Churchill Downs (NASDAQ:CHDN) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Churchill Downs (NASDAQ:CHDN - Free Report) in a research report sent to investors on Monday morning, Marketbeat.com reports. The brokerage issued an overweight rating and a $116.00 price objective on the stock.

Several other brokerages also recently weighed in on CHDN. Stifel Nicolaus reduced their price target on shares of Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Barclays lowered their price target on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. Jefferies Financial Group decreased their target price on Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Susquehanna dropped their price target on shares of Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Finally, Truist Financial decreased their price objective on shares of Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, Churchill Downs currently has an average rating of "Moderate Buy" and an average price target of $139.91.

Churchill Downs Stock Up 0.2%

Shares of CHDN traded up $0.24 during mid-day trading on Monday, reaching $100.07. The company had a trading volume of 669,964 shares, compared to its average volume of 588,190. Churchill Downs has a 52 week low of $85.58 and a 52 week high of $150.21. The company has a market capitalization of $7.23 billion, a price-to-earnings ratio of 17.81, a price-to-earnings-growth ratio of 2.52 and a beta of 0.94. The firm has a 50-day moving average price of $96.31 and a 200 day moving average price of $112.05. The company has a debt-to-equity ratio of 4.49, a quick ratio of 0.53 and a current ratio of 0.53.

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 analysts' consensus estimates of $1.08 by ($0.01). The firm 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 40.73% and a net margin of 15.19%. The business's revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.13 EPS. On average, sell-side analysts forecast that Churchill Downs will post 6.92 EPS for the current year.

Churchill Downs announced that its Board of Directors has initiated a share buyback program on Wednesday, March 12th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its stock is undervalued.

Insider Transactions at Churchill Downs

In other news, Director Douglas C. Grissom acquired 10,000 shares of Churchill Downs stock in a transaction 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 purchase, the director now directly owns 38,869 shares in the company, valued at $3,605,877.13. The trade was a 34.64% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director R Alex Rankin bought 2,000 shares of the stock in a transaction dated Monday, May 5th. The shares were purchased at an average price of $92.65 per share, with a total value of $185,300.00. Following the completion of the transaction, the director now directly owns 99,012 shares in the company, valued at approximately $9,173,461.80. The trade was a 2.06% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 5.34% of the company's stock.

Institutional Investors Weigh In On Churchill Downs

A number of hedge funds have recently bought and sold shares of CHDN. Norges Bank purchased a new stake in shares of Churchill Downs during the 4th quarter valued at about $74,967,000. SG Americas Securities LLC raised its position in Churchill Downs by 28,864.9% during the first quarter. SG Americas Securities LLC now owns 512,099 shares of the company's stock valued at $56,879,000 after purchasing an additional 510,331 shares during the period. Boston Partners lifted its stake in shares of Churchill Downs by 25.6% in the 4th quarter. Boston Partners now owns 1,794,630 shares of the company's stock valued at $239,619,000 after purchasing an additional 366,283 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Churchill Downs by 107.4% in the 1st quarter. Millennium Management LLC now owns 548,476 shares of the company's stock worth $60,919,000 after purchasing an additional 284,045 shares during the period. Finally, FMR LLC increased its position in shares of Churchill Downs by 6.4% during the 4th quarter. FMR LLC now owns 3,592,087 shares of the company's stock valued at $479,687,000 after purchasing an additional 214,694 shares during the last quarter. Hedge funds and other institutional investors own 82.59% of the company's stock.

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.