Churchill Downs (NASDAQ:CHDN) Stock Price Expected to Rise, Susquehanna Analyst Says

Key Points

• Susquehanna raised Churchill Downs’ price target from $121 to $124 and maintained a positive rating, implying nearly 50% upside from the stock’s prior close.
• Analyst sentiment remains broadly favorable: nine analysts rate the stock Buy and one rates it Sell, producing a consensus “Moderate Buy” rating and an average price target of $138.50.
• Churchill Downs reported quarterly EPS of $3.45, matching estimates, while revenue of $980 million exceeded expectations and increased 4.9% year over year; institutional investors own 82.59% of the shares.

Churchill Downs (NASDAQ:CHDN - Get Free Report) had its price target raised by Susquehanna from $121.00 to $124.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "positive" rating on the stock. Susquehanna's target price indicates a potential upside of 49.96% from the stock's previous close.

Several other analysts have also commented on the stock. Wells Fargo & Company lowered their price objective on shares of Churchill Downs from $132.00 to $120.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 14th. Citigroup reaffirmed an "outperform" rating on shares of Churchill Downs in a report on Friday. Mizuho upped their price objective on Churchill Downs from $146.00 to $155.00 and gave the company an "outperform" rating in a research note on Friday, April 24th. Truist Financial set a $145.00 target price on Churchill Downs in a research report on Friday, June 12th. Finally, Jefferies Financial Group restated a "buy" rating on shares of Churchill Downs in a research note on Thursday, July 2nd. Nine analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $138.50.

Churchill Downs Stock Performance

Shares of CHDN opened at $82.69 on Friday. The stock has a 50 day moving average of $86.83 and a 200 day moving average of $90.46. The company has a market capitalization of $5.76 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 0.57 and a beta of 0.67. Churchill Downs has a 12 month low of $79.40 and a 12 month high of $118.35. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 4.44.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its earnings results on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, meeting the consensus estimate of $3.45. The firm had revenue of $980.00 million during the quarter, compared to analyst estimates of $977.38 million. Churchill Downs had a return on equity of 45.12% and a net margin of 13.82%.The business's revenue was up 4.9% compared to the same quarter last year. During the same period last year, the firm posted $3.10 EPS. As a group, sell-side analysts forecast that Churchill Downs will post 7.14 earnings per share for the current year.

Institutional Trading of Churchill Downs

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. boosted its stake in Churchill Downs by 1,364.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock worth $28,000 after purchasing an additional 232 shares during the period. Measured Wealth Private Client Group LLC purchased a new stake in shares of Churchill Downs in the third quarter worth about $25,000. Parkside Financial Bank & Trust boosted its position in shares of Churchill Downs by 293.8% in the fourth quarter. Parkside Financial Bank & Trust now owns 256 shares of the company's stock valued at $29,000 after acquiring an additional 191 shares during the period. Root Financial Partners LLC grew its stake in Churchill Downs by 1,173.1% during the first quarter. Root Financial Partners LLC now owns 331 shares of the company's stock valued at $30,000 after acquiring an additional 305 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in Churchill Downs during the 4th quarter worth approximately $38,000. 82.59% of the stock is currently owned by institutional investors.

About Churchill Downs

Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.

In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.