Mizuho Forecasts Strong Price Appreciation for Churchill Downs (NASDAQ:CHDN) Stock

Churchill Downs (NASDAQ:CHDN - Get Free Report) had its price target boosted by research analysts at Mizuho from $134.00 to $136.00 in a report released on Tuesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Mizuho's target price would suggest a potential upside of 19.79% from the stock's current price.

Other analysts also recently issued research reports about the stock. JMP Securities reduced their price objective on shares of Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating for the company in a research report on Tuesday, May 27th. JPMorgan Chase & Co. started coverage on shares of Churchill Downs in a research report on Monday, June 23rd. They issued an "overweight" rating and a $116.00 price target for the company. Truist Financial reduced their price target on shares of Churchill Downs from $150.00 to $145.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Stifel Nicolaus lifted their price target on shares of Churchill Downs from $130.00 to $133.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, Susquehanna dropped their price objective on Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Churchill Downs currently has an average rating of "Moderate Buy" and a consensus price target of $138.09.

Churchill Downs Trading Down 0.2%

Churchill Downs stock traded down $0.22 during mid-day trading on Tuesday, hitting $113.53. 1,116,996 shares of the stock were exchanged, compared to its average volume of 750,909. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 4.49. Churchill Downs has a 12 month low of $85.58 and a 12 month high of $150.21. The firm's fifty day simple moving average is $100.21 and its two-hundred day simple moving average is $107.91. The stock has a market capitalization of $8.20 billion, a price-to-earnings ratio of 19.51, a PEG ratio of 3.01 and a beta of 0.95.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $3.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.03 by $0.07. Churchill Downs had a net margin of 15.22% and a return on equity of 41.06%. The firm had revenue of $934.40 million during the quarter, compared to analyst estimates of $924.36 million. During the same quarter last year, the business earned $2.89 EPS. The company's revenue was up 4.9% compared to the same quarter last year. Analysts forecast that Churchill Downs will post 6.92 EPS for the current year.

Insider Transactions at Churchill Downs

In other Churchill Downs news, Director Douglas C. Grissom acquired 10,000 shares of the business's stock in a transaction dated 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 completion of the acquisition, the director owned 38,869 shares of the company's stock, valued at $3,605,877.13. This trade represents a 34.64% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director R Alex Rankin acquired 2,000 shares of the business's stock in a transaction dated Monday, May 5th. The shares were acquired at an average cost of $92.65 per share, with a total value of $185,300.00. Following the acquisition, the director directly owned 99,012 shares of the company's stock, valued at $9,173,461.80. This represents 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 and other institutional investors have recently modified their holdings of CHDN. Norges Bank purchased a new position in shares of Churchill Downs during the fourth quarter worth about $74,967,000. SG Americas Securities LLC boosted its stake in Churchill Downs by 28,864.9% in the first quarter. SG Americas Securities LLC now owns 512,099 shares of the company's stock worth $56,879,000 after buying an additional 510,331 shares in the last quarter. Millennium Management LLC boosted its stake in Churchill Downs by 107.4% in the first quarter. Millennium Management LLC now owns 548,476 shares of the company's stock worth $60,919,000 after buying an additional 284,045 shares in the last quarter. FMR LLC boosted its stake in Churchill Downs by 6.4% in the fourth quarter. FMR LLC now owns 3,592,087 shares of the company's stock worth $479,687,000 after buying an additional 214,694 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in Churchill Downs by 97.9% in the fourth quarter. Point72 Asset Management L.P. now owns 431,165 shares of the company's stock worth $57,578,000 after buying an additional 213,311 shares in the last quarter. 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.