JMP Securities Cuts Churchill Downs (NASDAQ:CHDN) Price Target to $138.00

Churchill Downs (NASDAQ:CHDN) had its target price reduced by JMP Securities from $144.00 to $138.00 in a research report released on Tuesday morning,Benzinga reports. They currently have a market outperform rating on the stock.

Several other equities analysts have also issued reports on CHDN. Barclays lowered their price target on Churchill Downs from $125.00 to $124.00 and set an “overweight” rating on the stock in a research note on Friday, April 25th. Jefferies Financial Group cut their target price on Churchill Downs from $160.00 to $127.00 and set a “buy” rating on the stock in a research note on Friday, April 25th. Susquehanna lowered their price objective on shares of Churchill Downs from $150.00 to $136.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. Wall Street Zen raised shares of Churchill Downs from a “sell” rating to a “hold” rating in a report on Thursday, April 24th. Finally, Mizuho decreased their target price on shares of Churchill Downs from $137.00 to $134.00 and set an “outperform” rating on the stock in a report on Friday, May 23rd. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Churchill Downs has an average rating of “Moderate Buy” and a consensus target price of $142.30.

Churchill Downs Trading Up 0.8%

NASDAQ:CHDN opened at $95.01 on Tuesday. The stock has a market cap of $6.86 billion, a price-to-earnings ratio of 16.73, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. Churchill Downs has a one year low of $85.58 and a one year high of $150.21. The business’s 50-day simple moving average is $99.28 and its 200 day simple moving average is $117.49. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57.

Churchill Downs (NASDAQ:CHDN) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share for the quarter, missing analysts’ consensus estimates of $1.08 by ($0.01). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The company had revenue of $642.60 million during the quarter, compared to analysts’ expectations of $649.68 million. During the same period in the prior year, the business posted $1.13 EPS. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, sell-side analysts predict that Churchill Downs will post 6.92 earnings per share for the current fiscal year.

Churchill Downs announced that its board has authorized a share buyback program on Wednesday, March 12th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Churchill Downs Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.25%. Churchill Downs’s payout ratio is presently 7.12%.

Insider Activity

In related news, Director R Alex Rankin purchased 2,000 shares of the firm’s stock in a transaction on Monday, May 5th. The stock was bought at an average cost of $92.65 per share, with a total value of $185,300.00. Following the completion of the acquisition, the director now owns 99,012 shares of the company’s stock, valued at $9,173,461.80. The trade was a 2.06% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Douglas C. Grissom bought 10,000 shares of the company’s stock in a transaction dated Wednesday, May 7th. The shares were acquired at an average price of $92.77 per share, for a total transaction of $927,700.00. Following the completion of the transaction, the director now directly owns 38,869 shares in the company, valued at approximately $3,605,877.13. This trade represents a 34.64% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 5.34% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CHDN. Blue Trust Inc. lifted its holdings in 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 during the last quarter. Geneos Wealth Management Inc. raised its holdings in Churchill Downs by 1,364.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company’s stock valued at $28,000 after buying an additional 232 shares during the period. Elequin Capital LP acquired a new position in Churchill Downs in the first quarter valued at about $29,000. MassMutual Private Wealth & Trust FSB boosted its stake in Churchill Downs by 159.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company’s stock worth $46,000 after buying an additional 253 shares during the period. Finally, Central Pacific Bank Trust Division increased its position in shares of Churchill Downs by 39.6% during the first quarter. Central Pacific Bank Trust Division now owns 455 shares of the company’s stock valued at $51,000 after acquiring an additional 129 shares during the last quarter. 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.