Churchill Downs (NASDAQ:CHDN) Now Covered by JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Churchill Downs (NASDAQ:CHDN - Free Report) in a report issued on Monday, MarketBeat reports. The brokerage issued an overweight rating and a $116.00 target price on the stock.

Other equities analysts have also issued reports about the company. Wall Street Zen raised Churchill Downs from a "sell" rating to a "hold" rating in a research report on Thursday, April 24th. Mizuho lowered their price target on shares of Churchill Downs from $137.00 to $134.00 and set an "outperform" rating for the company in a report on Friday, May 23rd. Truist Financial cut their price objective on shares of Churchill Downs from $162.00 to $155.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Barclays dropped their target price on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a research report on Friday, April 25th. Finally, Susquehanna reduced their target price on Churchill Downs from $150.00 to $136.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $139.91.

Churchill Downs Trading Up 0.9%

NASDAQ:CHDN traded up $0.89 on Monday, hitting $100.60. 419,714 shares of the stock were exchanged, compared to its average volume of 587,484. The stock has a market cap of $7.27 billion, a PE ratio of 17.90, a PEG ratio of 2.57 and a beta of 0.94. Churchill Downs has a fifty-two week low of $85.58 and a fifty-two week high of $150.21. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 4.49. The stock has a fifty day moving average of $96.22 and a 200-day moving average of $111.62.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last posted its 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). Churchill Downs had a return on equity of 40.73% and a net margin of 15.19%. The business had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. During the same period last year, the company posted $1.13 EPS. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, equities analysts expect that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

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

Insider Activity at Churchill Downs

In related 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 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 of the company's stock, valued at approximately $3,605,877.13. This represents a 34.64% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director R Alex Rankin purchased 2,000 shares of the company's stock in a transaction dated Monday, May 5th. The stock was bought at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the purchase, the director now directly owns 99,012 shares of the company's stock, valued at $9,173,461.80. The trade was a 2.06% increase in their position. The disclosure for this purchase can be found here. 5.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Blue Trust Inc. grew its stake in shares of Churchill Downs by 127.2% in the 4th quarter. Blue Trust Inc. now owns 184 shares of the company's stock valued at $25,000 after buying an additional 103 shares in the last quarter. Geneos Wealth Management Inc. grew its position in Churchill Downs by 1,364.7% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock worth $28,000 after acquiring an additional 232 shares in the last quarter. Elequin Capital LP acquired a new position in shares of Churchill Downs during the 1st quarter worth $29,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Churchill Downs by 159.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock valued at $46,000 after purchasing an additional 253 shares in the last quarter. Finally, Central Pacific Bank Trust Division lifted its stake in shares of 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 purchasing an additional 129 shares during the last quarter. 82.59% of the stock is 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.