Churchill Downs (NASDAQ:CHDN) Coverage Initiated by Analysts at JMP Securities

JMP Securities initiated coverage on shares of Churchill Downs (NASDAQ:CHDN – Get Rating) in a research report released on Tuesday, The Fly reports. The brokerage issued an outperform rating and a $273.00 price target on the stock.

A number of other analysts have also recently issued reports on CHDN. StockNews.com assumed coverage on shares of Churchill Downs in a research note on Wednesday, October 12th. They set a hold rating for the company. Wells Fargo & Company cut their target price on shares of Churchill Downs from $268.00 to $260.00 and set an overweight rating for the company in a research note on Wednesday, December 14th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Churchill Downs in a research note on Thursday, December 8th. They set a neutral rating and a $243.00 target price for the company. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and an average target price of $264.00.

Churchill Downs Stock Performance

Shares of CHDN opened at $227.57 on Tuesday. Churchill Downs has a 12 month low of $172.75 and a 12 month high of $249.33. The firm has a fifty day simple moving average of $218.40 and a 200 day simple moving average of $208.31. The stock has a market capitalization of $8.51 billion, a price-to-earnings ratio of 18.25 and a beta of 1.10. The company has a current ratio of 3.67, a quick ratio of 3.67 and a debt-to-equity ratio of 5.18.

Churchill Downs (NASDAQ:CHDN – Get Rating) last announced its quarterly earnings results on Wednesday, October 26th. The company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.32. The firm had revenue of $383.10 million during the quarter, compared to analysts’ expectations of $396.83 million. Churchill Downs had a net margin of 28.43% and a return on equity of 66.95%. Research analysts forecast that Churchill Downs will post 8.41 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The business also recently declared an annual dividend, which was paid on Friday, January 6th. Investors of record on Friday, December 2nd were issued a dividend of $0.714 per share. The ex-dividend date of this dividend was Thursday, December 1st. This is a positive change from Churchill Downs’s previous annual dividend of $0.67. This represents a dividend yield of 0.36%. Churchill Downs’s payout ratio is 5.69%.

Institutional Investors Weigh In On Churchill Downs

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Balyasny Asset Management LLC boosted its position in Churchill Downs by 93.6% during the 3rd quarter. Balyasny Asset Management LLC now owns 360,907 shares of the company’s stock worth $66,461,000 after buying an additional 174,468 shares during the period. Jennison Associates LLC acquired a new stake in Churchill Downs during the 3rd quarter worth approximately $23,170,000. BlackRock Inc. boosted its position in Churchill Downs by 2.2% during the 1st quarter. BlackRock Inc. now owns 3,380,964 shares of the company’s stock worth $749,830,000 after buying an additional 73,505 shares during the period. Artemis Investment Management LLP boosted its position in Churchill Downs by 58.9% during the 3rd quarter. Artemis Investment Management LLP now owns 187,620 shares of the company’s stock worth $34,555,000 after buying an additional 69,518 shares during the period. Finally, Voya Investment Management LLC boosted its position in Churchill Downs by 386.2% during the 2nd quarter. Voya Investment Management LLC now owns 87,020 shares of the company’s stock worth $16,666,000 after buying an additional 69,122 shares during the period. 72.61% of the stock is owned by institutional investors.

Churchill Downs Company Profile

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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. As of December 31, 2021, the company owned and operated three pari-mutuel gaming entertainment venues with approximately 3,050 historical racing machines (HRMs) in Kentucky; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; nine retail sportsbooks; and casino gaming in eight states with approximately 11,000 slot machines and video lottery terminals, and 200 table games.