Churchill Downs Incorporated (NASDAQ:CHDN) Given Consensus Recommendation of “Buy” by Analysts

Churchill Downs Incorporated (NASDAQ:CHDN) has received a consensus recommendation of “Buy” from the eight ratings firms that are currently covering the company, MarketBeat reports. Eight equities research analysts have rated the stock with a buy rating. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $160.88.

A number of brokerages recently weighed in on CHDN. StockNews.com upgraded shares of Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Truist Financial reissued a “buy” rating and set a $165.00 price objective (down previously from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. Mizuho reduced their target price on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. Bank of America upgraded Churchill Downs from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $145.00 to $155.00 in a research report on Monday, August 12th. Finally, Wells Fargo & Company raised their price target on Churchill Downs from $161.00 to $168.00 and gave the company an “overweight” rating in a report on Thursday, October 17th.

Churchill Downs Price Performance

NASDAQ:CHDN opened at $139.18 on Friday. The business’s 50-day simple moving average is $139.89 and its two-hundred day simple moving average is $138.36. Churchill Downs has a 52 week low of $111.10 and a 52 week high of $150.21. The stock has a market cap of $10.23 billion, a PE ratio of 25.35, a P/E/G ratio of 3.94 and a beta of 0.95. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 4.35.

Churchill Downs (NASDAQ:CHDN) last issued its earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.01. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. The company had revenue of $628.50 million for the quarter, compared to the consensus estimate of $627.90 million. During the same quarter last year, the company earned $0.87 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, analysts forecast that Churchill Downs will post 5.86 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Friday, January 3rd. Shareholders of record on Friday, December 6th will be given a dividend of $0.409 per share. The ex-dividend date is Friday, December 6th. This is an increase from Churchill Downs’s previous annual dividend of $0.38. This represents a yield of 0.29%. Churchill Downs’s dividend payout ratio is 6.92%.

Hedge Funds Weigh In On Churchill Downs

A number of institutional investors and hedge funds have recently modified their holdings of CHDN. Wilmington Savings Fund Society FSB purchased a new position in Churchill Downs during the third quarter worth $27,000. Kimelman & Baird LLC purchased a new stake in shares of Churchill Downs in the second quarter valued at $42,000. CWM LLC lifted its holdings in shares of Churchill Downs by 36.8% in the 2nd quarter. CWM LLC now owns 439 shares of the company’s stock worth $61,000 after acquiring an additional 118 shares during the last quarter. UMB Bank n.a. grew its holdings in Churchill Downs by 82.8% during the 3rd quarter. UMB Bank n.a. now owns 563 shares of the company’s stock valued at $76,000 after purchasing an additional 255 shares during the last quarter. Finally, Bank & Trust Co bought a new position in Churchill Downs during the 2nd quarter valued at about $84,000. Hedge funds and other institutional investors 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.