Churchill Downs (NASDAQ:CHDN) Stock Price Crosses Above 200 Day Moving Average – What’s Next?

Shares of Churchill Downs, Incorporated (NASDAQ:CHDN) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $103.83 and traded as high as $108.21. Churchill Downs shares last traded at $106.07, with a volume of 673,138 shares.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on CHDN. Barclays upped their price objective on Churchill Downs from $131.00 to $132.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. JPMorgan Chase & Co. reduced their price target on Churchill Downs from $130.00 to $128.00 and set an “overweight” rating for the company in a research report on Thursday, October 16th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Churchill Downs in a research note on Wednesday, December 24th. Macquarie reissued an “outperform” rating and issued a $155.00 price objective on shares of Churchill Downs in a research report on Friday, October 24th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $125.00 target price (up previously from $115.00) on shares of Churchill Downs in a report on Monday, January 5th. Ten analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Churchill Downs presently has an average rating of “Moderate Buy” and an average price target of $134.30.

Churchill Downs Trading Down 2.0%

The company has a market cap of $7.40 billion, a price-to-earnings ratio of 19.29, a P/E/G ratio of 1.63 and a beta of 0.68. The company has a debt-to-equity ratio of 4.87, a quick ratio of 0.57 and a current ratio of 0.57. The firm has a fifty day moving average price of $109.35 and a 200 day moving average price of $103.83.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported $1.09 earnings per share (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 analyst estimates of $671.43 million. Churchill Downs had a net margin of 13.99% and a return on equity of 42.54%. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.97 earnings per share. As a group, equities analysts predict that Churchill Downs, Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Increases Dividend

The company also recently announced an annual dividend, which was paid on Tuesday, January 6th. Investors of record on Friday, December 5th were paid a $0.438 dividend. This is an increase from Churchill Downs’s previous annual dividend of $0.41. The ex-dividend date was Friday, December 5th. This represents a yield of 39.0%. Churchill Downs’s dividend payout ratio (DPR) is 8.00%.

Hedge Funds Weigh In On Churchill Downs

A number of institutional investors have recently bought and sold shares of CHDN. Capital International Investors lifted its position in shares of Churchill Downs by 16.3% in the third quarter. Capital International Investors now owns 3,098,598 shares of the company’s stock valued at $300,595,000 after buying an additional 434,669 shares during the last quarter. London Co. of Virginia raised its stake in Churchill Downs by 38.7% in the 2nd quarter. London Co. of Virginia now owns 2,994,070 shares of the company’s stock valued at $302,402,000 after acquiring an additional 835,294 shares during the period. Jennison Associates LLC raised its stake in Churchill Downs by 52.3% in the 3rd quarter. Jennison Associates LLC now owns 1,457,336 shares of the company’s stock valued at $141,376,000 after acquiring an additional 500,395 shares during the period. Arrowstreet Capital Limited Partnership lifted its holdings in Churchill Downs by 49.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,376,402 shares of the company’s stock valued at $133,525,000 after purchasing an additional 452,716 shares during the last quarter. Finally, Boston Partners boosted its position in Churchill Downs by 0.9% during the third quarter. Boston Partners now owns 1,257,725 shares of the company’s stock worth $121,998,000 after purchasing an additional 11,653 shares during the period. Institutional investors and hedge funds own 82.59% of the company’s stock.

Churchill Downs Company Profile

Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.

In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.