Churchill Downs (NASDAQ:CHDN) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Churchill Downs (NASDAQ:CHDN) from a sell rating to a hold rating in a research report report published on Wednesday morning.

CHDN has been the topic of several other reports. JMP Securities reaffirmed a “market outperform” rating and set a $166.00 price objective on shares of Churchill Downs in a report on Monday, October 14th. Macquarie upped their price target on shares of Churchill Downs from $154.00 to $162.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Wells Fargo & Company lifted their price objective on shares of Churchill Downs from $161.00 to $168.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. Truist Financial reissued a “buy” rating and set a $165.00 target price (down previously from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. Finally, Mizuho cut their price target on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Churchill Downs currently has an average rating of “Moderate Buy” and an average price target of $160.88.

Churchill Downs Trading Down 0.7 %

Shares of CHDN stock opened at $145.32 on Wednesday. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 4.35. The firm has a market cap of $10.68 billion, a P/E ratio of 26.47, a PEG ratio of 4.08 and a beta of 0.96. The company has a 50 day moving average of $138.71 and a 200-day moving average of $137.34. Churchill Downs has a 12-month low of $111.10 and a 12-month high of $150.21.

Churchill Downs (NASDAQ:CHDN) last released its earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.01. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. The business had revenue of $628.50 million during the quarter, compared to the consensus estimate of $627.90 million. During the same period last year, the business posted $0.87 earnings per share. The business’s revenue for the quarter was up 9.8% on a year-over-year basis. Sell-side analysts anticipate that Churchill Downs will post 5.86 earnings per share for the current year.

Churchill Downs Increases Dividend

The company also recently declared an annual dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 6th will be issued a $0.409 dividend. The ex-dividend date is Friday, December 6th. This represents a dividend yield of 0.29%. This is a boost from Churchill Downs’s previous annual dividend of $0.38. Churchill Downs’s dividend payout ratio is presently 6.92%.

Hedge Funds Weigh In On Churchill Downs

Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets grew its stake in Churchill Downs by 56.2% in the 1st quarter. BNP Paribas Financial Markets now owns 6,481 shares of the company’s stock worth $802,000 after buying an additional 2,332 shares in the last quarter. Central Pacific Bank Trust Division purchased a new position in Churchill Downs in the first quarter worth $44,000. Texas Permanent School Fund Corp increased its stake in Churchill Downs by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 59,409 shares of the company’s stock valued at $7,352,000 after acquiring an additional 769 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Churchill Downs by 12.8% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 9,531 shares of the company’s stock valued at $1,179,000 after purchasing an additional 1,085 shares in the last quarter. Finally, Concurrent Investment Advisors LLC bought a new stake in Churchill Downs during the first quarter worth about $354,000. 82.59% of the stock is currently owned by institutional investors.

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.