Churchill Downs (NASDAQ:CHDN) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Churchill Downs (NASDAQ:CHDN) from a sell rating to a hold rating in a research note released on Wednesday morning.

Other equities analysts have also issued research reports about the stock. Mizuho dropped their price objective 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 restated a “buy” rating and issued a $165.00 target price (down previously from $166.00) on shares of Churchill Downs in a report on Friday, October 25th. Stifel Nicolaus upped their target price on shares of Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Bank of America upgraded shares of Churchill Downs from a “neutral” rating to a “buy” rating and upped their target price for the stock from $145.00 to $155.00 in a report on Monday, August 12th. Finally, Jefferies Financial Group upped their target price on shares of Churchill Downs from $153.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $160.88.

Churchill Downs Price Performance

Shares of NASDAQ CHDN opened at $147.45 on Wednesday. The firm’s 50-day moving average price is $138.43 and its 200-day moving average price is $137.01. Churchill Downs has a 1-year low of $111.10 and a 1-year high of $150.21. The firm has a market capitalization of $10.84 billion, a P/E ratio of 26.86, a P/E/G ratio of 3.83 and a beta of 0.96. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 4.35.

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

Churchill Downs Increases Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CHDN. BNP Paribas Financial Markets grew its position in shares of Churchill Downs by 56.2% during the 1st quarter. BNP Paribas Financial Markets now owns 6,481 shares of the company’s stock valued at $802,000 after acquiring an additional 2,332 shares during the period. Central Pacific Bank Trust Division bought a new position in shares of Churchill Downs during the 1st quarter valued at approximately $44,000. Texas Permanent School Fund Corp grew its position in shares of Churchill Downs by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 59,409 shares of the company’s stock valued at $7,352,000 after acquiring an additional 769 shares during the period. Envestnet Portfolio Solutions Inc. grew its position in shares of Churchill Downs by 12.8% during 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 bought a new position in shares of Churchill Downs during the 1st quarter valued at approximately $354,000. 82.59% of the stock is owned by institutional investors.

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.