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

JMP Securities reissued their market outperform rating on shares of Churchill Downs (NASDAQ:CHDN) in a research note issued to investors on Monday morning, Benzinga reports. The firm currently has a $166.00 price objective on the stock.

Several other research firms have also commented on CHDN. Mizuho lifted their price target on shares of Churchill Downs from $143.00 to $157.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Jefferies Financial Group upped their target price on Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Bank of America upgraded Churchill Downs from a “neutral” rating to a “buy” rating and increased their price target for the stock from $145.00 to $155.00 in a research report on Monday, August 12th. StockNews.com upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Finally, Wells Fargo & Company increased their target price on Churchill Downs from $150.00 to $161.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $158.33.

Churchill Downs Stock Up 0.9 %

Shares of Churchill Downs stock opened at $140.11 on Monday. The business has a 50-day moving average price of $137.59 and a 200 day moving average price of $135.19. Churchill Downs has a fifty-two week low of $106.45 and a fifty-two week high of $146.64. The firm has a market cap of $10.30 billion, a P/E ratio of 31.20, a P/E/G 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 (NASDAQ:CHDN) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $2.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.18. The business had revenue of $890.70 million for the quarter, compared to analyst estimates of $858.59 million. Churchill Downs had a return on equity of 47.53% and a net margin of 15.61%. The business’s revenue was up 15.9% compared to the same quarter last year. During the same period in the prior year, the company posted $2.24 EPS. On average, sell-side analysts forecast that Churchill Downs will post 6.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Churchill Downs

A number of institutional investors and hedge funds have recently bought and sold shares of CHDN. Jennison Associates LLC lifted its stake in shares of Churchill Downs by 5.6% in the 1st quarter. Jennison Associates LLC now owns 847,847 shares of the company’s stock worth $104,921,000 after acquiring an additional 44,773 shares during the period. Westfield Capital Management Co. LP boosted its stake in Churchill Downs by 12.6% during the 1st quarter. Westfield Capital Management Co. LP now owns 423,521 shares of the company’s stock valued at $52,411,000 after purchasing an additional 47,269 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Churchill Downs by 6.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 151,377 shares of the company’s stock valued at $20,425,000 after purchasing an additional 9,354 shares during the period. Harbor Capital Advisors Inc. raised its stake in shares of Churchill Downs by 259.3% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 19,857 shares of the company’s stock worth $2,772,000 after buying an additional 14,331 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Churchill Downs by 10,126.1% in the second quarter. Assenagon Asset Management S.A. now owns 195,829 shares of the company’s stock valued at $27,338,000 after buying an additional 193,914 shares during the period. Institutional investors own 82.59% of the company’s stock.

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.