Churchill Downs, Incorporated (NASDAQ:CHDN) Stock Has Average Target Price of $126.70

Shares of Churchill Downs, Incorporated (NASDAQ:CHDN) have earned a consensus recommendation of “Moderate Buy” from the twelve research firms that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year target price among analysts that have covered the stock in the last year is $126.70.

CHDN has been the topic of a number of recent research reports. Weiss Ratings raised shares of Churchill Downs from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, September 2nd. Truist Financial decreased their price target on shares of Churchill Downs from $145.00 to $140.00 and set a “buy” rating for the company in a research note on Tuesday, October 20th. Citizens Jmp lowered their price objective on shares of Churchill Downs from $137.00 to $131.00 and set a “market outperform” rating on the stock in a research report on Tuesday, October 13th. Mizuho lifted their price objective on shares of Churchill Downs from $125.00 to $126.00 and gave the company an “outperform” rating in a research note on Friday, October 30th. Finally, JPMorgan Chase & Co. increased their target price on shares of Churchill Downs from $118.00 to $120.00 and gave the stock an “overweight” rating in a research note on Friday, October 30th.

Churchill Downs Stock Down 0.2%

CHDN opened at $97.94 on Friday. The business’s 50-day simple moving average is $83.78 and its 200-day simple moving average is $88.07. The company has a debt-to-equity ratio of 2.95, a quick ratio of 0.32 and a current ratio of 0.32. Churchill Downs has a one year low of $73.08 and a one year high of $118.35. The stock has a market capitalization of $6.71 billion, a P/E ratio of 15.21, a price-to-earnings-growth ratio of 1.01 and a beta of 0.77.

Churchill Downs (NASDAQ:CHDN) last posted its earnings results on Wednesday, October 28th. The company reported $1.23 earnings per share for the quarter, beating the consensus estimate of $1.13 by $0.10. The business had revenue of $696.00 million during the quarter, compared to the consensus estimate of $695.16 million. Churchill Downs had a return on equity of 39.90% and a net margin of 15.15%. The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.09 EPS. Analysts anticipate that Churchill Downs will post 6.88 EPS for the current year.

Churchill Downs Increases Dividend

The business also recently disclosed an annual dividend, which will be paid on Tuesday, January 5th. Shareholders of record on Friday, December 4th will be paid a dividend of $0.4690 per share. The ex-dividend date of this dividend is Friday, December 4th. This represents a yield of 57.0%. This is a boost from Churchill Downs’s previous annual dividend of $0.4380. Churchill Downs’s dividend payout ratio (DPR) is currently 6.83%.

Institutional Trading of Churchill Downs

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Churchill Downs in the second quarter valued at approximately $555,948,000. William Blair Investment Management LLC purchased a new position in Churchill Downs during the 2nd quarter worth $92,340,000. Bank of America Corp DE acquired a new stake in shares of Churchill Downs in the 2nd quarter worth $69,099,000. Jupiter Topco LLC acquired a new stake in shares of Churchill Downs in the 2nd quarter worth $67,787,000. Finally, Apollo Management Holdings L.P. lifted its stake in shares of Churchill Downs by 4.7% in the 2nd quarter. Apollo Management Holdings L.P. now owns 499,482 shares of the company’s stock worth $44,774,000 after acquiring an additional 22,500 shares during the period. 82.59% of the stock is owned by institutional investors and hedge funds.

About Churchill Downs

Churchill Downs Incorporated (NASDAQ: CHDN) is a gaming, racing and entertainment company best known for operating Churchill Downs Racetrack in Louisville, Kentucky, the home of the Kentucky Derby. The company traces its history to the opening of Churchill Downs in 1875 and has expanded its operations beyond traditional Thoroughbred racing.

Its business activities include live and historical horse racing, pari-mutuel wagering, casino gaming, video lottery and related entertainment offerings.