Barclays Cuts Churchill Downs (NASDAQ:CHDN) Price Target to $124.00

Churchill Downs (NASDAQ:CHDN - Free Report) had its target price decreased by Barclays from $125.00 to $124.00 in a research note issued to investors on Friday morning,Benzinga reports. Barclays currently has an overweight rating on the stock.

Other analysts have also issued research reports about the stock. Susquehanna cut their target price on shares of Churchill Downs from $150.00 to $136.00 and set a "positive" rating on the stock in a research report on Tuesday, April 22nd. Stifel Nicolaus dropped their target price on Churchill Downs from $161.00 to $142.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. JMP Securities restated a "market outperform" rating and issued a $157.00 price target on shares of Churchill Downs in a research report on Thursday. StockNews.com upgraded shares of Churchill Downs from a "sell" rating to a "hold" rating in a research report on Thursday. Finally, Macquarie cut their target price on Churchill Downs from $172.00 to $154.00 and set an "outperform" rating on the stock in a research report on Thursday. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $144.80.

Churchill Downs Price Performance

Shares of NASDAQ CHDN traded up $0.36 during trading hours on Friday, hitting $88.35. 2,226,600 shares of the stock were exchanged, compared to its average volume of 527,578. Churchill Downs has a 1-year low of $85.58 and a 1-year high of $150.21. The company has a market cap of $6.49 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. The company's fifty day simple moving average is $108.37 and its two-hundred day simple moving average is $124.86.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The business had revenue of $642.60 million during the quarter, compared to the consensus estimate of $649.68 million. On average, sell-side analysts predict that Churchill Downs will post 6.92 EPS for the current year.

Churchill Downs Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.27%. Churchill Downs's dividend payout ratio is 7.12%.

Churchill Downs declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 6.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Institutional Trading of Churchill Downs

Several institutional investors have recently added to or reduced their stakes in CHDN. Truist Financial Corp grew its holdings in shares of Churchill Downs by 22.1% in the fourth quarter. Truist Financial Corp now owns 29,637 shares of the company's stock worth $3,958,000 after acquiring an additional 5,372 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Churchill Downs by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 605,355 shares of the company's stock worth $80,839,000 after purchasing an additional 10,153 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Churchill Downs in the fourth quarter worth about $1,927,000. Optimize Financial Inc purchased a new stake in shares of Churchill Downs during the 4th quarter worth approximately $516,000. Finally, JPMorgan Chase & Co. lifted its position in Churchill Downs by 7.1% during the third quarter. JPMorgan Chase & Co. now owns 183,594 shares of the company's stock valued at $24,824,000 after purchasing an additional 12,226 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 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.