JMP Securities Lowers Churchill Downs (NASDAQ:CHDN) Price Target to $138.00

Churchill Downs (NASDAQ:CHDN - Get Free Report) had its target price cut by stock analysts at JMP Securities from $144.00 to $138.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "market outperform" rating on the stock. JMP Securities' target price would indicate a potential upside of 45.25% from the company's current price.

A number of other analysts have also recently issued reports on CHDN. Macquarie lowered their target price on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating for the company in a research note on Thursday, April 24th. Jefferies Financial Group cut their price objective on Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a report on Friday, April 25th. Stifel Nicolaus cut their price objective on Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a report on Thursday, April 10th. Barclays cut their price objective on shares of Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. Finally, Truist Financial lowered their price objective on Churchill Downs from $162.00 to $155.00 and set a "buy" rating on the stock in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $142.30.

Churchill Downs Trading Up 0.8%

Shares of CHDN stock traded up $0.72 on Tuesday, reaching $95.01. 772,227 shares of the stock were exchanged, compared to its average volume of 570,605. The company has a debt-to-equity ratio of 4.47, a current ratio of 0.57 and a quick ratio of 0.55. Churchill Downs has a one year low of $85.58 and a one year high of $150.21. The stock 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. The stock has a 50 day moving average price of $99.66 and a 200 day moving average price of $117.81.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last released 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). The business had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. 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 company posted $1.13 earnings per share. Equities research analysts forecast that Churchill Downs will post 6.92 EPS for the current fiscal year.

Churchill Downs announced that its Board of Directors has approved a share buyback plan on Wednesday, March 12th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 6.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its stock is undervalued.

Insider Activity

In other news, Director R Alex Rankin acquired 2,000 shares of the firm's stock in a transaction dated Monday, May 5th. The stock was purchased at an average price of $92.65 per share, for a total transaction of $185,300.00. Following the completion of the acquisition, the director now directly owns 99,012 shares in the company, valued at $9,173,461.80. The trade was a 2.06% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Douglas C. Grissom acquired 10,000 shares of the firm's stock in a transaction dated Wednesday, May 7th. The shares were purchased at an average price of $92.77 per share, with a total value of $927,700.00. Following the acquisition, the director now owns 38,869 shares of the company's stock, valued at approximately $3,605,877.13. This represents a 34.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 5.34% of the company's stock.

Institutional Investors Weigh In On Churchill Downs

Several institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. lifted its position in shares of Churchill Downs by 127.2% during 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 during the last quarter. Geneos Wealth Management Inc. boosted its stake 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 buying an additional 232 shares in the last quarter. Elequin Capital LP bought a new position in Churchill Downs during the 1st quarter worth approximately $29,000. MassMutual Private Wealth & Trust FSB grew its position in Churchill Downs by 159.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock worth $46,000 after acquiring an additional 253 shares during the last quarter. Finally, Central Pacific Bank Trust Division grew its position in Churchill Downs by 39.6% during the 1st quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock worth $51,000 after acquiring an additional 129 shares during the last quarter. 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.