Churchill Downs, Incorporated (NASDAQ:CHDN) Stock Rated “Moderate Buy” by Sell-Side Analysts

Churchill Downs, Incorporated (NASDAQ:CHDN) has received an average recommendation of “Moderate Buy” from the twelve brokerages that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and eleven have issued a buy rating on the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $126.70.

A number of equities analysts have weighed in on the company. Mizuho boosted their target price on Churchill Downs from $125.00 to $126.00 and gave the stock an “outperform” rating in a research report on Friday, October 30th. Wolfe Research started coverage on shares of Churchill Downs in a report on Wednesday, September 2nd. They set an “outperform” rating and a $119.00 price target on the stock. Susquehanna reduced their price target on shares of Churchill Downs from $124.00 to $115.00 and set a “positive” rating for the company in a research note on Wednesday, October 21st. Weiss Ratings raised shares of Churchill Downs from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, September 2nd. Finally, Stifel Nicolaus set a $132.00 price objective on shares of Churchill Downs and gave the company a “buy” rating in a report on Tuesday, October 27th.

Churchill Downs Stock Performance

Shares of CHDN opened at $98.18 on Friday. The company has a market cap of $6.73 billion, a price-to-earnings ratio of 15.25, a P/E/G ratio of 1.01 and a beta of 0.77. The business’s fifty day simple moving average is $83.55 and its two-hundred day simple moving average is $88.10. Churchill Downs has a 12 month low of $73.08 and a 12 month high of $118.35. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 2.95.

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

Churchill Downs Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, January 5th. Shareholders of record on Friday, December 4th will be given a $0.4690 dividend. This is a boost from Churchill Downs’s previous annual dividend of $0.4380. The ex-dividend date of this dividend is Friday, December 4th. This represents a yield of 57.0%. Churchill Downs’s payout ratio is presently 7.14%.

Institutional Investors Weigh In On Churchill Downs

A number of hedge funds have recently added to or reduced their stakes in CHDN. Sanctuary Advisors LLC lifted its position in Churchill Downs by 0.5% during the first quarter. Sanctuary Advisors LLC now owns 27,600 shares of the company’s stock valued at $2,479,000 after purchasing an additional 125 shares during the last quarter. Miller Financial Services LLC increased its holdings in shares of Churchill Downs by 3.6% in the 3rd quarter. Miller Financial Services LLC now owns 3,610 shares of the company’s stock worth $273,000 after buying an additional 125 shares during the last quarter. Atlas Brown Inc. increased its holdings in shares of Churchill Downs by 4.7% in the 3rd quarter. Atlas Brown Inc. now owns 3,351 shares of the company’s stock worth $254,000 after buying an additional 150 shares during the last quarter. Keybank National Association OH increased its holdings in shares of Churchill Downs by 5.3% in the 3rd quarter. Keybank National Association OH now owns 4,041 shares of the company’s stock worth $306,000 after buying an additional 202 shares during the last quarter. Finally, Concurrent Investment Advisors LLC increased its holdings in shares of Churchill Downs by 6.4% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 3,610 shares of the company’s stock worth $324,000 after buying an additional 217 shares during the last quarter. 82.59% of the stock is currently owned by hedge funds and other institutional investors.

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.