Churchill Downs (NASDAQ:CHDN) Now Covered by Analysts at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Churchill Downs (NASDAQ:CHDN) in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $115.00 target price on the stock.

Several other brokerages have also weighed in on CHDN. Weiss Ratings restated a “hold (c-)” rating on shares of Churchill Downs in a report on Wednesday, October 8th. JPMorgan Chase & Co. dropped their price target on shares of Churchill Downs from $130.00 to $128.00 and set an “overweight” rating on the stock in a research report on Thursday, October 16th. Susquehanna reissued a “positive” rating and issued a $124.00 price target (down from $126.00) on shares of Churchill Downs in a report on Tuesday, October 21st. Macquarie restated an “outperform” rating and set a $155.00 price objective on shares of Churchill Downs in a research report on Friday, October 24th. Finally, Barclays lifted their price objective on shares of Churchill Downs from $131.00 to $132.00 and gave the stock an “overweight” rating in a research note on Friday, October 24th. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $133.30.

Churchill Downs Trading Up 4.7%

Shares of NASDAQ:CHDN opened at $104.56 on Tuesday. The company has a 50 day moving average of $96.55 and a 200-day moving average of $99.58. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 4.87. The firm has a market cap of $7.29 billion, a P/E ratio of 19.01, a P/E/G ratio of 1.84 and a beta of 0.81. Churchill Downs has a twelve month low of $85.58 and a twelve month high of $144.23.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, October 22nd. The company reported $1.09 EPS for the quarter, topping the consensus estimate of $0.97 by $0.12. The firm had revenue of $683.00 million for the quarter, compared to analysts’ expectations of $671.43 million. Churchill Downs had a return on equity of 42.54% and a net margin of 13.99%.The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 earnings per share. As a group, analysts anticipate that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

Churchill Downs Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, January 6th. Investors of record on Friday, December 5th will be paid a $0.438 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a yield of 46.0%. This is an increase from Churchill Downs’s previous annual dividend of $0.41. Churchill Downs’s dividend payout ratio (DPR) is 7.82%.

Institutional Trading of Churchill Downs

A number of hedge funds have recently bought and sold shares of CHDN. Measured Wealth Private Client Group LLC purchased a new position in shares of Churchill Downs in the third quarter worth approximately $25,000. First Horizon Corp acquired a new position in Churchill Downs in the 3rd quarter worth approximately $26,000. Quent Capital LLC purchased a new position in Churchill Downs during the 3rd quarter worth approximately $27,000. Geneos Wealth Management Inc. raised its stake in Churchill Downs by 1,364.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock valued at $28,000 after purchasing an additional 232 shares during the period. Finally, Elequin Capital LP purchased a new stake in shares of Churchill Downs in the first quarter valued at $29,000. 82.59% of the stock is 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.