake in shares of Churchill Downs by 4.7% in the third quarter. Atlas Brown Inc. now owns 3,351 shares of the company's stock valued at $254,000 after purchasing an additional 150 shares in the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Churchill Downs by 19.6% in the third quarter. GAMMA Investing LLC now owns 1,383 shares of the company's stock valued at $105,000 after purchasing an additional 227 shares in the last quarter. Institutional investors own 82.59% of the company's stock.

About Churchill Downs

Churchill Downs Incorporated NASDAQ: CHDN is a gaming, racing and entertainment company best known for operating Churchill Downs Racetrack in Louisville, Kentucky, the home of the Kentucky Derby. The company traces its history to the opening of Churchill Downs in 1875 and has expanded its operations beyond traditional Thoroughbred racing.

Its business activities include live and historical horse racing, pari-mutuel wagering, casino gaming, video lottery and related entertainment offerings.

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