Brokerages Set Churchill Downs Incorporated (NASDAQ:CHDN) Target Price at $160.88

Shares of Churchill Downs Incorporated (NASDAQ:CHDN) have been assigned an average rating of “Buy” from the eight ratings firms that are presently covering the company, Marketbeat.com reports. Eight equities research analysts have rated the stock with a buy rating. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $160.88.

Several analysts recently commented on CHDN shares. JMP Securities reaffirmed a “market outperform” rating and issued a $166.00 price target on shares of Churchill Downs in a research note on Thursday, December 19th. Mizuho lowered their target price on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. Truist Financial reissued a “buy” rating and set a $165.00 price target (down from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. Wells Fargo & Company raised their price objective on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a report on Thursday, October 17th. Finally, StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th.

Churchill Downs Stock Performance

CHDN opened at $134.16 on Thursday. The stock’s 50 day simple moving average is $138.64 and its 200-day simple moving average is $138.49. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 4.35. The stock has a market cap of $9.86 billion, a PE ratio of 24.44, a P/E/G ratio of 3.84 and a beta of 0.95. Churchill Downs has a 1 year low of $111.10 and a 1 year high of $150.21.

Churchill Downs (NASDAQ:CHDN) last posted its earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.01. The business had revenue of $628.50 million for the quarter, compared to analysts’ expectations of $627.90 million. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.87 earnings per share. Sell-side analysts forecast that Churchill Downs will post 5.86 EPS for the current year.

Churchill Downs Increases Dividend

The company also recently announced an annual dividend, which will be paid on Friday, January 3rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.409 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a dividend yield of 0.29%. This is an increase from Churchill Downs’s previous annual dividend of $0.38. Churchill Downs’s payout ratio is presently 7.29%.

Institutional Trading of Churchill Downs

Several institutional investors and hedge funds have recently added to or reduced their stakes in CHDN. Winslow Asset Management Inc. grew its position in shares of Churchill Downs by 2.8% during the 3rd quarter. Winslow Asset Management Inc. now owns 3,280 shares of the company’s stock worth $443,000 after buying an additional 90 shares during the period. Venturi Wealth Management LLC raised its position in shares of Churchill Downs by 13.3% during the 3rd quarter. Venturi Wealth Management LLC now owns 767 shares of the company’s stock valued at $104,000 after acquiring an additional 90 shares during the last quarter. Commerce Bank lifted its stake in shares of Churchill Downs by 1.8% in the 3rd quarter. Commerce Bank now owns 5,072 shares of the company’s stock valued at $686,000 after purchasing an additional 90 shares during the period. Arizona State Retirement System boosted its position in shares of Churchill Downs by 0.6% in the 2nd quarter. Arizona State Retirement System now owns 18,564 shares of the company’s stock worth $2,592,000 after purchasing an additional 114 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV grew its stake in shares of Churchill Downs by 4.8% during the second quarter. Mercer Global Advisors Inc. ADV now owns 2,547 shares of the company’s stock worth $356,000 after purchasing an additional 116 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; casino gaming; and Terre Haute Casino Resort.