Mizuho Cuts Churchill Downs (NASDAQ:CHDN) Price Target to $134.00

Churchill Downs (NASDAQ:CHDN - Get Free Report) had its price target decreased by Mizuho from $137.00 to $134.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Mizuho's target price points to a potential upside of 42.11% from the company's current price.

A number of other equities analysts have also weighed in on the company. Barclays decreased their price target on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. Wall Street Zen upgraded Churchill Downs from a "sell" rating to a "hold" rating in a research report on Thursday, April 24th. Truist Financial cut their price target on Churchill Downs from $162.00 to $155.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd. Wells Fargo & Company cut their price objective on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. Finally, Stifel Nicolaus cut their price objective on Churchill Downs from $161.00 to $142.00 and set a "buy" rating on the stock in a research note on Thursday, April 10th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, Churchill Downs presently has a consensus rating of "Moderate Buy" and a consensus price target of $142.30.

Churchill Downs Stock Performance

Shares of CHDN traded down $0.25 during trading hours on Friday, reaching $94.29. 875,236 shares of the company's stock traded hands, compared to its average volume of 568,646. The firm has a market capitalization of $6.81 billion, a price-to-earnings ratio of 16.60, a P/E/G ratio of 2.95 and a beta of 1.02. 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 twelve month low of $85.58 and a twelve month high of $150.21. The business's fifty day simple moving average is $100.01 and its two-hundred day simple moving average is $117.98.

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 firm had revenue of $642.60 million for the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. Churchill Downs's revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.13 earnings per share. Analysts predict that Churchill Downs will post 6.92 earnings per share for the current year.

Churchill Downs announced that its Board of Directors has approved a stock buyback plan on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 6.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Insider Activity at Churchill Downs

In other Churchill Downs news, Director R Alex Rankin bought 2,000 shares of the firm's stock in a transaction dated Monday, May 5th. The shares were bought 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 owns 99,012 shares of the company's stock, valued at approximately $9,173,461.80. This trade represents a 2.06% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Douglas C. Grissom bought 10,000 shares of the firm's stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average price of $92.77 per share, for a total transaction of $927,700.00. Following the acquisition, the director now directly owns 38,869 shares of the company's stock, valued at approximately $3,605,877.13. The trade was a 34.64% increase in their position. The disclosure for this purchase can be found here. 5.34% of the stock is owned by insiders.

Hedge Funds Weigh In On Churchill Downs

Several large investors have recently made changes to their positions in CHDN. Norges Bank acquired a new position in shares of Churchill Downs during the fourth quarter valued at $74,967,000. SG Americas Securities LLC grew its holdings in shares of Churchill Downs by 28,864.9% during 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. Boston Partners grew its holdings in shares of Churchill Downs by 25.6% during the fourth quarter. Boston Partners now owns 1,794,630 shares of the company's stock worth $239,619,000 after buying an additional 366,283 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Churchill Downs by 107.4% during 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. Finally, FMR LLC grew 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 valued at $479,687,000 after purchasing an additional 214,694 shares in the last quarter. Institutional investors and hedge funds 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.