Churchill Downs (NASDAQ:CHDN) Earns Market Outperform Rating from JMP Securities

JMP Securities restated their market outperform rating on shares of Churchill Downs (NASDAQ:CHDN - Free Report) in a research note released on Monday morning,Benzinga reports. JMP Securities currently has a $144.00 price target on the stock.

Other analysts have also recently issued research reports about the stock. Stifel Nicolaus dropped their price objective on shares of Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a report on Thursday, April 10th. Barclays dropped their price target on shares of Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a research note on Friday, April 25th. Jefferies Financial Group cut 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. Mizuho decreased their price objective on Churchill Downs from $148.00 to $140.00 and set an "outperform" rating for the company in a report on Tuesday, April 22nd. Finally, StockNews.com raised Churchill Downs from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $143.50.

Churchill Downs Stock Performance

CHDN traded up $1.32 on Monday, hitting $95.04. 986,890 shares of the company's stock were exchanged, compared to its average volume of 550,850. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. The stock has a fifty day moving average of $103.50 and a two-hundred day moving average of $121.86. Churchill Downs has a twelve month low of $85.58 and a twelve month high of $150.21. The firm has a market cap of $6.86 billion, a PE ratio of 16.73, a P/E/G ratio of 2.95 and a beta of 1.02.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced 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 during 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%. The company's revenue for the quarter was up 8.7% on a year-over-year basis. During the same period last year, the business posted $1.13 EPS. On average, research analysts anticipate that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

Churchill Downs Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.25%. Churchill Downs's dividend payout ratio is currently 7.12%.

Churchill Downs announced that its board has approved a stock repurchase plan on Wednesday, March 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 6.4% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Douglas C. Grissom bought 10,000 shares of the firm's stock in a transaction on Wednesday, May 7th. The stock was bought at an average cost of $92.77 per share, for a total transaction of $927,700.00. Following the completion of the acquisition, the director now directly owns 38,869 shares in the company, valued at $3,605,877.13. This represents a 34.64 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director R Alex Rankin purchased 2,000 shares of the business's stock in a transaction dated Monday, May 5th. The shares were purchased at an average price of $92.65 per share, for a total transaction of $185,300.00. Following the acquisition, the director now directly owns 99,012 shares of the company's stock, valued at $9,173,461.80. This trade represents 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 currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. boosted its position in Churchill Downs by 127.2% during the 4th quarter. Blue Trust Inc. now owns 184 shares of the company's stock worth $25,000 after acquiring an additional 103 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in shares of Churchill Downs during the third quarter worth approximately $27,000. Fortitude Family Office LLC grew its position in Churchill Downs by 2,733.3% during the fourth quarter. Fortitude Family Office LLC now owns 255 shares of the company's stock valued at $34,000 after purchasing an additional 246 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in Churchill Downs by 159.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock valued at $46,000 after buying an additional 253 shares during the period. Finally, Central Pacific Bank Trust Division increased its stake in Churchill Downs by 39.6% in the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock valued at $51,000 after buying an additional 129 shares during the period. Hedge funds and other 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.