Churchill Downs Incorporated (NASDAQ:CHDN) Given Average Recommendation of “Buy” by Brokerages

Shares of Churchill Downs Incorporated (NASDAQ:CHDN) have earned a consensus recommendation of “Buy” from the eight analysts that are currently covering the firm, Marketbeat reports. Eight research analysts have rated the stock with a buy recommendation. The average 1-year price objective among brokerages that have covered the stock in the last year is $160.88.

CHDN has been the topic of a number of research reports. Stifel Nicolaus raised their target price on shares of Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Wells Fargo & Company boosted their price objective on shares of Churchill Downs from $161.00 to $168.00 and gave the stock an “overweight” rating in a research note on Thursday, October 17th. StockNews.com raised Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, November 6th. Truist Financial restated a “buy” rating and set a $165.00 price objective (down from $166.00) on shares of Churchill Downs in a research note on Friday, October 25th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $166.00 target price on shares of Churchill Downs in a research note on Monday, October 14th.

Hedge Funds Weigh In On Churchill Downs

Hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets raised its position in Churchill Downs by 56.2% during the 1st quarter. BNP Paribas Financial Markets now owns 6,481 shares of the company’s stock worth $802,000 after buying an additional 2,332 shares during the last quarter. Central Pacific Bank Trust Division acquired a new position in Churchill Downs in the 1st quarter worth about $44,000. Texas Permanent School Fund Corp boosted its position in Churchill Downs by 1.3% during the first quarter. Texas Permanent School Fund Corp now owns 59,409 shares of the company’s stock worth $7,352,000 after purchasing an additional 769 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Churchill Downs by 12.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 9,531 shares of the company’s stock valued at $1,179,000 after acquiring an additional 1,085 shares during the period. Finally, Concurrent Investment Advisors LLC acquired a new stake in shares of Churchill Downs in the first quarter valued at about $354,000. 82.59% of the stock is owned by institutional investors and hedge funds.

Churchill Downs Price Performance

Churchill Downs stock opened at $145.32 on Wednesday. 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 stock has a market cap of $10.68 billion, a price-to-earnings ratio of 26.47, a price-to-earnings-growth ratio of 4.08 and a beta of 0.96. The firm has a 50-day moving average of $138.71 and a two-hundred day moving average of $137.44. Churchill Downs has a 1 year low of $111.10 and a 1 year high of $150.21.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings data on Wednesday, October 23rd. The company reported $0.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.01. The company had revenue of $628.50 million for the quarter, compared to analysts’ expectations of $627.90 million. Churchill Downs had a return on equity of 45.48% and a net margin of 15.45%. Churchill Downs’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.87 earnings per share. On average, research analysts forecast that Churchill Downs will post 5.86 earnings per share for the current year.

Churchill Downs Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 6th will be given a $0.409 dividend. This is a positive change from Churchill Downs’s previous annual dividend of $0.38. This represents a dividend yield of 0.29%. The ex-dividend date is Friday, December 6th. Churchill Downs’s dividend payout ratio (DPR) is presently 7.29%.

Churchill Downs Company Profile

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.