Barclays Cuts Churchill Downs (NASDAQ:CHDN) Price Target to $124.00

Churchill Downs (NASDAQ:CHDN) had its price objective cut by Barclays from $125.00 to $124.00 in a report released on Friday,Benzinga reports. They currently have an overweight rating on the stock.

CHDN has been the topic of a number of other research reports. StockNews.com upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research report on Thursday. Macquarie reduced their target price on Churchill Downs from $172.00 to $154.00 and set an “outperform” rating on the stock in a report on Thursday. JMP Securities restated a “market outperform” rating and set a $157.00 price target on shares of Churchill Downs in a report on Thursday. Susquehanna decreased their price objective on shares of Churchill Downs from $150.00 to $136.00 and set a “positive” rating for the company in a research report on Tuesday, April 22nd. Finally, Truist Financial decreased their price target on Churchill Downs from $162.00 to $155.00 and set a “buy” rating for the company in a report on Wednesday, April 23rd. One analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.80.

Churchill Downs Stock Performance

Shares of CHDN stock opened at $88.35 on Friday. The business’s 50-day moving average price is $108.37 and its 200-day moving average price is $124.86. Churchill Downs has a 12 month low of $85.58 and a 12 month high of $150.21. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. The firm has a market capitalization of $6.49 billion, a price-to-earnings ratio of 15.55, a PEG ratio of 2.95 and a beta of 0.86.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). The business had revenue of $642.60 million during 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%. Equities research analysts forecast that Churchill Downs will post 6.92 EPS for the current year.

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

Churchill Downs Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. Churchill Downs’s dividend payout ratio is 7.12%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CHDN. Blue Trust Inc. grew its holdings in shares of Churchill Downs by 127.2% in the fourth quarter. Blue Trust Inc. now owns 184 shares of the company’s stock valued at $25,000 after acquiring an additional 103 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Churchill Downs in the 3rd quarter valued at $27,000. Fortitude Family Office LLC increased its position in shares of Churchill Downs by 2,733.3% during the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock valued at $34,000 after purchasing an additional 246 shares during the last quarter. Eagle Bay Advisors LLC purchased a new stake in shares of Churchill Downs during the 4th quarter valued at $55,000. Finally, R Squared Ltd bought a new stake in shares of Churchill Downs during the 4th quarter worth $55,000. 82.59% of the stock is currently owned by hedge funds and other 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.