Churchill Downs (NASDAQ:CHDN) Receives Buy Rating from Truist Financial

Truist Financial reissued their buy rating on shares of Churchill Downs (NASDAQ:CHDN) in a research report report published on Friday, Benzinga reports. They currently have a $165.00 price target on the stock, down from their prior price target of $166.00.

Other research analysts have also recently issued research reports about the stock. Bank of America upgraded shares of Churchill Downs from a “neutral” rating to a “buy” rating and upped their target price for the company from $145.00 to $155.00 in a report on Monday, August 12th. Jefferies Financial Group boosted their price target on Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. JMP Securities reaffirmed a “market outperform” rating and set a $166.00 price objective on shares of Churchill Downs in a research report on Monday, October 14th. Macquarie upped their price target on Churchill Downs from $154.00 to $162.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Finally, Mizuho decreased their price target on Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $160.88.

Churchill Downs Price Performance

Shares of CHDN opened at $140.25 on Friday. The firm’s 50 day moving average price is $137.81 and its 200 day moving average price is $135.84. The company has a market cap of $10.31 billion, a P/E ratio of 31.24, a PEG ratio of 2.06 and a beta of 0.97. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 4.65. Churchill Downs has a fifty-two week low of $106.45 and a fifty-two week high of $146.64.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.97 EPS for the quarter, topping the consensus estimate of $0.96 by $0.01. The company had revenue of $628.50 million during the quarter, compared to analysts’ expectations of $627.90 million. Churchill Downs had a net margin of 15.61% and a return on equity of 47.53%. The firm’s revenue was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.87 EPS. On average, research analysts forecast that Churchill Downs will post 6.13 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 Friday, January 3rd. Stockholders of record on Friday, December 6th will be paid a dividend of $0.409 per share. The ex-dividend date is Friday, December 6th. This is a boost from Churchill Downs’s previous annual dividend of $0.38. This represents a dividend yield of 0.29%. Churchill Downs’s dividend payout ratio is 8.91%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CHDN. Kimelman & Baird LLC acquired a new stake in Churchill Downs in the 2nd quarter valued at about $42,000. Central Pacific Bank Trust Division purchased a new position in shares of Churchill Downs during the 1st quarter worth about $44,000. CWM LLC boosted its position in shares of Churchill Downs by 36.8% in the second quarter. CWM LLC now owns 439 shares of the company’s stock worth $61,000 after acquiring an additional 118 shares during the last quarter. UMB Bank n.a. grew its holdings in Churchill Downs by 82.8% in the third quarter. UMB Bank n.a. now owns 563 shares of the company’s stock valued at $76,000 after purchasing an additional 255 shares during the period. Finally, Bank & Trust Co acquired a new position in Churchill Downs during the second quarter worth approximately $84,000. 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.