JMP Securities Reiterates “Market Outperform” Rating for Churchill Downs (NASDAQ:CHDN)

JMP Securities reaffirmed their market outperform rating on shares of Churchill Downs (NASDAQ:CHDN) in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a $156.00 target price on the stock.

Several other research analysts have also recently weighed in on the stock. StockNews.com raised shares of Churchill Downs from a sell rating to a hold rating in a report on Friday, April 26th. Wells Fargo & Company raised Churchill Downs from an equal weight rating to an overweight rating and raised their price target for the company from $137.00 to $141.00 in a report on Monday, April 15th. Mizuho boosted their price objective on Churchill Downs from $142.00 to $143.00 and gave the stock a buy rating in a report on Friday, April 26th. Truist Financial raised their target price on shares of Churchill Downs from $140.00 to $145.00 and gave the company a buy rating in a research note on Friday, April 26th. Finally, Stifel Nicolaus lifted their target price on shares of Churchill Downs from $150.00 to $153.00 and gave the company a buy rating in a research report on Friday, April 26th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $145.25.

Churchill Downs Stock Performance

NASDAQ:CHDN opened at $138.40 on Monday. The business’s fifty day moving average is $122.52 and its 200 day moving average is $122.16. The firm has a market cap of $10.17 billion, a price-to-earnings ratio of 30.82, a PEG ratio of 3.81 and a beta of 0.99. The company has a debt-to-equity ratio of 5.88, a quick ratio of 0.50 and a current ratio of 0.50. Churchill Downs has a 52-week low of $106.45 and a 52-week high of $147.30.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, April 24th. The company reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.35. The firm had revenue of $590.90 million for the quarter, compared to the consensus estimate of $565.41 million. Churchill Downs had a net margin of 13.72% and a return on equity of 44.99%. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 earnings per share. Research analysts predict that Churchill Downs will post 5.72 EPS for the current year.

Insider Buying and Selling at Churchill Downs

In other Churchill Downs news, Director Paul C. Varga acquired 3,800 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was bought at an average price of $130.22 per share, with a total value of $494,836.00. Following the purchase, the director now owns 28,902 shares of the company’s stock, valued at $3,763,618.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 5.13% of the company’s stock.

Institutional Trading of Churchill Downs

Hedge funds have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Churchill Downs by 39.5% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 9,465 shares of the company’s stock worth $1,098,000 after buying an additional 2,678 shares during the period. Raymond James & Associates lifted its position in Churchill Downs by 59.6% in the third quarter. Raymond James & Associates now owns 40,317 shares of the company’s stock valued at $4,678,000 after purchasing an additional 15,048 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Churchill Downs by 37.3% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 11,359 shares of the company’s stock valued at $1,318,000 after purchasing an additional 3,087 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Churchill Downs by 5.1% in the third quarter. Bank of New York Mellon Corp now owns 668,860 shares of the company’s stock worth $77,615,000 after purchasing an additional 32,751 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Churchill Downs by 14.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,325 shares of the company’s stock worth $1,546,000 after buying an additional 1,661 shares during the period. 82.59% of the stock is owned by 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; and casino gaming.