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

Churchill Downs (NASDAQ:CHDN)‘s stock had its “market outperform” rating reaffirmed by research analysts at JMP Securities in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $166.00 price target on the stock. JMP Securities’ price objective would suggest a potential upside of 25.54% from the company’s current price.

Several other research firms have also recently issued reports on CHDN. StockNews.com upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Mizuho cut their price objective on shares of Churchill Downs from $157.00 to $151.00 and set an “outperform” rating for the company in a report on Tuesday, October 22nd. Wells Fargo & Company boosted their target price 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, Truist Financial reaffirmed a “buy” rating and set a $165.00 target price (down from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $160.88.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN opened at $132.23 on Thursday. The firm’s 50 day simple moving average is $139.48 and its two-hundred day simple moving average is $138.53. The company has a debt-to-equity ratio of 4.35, a current ratio of 0.55 and a quick ratio of 0.55. The company has a market capitalization of $9.72 billion, a P/E ratio of 24.09, 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 issued its earnings results on Wednesday, October 23rd. The company reported $0.97 earnings per share 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 the consensus estimate of $627.90 million. Churchill Downs had a net margin of 15.45% and a return on equity of 45.48%. Churchill Downs’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.87 EPS. Research analysts expect that Churchill Downs will post 5.86 EPS for the current fiscal year.

Institutional Trading of Churchill Downs

Several hedge funds have recently made changes to their positions in CHDN. Raymond James & Associates increased its stake in Churchill Downs by 66.4% during the second quarter. Raymond James & Associates now owns 80,756 shares of the company’s stock worth $11,274,000 after acquiring an additional 32,225 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Churchill Downs by 1.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 7,065 shares of the company’s stock valued at $986,000 after purchasing an additional 105 shares during the last quarter. Argent Capital Management LLC purchased a new stake in Churchill Downs during the 2nd quarter valued at $2,658,000. RPS Advisory Solutions LLC bought a new stake in Churchill Downs in the second quarter worth $649,000. Finally, Silvant Capital Management LLC purchased a new position in Churchill Downs during the second quarter worth $2,016,000. 82.59% of the stock is currently 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.